January 01 2007
Treasury Department Official Addresses California Mortgage Crisis Concerns and How Financial Literacy Is Key to America\'s Financial Health
LOS ANGELES, CA---November 15, 2007---Promoting the importance of ensuring that young people are "money literate," United States Treasurer Anna Cabral joined financial literacy nonprofit Operation HOPE (HOPE) today in the classroom, the lunchroom, and the conference room on an ambitious Southern California sweep.
In addition to educating youth about financial matters, Cabral -- a Californian serving in the Bush administration since 2004 -- also addressed what the federal government is doing about the subprime mortgage crisis. "Financial literacy has never been as important to the American people as it is today," Treasurer Cabral said. "What we have to understand is that this is not just an issue for the poor or low-income; it affects everyone."
Following an executive teaching session where HOPE showcased its award- winning "Banking On Our Future" literacy program at Frank D. Parent Elementary School in the city of Inglewood, the Washington official joined several banking and financial leaders for a policy luncheon at the Los Angeles Downtown City Club. Afterwards, Cabral visited HOPE\'s Banking Network Center in South Los Angeles to dialogue with community leaders in a frank exchange over the challenges and opportunities seen in today\'s housing market.
"At the core of the mortgage crisis are men and women not being sufficiently educated about the language of money, the consequences of unreasonable subprime mortgage loans, and the value of saving," said financial empowerment activist and HOPE Founder John Hope Bryant. "In working with the federal government to solve this problem, Operation HOPE has made a concerted effort over the last 15 years to focus the nation on practical financial literacy education that will benefit all Americans, particularly those living in underserved communities."
Operation HOPE and Treasurer Cabral have maintained a strong alliance that continues to advance "silver rights" for the disenfranchised. This movement, focusing on economic parity and wealth building, is the cornerstone of HOPE\'s global mission to eradicate poverty.
About The United States Treasury Department
The Department of the Treasury aims to promote the conditions for prosperity and stability in the United States and encourage prosperity and stability in the rest of the world. The Treasury serves as the steward of U.S. economic and financial systems, and as an influential participant in the international economy. The Treasury also promotes economic and employment opportunities for all Americans by raising the rate of sustainable growth. The department is responsible for a wide range of activities including advising the President on economic and financial issues, promoting the President\'s growth agenda, and enhancing corporate governance in financial institutions.