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February 20 2013

President’s Advisory Council on Financial Capability Presents Final Report to President Obama

As Chair of the Underserved and Community Outreach Subcommittee, Operation HOPE Founder John Hope Bryant participated at the White House meeting.

Washington, DC – February 20, 2013 – In a meeting at the White House today the President's Advisory Council on Financial Capability (PACFC) joined President Obama to discuss their final recommendations for increasing financial capability to help Americans better understand financial matters and make better financial decisions. Operation HOPE Founder, Chairman and CEO John Hope Bryant joined to lend support and provide additional comments as Chair of the Underserved and Community Outreach Subcommittee for the PACFC.
In the meeting, PACFC Chair John W. Rogers, Jr., Chairman, CEO, and Chief Investment Officer of Ariel Investments, and Vice Chair Amy Rosen, President and CEO of the Network for Teaching Entrepreneurship shared the major advancements in the final report, which included:  promoting the importance of emergency preparedness and recovery; the need to create an awareness campaign to increase college affordability and reduce student loan debt; financial capability can best be advanced through coordinated efforts of local governments, schools, post-secondary institutions.

PACFC Underserved and Community Outreach recommendations acknowledged that financial capability can best be advanced through the coordinated efforts of local governments, schools, and post-secondary institutions.  The federal government is encouraged to support and build upon the 110 state, local, and tribal financial capability councils to harness their resources and promote the financial well being of their residents, with a focus on the most economically challenged communities.

Recommendations also included the need to create an awareness campaign that leads to Americans to www.studentaid.gov as a resource for students and families to increase college affordability and reduce student loan debt.

President Obama signed Executive Order 13530 in January 2010, creating the President’s Advisory Council on Financial Capability. The Council is a part of President Obama’s broader commitment to promote financial capability and protect American consumers. Its primary function is to contribute to the financial stability of the American people. It is composed of non-governmental representatives with relevant backgrounds, such as financial services, consumer protection, financial access, and education. The Council suggests ways to coordinate and maximize the effectiveness of existing private and public sector efforts and identify new approaches to increase financial capability through financial education and financial access.

A resource guide was produced by the Underserved and Community Outreach and Partnership Subcommittees to encourage steps local municipalities can take in creating local financial literacy councils. Downloadable copies of this resource guide and additional information is available at: http://www.treasury.gov/resource-center/financial-education/Pages/Advisory.aspx