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Financial Literacy and Education Commission
Fact Sheet
- The Financial Literacy and Education Commission (the Commission) was established under Title V, the Financial Literacy and Education Improvement Act, which was part of the Fair and Accurate Credit Transactions Act of 2003 (the "FACT Act") (P.L. 108-159), to improve financial literacy and education of persons in the United States.
- The FACT Act was signed into law by President Bush on December 4, 2003.
- The Commission is chaired by the Secretary of the Treasury and composed of the heads of the Office of the Comptroller of the Currency; the Office of Thrift Supervision; the Federal Reserve; the Federal Deposit Insurance Corporation; the National Credit Union Administration; the Securities and Exchange Commission; the Departments of Education, Agriculture, Defense, Health and Human Services, Housing and Urban Development, Labor, and Veterans Affairs; the Federal Trade Commission; the General Services Administration; the Small Business Administration; the Social Security Administration; the Commodity Futures Trading Commission; and the Office of Personnel Management.
- The principal duties of the Commission include: (1) encouraging government and private sector efforts to promote financial literacy; (2) coordinating financial education efforts of the federal government, including the identification and promotion of best practices; (3) the development of a national strategy to promote financial literacy and education among all American consumers; (4) the establishment of a website to serve as a clearinghouse and provide a coordinated point of entry for information about federal financial literacy and education programs, grants, and other information the Commission finds appropriate; and (5) the establishment of a toll-free hotline available to members of the public seeking information about issues pertaining to financial literacy and education.
- Recognizing the work of the Department of the Treasury's Office of Financial Education (OFE), Congress designated the OFE to lend its expertise and provide primary support to the Commission to assist it in fulfilling its functions and duties. More information about the OFE can be found at: www.treasury.gov/financialeducation.
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