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January 01 2008

San Francisco Mayor and Federal Home Loan Chairman Support California-Based Members of the U.S. President's Advisory Council on Financial Literacy

U.S. Treasurer Anna Cabral gives keynote address in honor of new appointees; stresses the importance of their role to educate citizens about personal finances

SAN FRANCISCO, CA – March 6, 2008 – The California contingent of the U.S. President’s Advisory Council on Financial Literacy were honored at a reception last evening hosted by San Francisco Mayor Gavin Newsom and Federal Home Loan Bank Chairman, and Operation HOPE (HOPE) Vice Chairman, Timothy Chrisman, featuring U.S. Treasurer Anna Escobedo Cabral who outlined the importance of financial literacy in America today.

“It is important that all Americans understand certain basic financial concepts, but the federal government cannot achieve this alone” stated Treasurer Cabral. “I've learned that the government is most effective when we enlist the help of our many partners – the private sector, state and local governments and community-based organizations. We are honored to have the support of the leaders on the President’s Advisory Council on Financial Literacy to promote the financial health of all Americans.”

“We’re pleased to have the assistance of the President’s Advisory Council on Financial Literacy to and improve financial education efforts for youth in school and for adults in the workplace. Through their efforts we are sure to promote effective access to financial services, especially for those without access to such services,” said Mayor Newsom.

The three California council members, council chairman Charles Schwab, chairman and chief executive officer of the Charles R. Schwab Corporation; council vice chairman John Hope Bryant, founder, chairman and chief executive officer of Operation HOPE; and council member Don McGrath, chairman and CEO, BancWest Corporation were on hand earlier to host the President’s leading economic policy advisor, U.S. Secretary Treasurer Henry M. Paulson, Jr., for a town hall meeting held at the Operation HOPE Center in Oakland.

Tim Chrisman added, “We are confident that this council will blaze new trails towards establishing a greater range of resources and services for underserved communities. Through this appointment the lives of many Americans will be improved.”

The newly established non-partisan 19-member council, serving two sitting presidents over a two year period, operates within the Treasury Department with the specific charge of keeping America competitive and assisting the American people in understanding and addressing financial matters.