FINANCIAL LITERACY BILL ADVANCES IN SENATE
November 1, 2003
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With numerous statistical studies indicating that in the field of personal finances, substantial numbers of Americans are financially illiterate, several bills are pending in the Senate to address the issue.
The “Financial Literacy and Education Coordinating Act of 2003″ (S. 1470; Sarbanes D-Md.) would establish the Financial Literacy and Education Coordinating Committee within the Department of Treasury to improve the state of financial literacy and education among Americans.
The committee, chaired by the Secretary of the Treasury, would develop and coordinate a national strategy, in cooperation with state and local governments, non-profit organizations and private enterprise, to improve financial education and literacy. The committee is required to review financial literacy efforts throughout the government and develop the strategy within one year, with annual reports thereafter.
