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March 28 2013

President's Advisory Council on Financial Capability Work Complete, as Report is Accepted and Made Available to the Public


Council Member and Subcommittee Chair, Operation HOPE Founder John Hope Bryant helps keep financial literacy a priority in Washington
Washington, DC – March 21, 2012 – Melissa Koide, Deputy Assistant Secretary of the Office of Financial Access, Education, and Consumer Protection, U.S. Department of the Treasury and Executive Director of the President’s Advisory Council on Financial Capability (Council) today issued the Council’s final report making it available to all Americans. This final step by the U.S. Department of the Treasury marks its approval and acceptance by President Obama.

As a lead up to the final report, Operation HOPE Founder John Hope Bryant travelled to Washington, DC numerous times to attend Council meetings and to present the final recommendation from the Underserved and Community Empowerment Subcommittee. Bryant, who chairs the Underserved and Community Empowerment Subcommittee, was instrumental in bringing awareness to the importance of emergency financial and economic disaster preparedness response and recovery, and that the Federal Emergency Management Agency (FEMA) is included on the Financial Literacy and Education Commission (FLEC).  Over the life of the committee, he was also successful in helping to establish local financial capability councils.

Throughout the Council’s history, Bryant has brought attention to the value of economic empowerment and reported out on the work of the Underserved and Community Empowerment Subcommittee.

Chaired by John W. Rogers, Jr., Chairman, CEO, and Chief Investment Officer, Ariel Investments and vice chair Amy Rosen, president and CEO of the Network for Teaching Entrepreneurship, the Council has made strides towards helping Americans better understand and manage their finances, meeting one of the Council’s key goals.

The role of the Council is to advise the President and the Secretary of the Treasury on means to promote and enhance individuals' and families' financial capability. The Council held its first meeting on November 30, 2010. At that meeting, the Council Chair recommended the establishment of five subcommittees to focus on the following strategic areas: Financial Access (later renamed Underserved and Community Empowerment), Research and Evaluation, Partnerships, and Youth.

A natural entrepreneur, Bryant began his life as a businessman at the age of 10 with a $40 investment by his mother in his first business idea. Today he is responsible for more than $1.5 billion of private capital supporting low-wealth home ownership, small businesses, entrepreneurship and community development investments through Operation HOPE, a financial dignity nonprofit established in 1992. Bryant previously served as Vice-Chairman of the original President's Advisory Council on Financial Literacy, and Chairman of its Council Committee on the Underserved.

Operation HOPE is a global nonprofit social investment banking and financial dignity empowerment organization. It promotes financial dignity through financial literacy and education tools to underserved communities Through several global initiatives and three principal financial literacy programs: Banking on Our Future (teaching school children about money), HOPE Coalition America (financial emergency preparedness and disaster financial recovery), and the HOPE Financial Dignity Centers (loans, bill pay, computer literacy, understanding banking principles), HOPE leads a “silver rights” movement toward making free enterprise and capitalism relevant to all underserved communities.

The U.S. Department of the Treasury promotes economic growth through policies to support job creation, investment, and economic stability. Treasury also oversees the production of coins and currency, the disbursement of payments to the public, revenue collection, and the funds to run the federal government.