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Committee Detail

Hide Section - GENERAL INFORMATION

GENERAL INFORMATION

Committee NamePresident's Advisory Council on Financial LiteracyAgency NameDepartment of the Treasury
Fiscal Year2010Committee Number34552
Original Establishment Date Committee StatusTerminated
Actual Termination Date1/22/2010Committee URLhttp://www.treas.gov/offices/domestic-finance/f...
New Committee This FYNoPresidential Appointments*Yes
Terminated This FYYesMax Number of Members*19
Current Charter Date1/22/2008Designated Fed Officer Position Title*Director, Office of Financial Education
Date Of Renewal Charter1/22/2010Designated Federal Officer PrefixMs.
Projected Termination Date1/22/2010Designated Federal Officer First Name*Dubis
Exempt From Renewal*NoDesignated Federal Officer Middle NameG.
Specific Termination AuthorityExecutive Order 13455 signed 1/22/2008Designated Federal Officer Last Name*Correal
Establishment Authority*PresidentialDesignated Federal Officer Suffix
Specific Establishment Authority*Executive Order 13455 signed 1/22/2008Designated Federal Officer Phone*(202) 622-4848
Effective Date Of Authority*1/22/2008Designated Federal Officer Fax*(202) 622-5672
Committee Type*ContinuingDesignated Federal Officer Email*dubis.correal@do.treas.gov
Presidential*Yes
Committee Function*Non Scientific Program Advisory Board
Hide Section - RECOMMENDATION/JUSTIFICATIONS

RECOMMENDATION/JUSTIFICATIONS

Agency Recommendation*Terminate
Legislation to Terminate RequiredNo
Legislation Status 
How does cmte accomplish its purpose?*The Council advises the President and the Secretary of the Treasury on means to 1) improved financial educaiton efforts for youth in school and for adults in the workplace; 2) promote effective access to financial services, especially for those without access to such services; 3) establish effective measures of national financial literacy; 4) conduct research on financial knowledge, including the colleciton of data on the extent of financial knowledge of individuals; and 5) strengthen and coordinate public and private sector financial education programs.
How is membership balanced?*Individuals are appointed by the President and consideration is given to selection of members with backgrounds as providers of, consumers of, promoters of access to, and educators with respects to financial education and financial services. Each members serves as representatives of his or her industry, trade group, public interest group or other organization or group.
How frequent & relevant are cmte mtgs?*Estimated Number of Meetings per Year - 2
Why advice can't be obtained elsewhere?*To keep America competitive by assisting the general public in understanding and addressing their personal financial matters.
Why close or partially close meetings?N/A
Recommendation RemarksTerminated in accordance with Executive Order 13455, signed 1/22/2008.
Hide Section - PERFORMANCE MEASURES

PERFORMANCE MEASURES

Outcome Improvement To Health Or Safety*NoAction Reorganize Priorities*No
Outcome Trust In GovernmentNoAction Reallocate ResourcesYes
Outcome Major Policy ChangesNoAction Issued New RegulationsNo
Outcome Advance In Scientific ResearchNoAction Proposed LegislationNo
Outcome Effective Grant MakingNoAction Approved Grants Or Other PaymentsNo
Outcome Improved Service DeliveryNoAction OtherNo
Outcome Increased Customer SatisfactionNoAction CommentThe Office of Financial Education’s staff dedicates a percentage of its time to Council related matters. Additionally, some funding was allocated to administer the National Financial Literacy Challenge in the Spring/Fall of 2008.
Outcome Implement Laws/Reg RequirementsNoGrants Review*No
Outcome OtherYesNumber Of Grants Reviewed 
Outcome CommentThe Council was created to help keep America competitive and assist the American people in understanding and addressing financial matters.Number Of Grants Recommended 
Cost Savings*NoneDollar Value Of Grants Recommended 
Cost Savings CommentN/AGrants Review CommentN/A
Number Of Recommendations*15Access Contact Designated Fed. Officer*Yes
Number Of Recommendations CommentThe recommendations may be viewed at http://www.treasury.gov/offices/domestic-finance/financial-institution/fin-education/council/7th-meeting-2009/PACFL_Draft-AR-0109.pdfAccess Agency WebsiteYes
% of Recs Fully Implemented*50.00%Access Committee WebsiteNo
% of Recs Fully Implemented Comment1. Middle School Curriculum – The Council endorsed “Money Math: Lessons for Life” an easy-to-use, readily available financial literacy curriculum for middle-school students that has been downloaded more than 92,000 times (Note: Update for current figure at time of final report) from the Council’s website. The four-unit, 86-page curriculum uses real-life examples to help teachers to integrate personal finance topics into math classes. Treasury continues to promote this curriculum. Since February 2008, it has been downloaded more than 450,000 times. 2. High School Financial Literacy Contest – The Council agreed to recommend and promote the first-ever National Financial Literacy Challenge (administered by the Treasury Department), a 35-question exam on personal finance issues that was taken by more than 125,000 American high school students in 2008. The new National Financial Capability Challenge was administered in the Spring of 2010.3.The United States Department of the Treasury should promote the availability of financial education resources for parents, caregivers, and teachers to use with pre-school and early elementary school children.Treasury, on behalf of the Financial Literacy and Education Commission (FLEC), is revamping the FLEC website (mymoney.gov). The new website will include resources for parents, caregivers and teachers. 4.The United States Department of the Treasury should create an Internet-based resource center on the federal government’s financial literacy website, www.mymoney.gov for human resource professionals and employers that consolidates the best financial education information and resources. As part of the revamp of the FLEC website, the new website will include resources for human resource professionals and employers. 5. The private sector, state and local governments, and nonprofits should adopt the Council’s definitions for “financial literacy” and “financial education,” so that programmatic decisions are based on a common understanding of the terms. The Council adopts the Financial Literacy and Education Commission’s definitions of those two terms. Specifically, the Council defines “financial literacy” as “the ability to use knowledge and skills to manage financial resources effectively for a lifetime of financial well-being” and defines “financial education” as “the process by which people improve their understanding of financial products, services and concepts, so they are empowered to make informed choices, avoid pitfalls, know where to go for help and take other actions to improve their present and long-term financial well-being.”Implemented by the Council.6. The United States Department of the Treasury should identify and standardize the specific skills that a person should have upon completion of a comprehensive financial literacy program and explore the creation of a certification program for such programs and for instructors of programs that meet the criteria.Treasury is currently working with a group of experts to develop the core principles discussed in the first part of this recommendation. The second part (regarding certification) has not been implemented.7. – Nonprofits should create and distribute a self-administered “National Financial Check-Up” that would allow Americans to assess their own financial knowledge, and provide links to trustworthy sources of information to fill in any gaps. Treasury is currently developing a self assessment.Access GSA FACA WebsiteYes
% of Recs Partially Implemented*2.00%Access PublicationsNo
% of Recs Partially Implemented Comment1. The United States Department of the Treasury should implement the Post-Secondary Financial Education Honor Roll program, approved by the full Council in 2008, to encourage best practices in financial education at colleges and universities.While the Honor Roll has not been created, Treasury, in conjunction with the Departments of Education and Agriculture, will review and evaluate programs at the college level, promoting effective ones, as mandated by the Higher Education Act.2. Colleges, universities, and other research entities should execute critical research into the state of financial literacy and the most effective measures to increase financial literacy in the United States.Many colleges, universities and other research entities are taking such steps.Access OtherNo
Agency Feedback*YesAccess CommentN/A
Agency Feedback CommentTreasury’s Office of Financial Education provides feedback during the public meetings and by phone and email.Narrative Description*The President’s Council, which is composed of 16 representatives from the private sector and state and local government is working with the Department of the Treasury’s Office of Financial Education on the following five areas:1. Improving financial education efforts for youth in school through a recognition program and the distribution of a curriculum. 2. Recognizing postsecondary institutions and employers that provide financial education to students and employees, respectively. 3. Promoting effective access to financial services for those without access to such services. 4. Establishing effective measures of national financial literacy. 5. Strengthening and coordinating public and private sector financial education programs.
Hide Section - COSTS

COSTS

Payments to Non-Federal Members*$0.00Est Payments to Non-Fed Members Next FY*$0.00
Payments to Federal Members*$0.00Est. Payments to Fed Members Next FY*$0.00
Payments to Federal Staff*$4,360.00Estimated Payments to Federal Staff*$0.00
Payments to Consultants*$0.00Est. Payments to Consultants Next FY*$0.00
Travel Reimb. For Non-Federal Members*$0.00Est Travel Reimb Non-Fed Members nextFY*$0.00
Travel Reimb. For Federal Members*$0.00Est Travel Reimb For Fed Members*$0.00
Travel Reimb. For Federal Staff*$0.00Est. Travel Reimb to Fed Staff Next FY*$0.00
Travel Reimb. For Consultants*$0.00Est Travel Reimb to Consultants Next FY*$0.00
Other Costs$3,300.00Est. Other Costs Next FY*$0.00
Total Costs$7,660.00Est. Total Next FY*$0.00
Federal Staff Support (FTE)*0.10Est. Fed Staff Support Next FY*0.00
Hide Section - MEMBERS,MEETINGS AND ADVISORY REPORTS

MEMBERS,MEETINGS AND ADVISORY REPORTS

To View all the members, meetings and advisory reports for this committee please click here
Hide Section - CHARTERS AND RELATED DOCS

CHARTERS AND RELATED DOCS

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Hide Section - DATA FROM PREVIOUS YEARS

DATA FROM PREVIOUS YEARS

Committee

Data from Previous Years

  
ActionCommittee System IDCommittee NameFiscal Year
 COM-010495President's Advisory Council on Financial Literacy2009
 COM-010838President's Advisory Council on Financial Literacy2008