AmeriCorp

AmeriCorp in Praise of Financial Education for John Q. Public
SYOSSET , NY- October 13, 2004

In December 2003 President Bush signed the Fair and Accurate Credit Transactions Act, which in turn brought about the quick creation of a Financial Literacy and Education Commission. The Commission drew its 20-plus members from a variety of government departments, agencies, and commissions: the Treasury, FDIC, the Small Business Administration, the SEC, the Fed, DOD, Education, Agriculture, FTC, HUD, Labor, the VA, Social Security and other financial overseers. Treasury Secretary Snow himself presided over its first session in January 2004, which was attended by Alan Greenspan and many heads of the member bodies.

The Title that parented the Commission called for the building of a nationwide strategy aimed at increasing financial literacy and education amongst the consumer-citizens of America. Two of the preliminary tasks assigned to subcommittees were the establishment of a) a website “to serve as a clearinghouse and provide a coordinated point of entry for information about federal financial literacy and education programs, grants and other information” and b) a toll-free hotline providing the same type of information for the public in the form of a free educational toolkit. On October 12th – less than a year after declaring its agenda -- the government launched both of these important new channels of information.

Today U.S. citizens can log on to http://mymoney.gov/ and learn how to save, invest, and manage their money in pursuit of realistic goals without being bothered by private marketing. They can use its resources to learn how to balance a checking account; shop for a mortgage or auto loan; research ways to pay for a college education; check credit card statements; put money away for retirement; understand a credit report; or simply decide whether to pay cash or charge a purchase, and so on. To order a sample of some of the publications featured on the site, consumers can send for the free "My Money" tool kit, which contains information that helps in choosing and using credit cards, getting out of debt, protecting one’s credit record, understanding Social Security benefits, insuring bank deposits, and starting a savings and investing plan. The menu also links the user to a wealth of commentary on budgeting, taxes, credit, financial planning, home ownership, paying for education, privacy, fraud, scams, responding to life events, retirement planning, saving, investing, and starting a small business. The government has translated all the information into Spanish and connects users to the informative sites of the all the member agencies.

Working in tandem with the Commission, the Government Services Administration has established the National Contact Center for those who have a question about Federal agencies, programs, benefits, or services. The Center is only a toll-free call away at 1 (800) FED INFO, between 8 a.m. and 8 p.m. eastern time (except Federal holidays). Moreover, callers can access recordings of frequently requested information around the clock. Our own examination of these sources convinces us that a tremendous and praiseworthy effort is in motion, and we are encouraged by the government’s intention to grow both the site and the Center in response to the needs and best interests of the public. AmeriCorp will continue to monitor the advance of the government strategy, but we suggest that all who profess to offer counseling and education visit the site or make the call now and begin to harvest the information.


Close window	AmeriCorp in Praise of Financial Education for John Q. Public SYOSSET , NY- October 13, 2004 In December 2003 President Bush signed the Fair and Accurate Credit Transactions Act, which in turn brought about the quick creation of a Financial Literacy and Education Commission. The Commission drew its 20-plus members from a variety of government departments, agencies, and commissions: the Treasury, FDIC, the Small Business Administration, the SEC, the Fed, DOD, Education, Agriculture, FTC, HUD, Labor, the VA, Social Security and other financial overseers. Treasury Secretary Snow himself presided over its first session in January 2004, which was attended by Alan Greenspan and many heads of the member bodies. The Title that parented the Commission called for the building of a nationwide strategy aimed at increasing financial literacy and education amongst the consumer-citizens of America. Two of the preliminary tasks assigned to subcommittees were the establishment of a) a website “to serve as a clearinghouse and provide a coordinated point of entry for information about federal financial literacy and education programs, grants and other information” and b) a toll-free hotline providing the same type of information for the public in the form of a free educational toolkit. On October 12th – less than a year after declaring its agenda -- the government launched both of these important new channels of information. Today U.S. citizens can log on to http://mymoney.gov/ and learn how to save, invest, and manage their money in pursuit of realistic goals without being bothered by private marketing. They can use its resources to learn how to balance a checking account; shop for a mortgage or auto loan; research ways to pay for a college education; check credit card statements; put money away for retirement; understand a credit report; or simply decide whether to pay cash or charge a purchase, and so on. To order a sample of some of the publications featured on the site, consumers can send for the free "My Money" tool kit, which contains information that helps in choosing and using credit cards, getting out of debt, protecting one’s credit record, understanding Social Security benefits, insuring bank deposits, and starting a savings and investing plan. The menu also links the user to a wealth of commentary on budgeting, taxes, credit, financial planning, home ownership, paying for education, privacy, fraud, scams, responding to life events, retirement planning, saving, investing, and starting a small business. The government has translated all the information into Spanish and connects users to the informative sites of the all the member agencies. Working in tandem with the Commission, the Government Services Administration has established the National Contact Center for those who have a question about Federal agencies, programs, benefits, or services. The Center is only a toll-free call away at 1 (800) FED INFO, between 8 a.m. and 8 p.m. eastern time (except Federal holidays). Moreover, callers can access recordings of frequently requested information around the clock. Our own examination of these sources convinces us that a tremendous and praiseworthy effort is in motion, and we are encouraged by the government’s intention to grow both the site and the Center in response to the needs and best interests of the public. AmeriCorp will continue to monitor the advance of the government strategy, but we suggest that all who profess to offer counseling and education visit the site or make the call now and begin to harvest the information.