Political Quotes

“Mr. President, it is timely that we have started to consider the financial services modernization legislation during April, a month that we have designated as Financial Literacy Month. There are three vital components to financial literacy: education, consumer protection, and economic empowerment. H.R. 3217, the Wall Street Reform bill, includes essential provisions in all three of these areas for consumers and investors. I have worked extensively with the chairman of the Banking Committee and other members of the Committee to ensure that bill includes essential education, consumer protection, and economic empowerment provisions. I appreciate all of the leadership and work done by Chairman Dodd and his efficient, effective, and hardworking staff to develop this legislation so important to working families. With regard to education, the legislation creates an Office of Financial Literacy within the Consumer Financial Protection Bureau. The Financial Literacy Office is tasked with developing and implementing initiatives to educate and empower consumers. A strategy to improve the financial literacy among consumers, that includes measurable goals and benchmarks, must be developed. The Administrator of the Bureau will also become Vice-Chairman of the Financial Literacy and Education Commission. This will ensure meaningful participation in the Commission. The legislation also requires a Securities and Exchange Commission, SEC, financial literacy study to be conducted.…”