President's Advisory Council on Financial Capability, 5481-5483 [2010-2419]

Download as PDF 5481 Presidential Documents Federal Register Vol. 75, No. 22 Wednesday, February 3, 2010 Title 3— Executive Order 13530 of January 29, 2010 The President President’s Advisory Council on Financial Capability By the authority vested in me as President by the Constitution and the laws of the United States of America, it is hereby ordered as follows: Section 1. Policy. To help keep America competitive and assist the American people in understanding and addressing financial matters, and thereby contribute to financial stability, it is the policy of the Federal Government to promote and enhance financial capability among the American people. Financial capability is the capacity, based on knowledge, skills, and access, to manage financial resources effectively. In order to develop this capacity, individuals must have appropriate access to and understanding of financial products, services, and concepts. Financial capability empowers individuals to make informed choices, avoid pitfalls, know where to go for help, and take other actions to improve their present and long-term financial wellbeing. Sec. 2. Establishment of the Council. There is established within the Department of the Treasury the President’s Advisory Council on Financial Capability (Council). Sec. 3. Membership and Operation of the Council. (a) The Council shall consist of: (i) the Secretary of the Treasury and the Secretary of Education, who may designate a senior official from each of their respective departments to perform their Council duties; and (ii) not more than 22 members appointed by the President from among individuals not employed by the Federal Government, up to three of whom shall be selected by the President on the basis of their experience in academia or similar research experience related to financial education and financial access. (b) Members of the Council shall include individuals with relevant backgrounds, such as financial services providers, consumers, access advocates, and educators. Members of the Council appointed by the President pursuant to subsection (a)(ii) of this section, may serve as representatives of individual industries, trade groups, public interest groups, or other organizations. The composition of the Council shall reflect the views of diverse stakeholders. WReier-Aviles on DSKGBLS3C1PROD with PRESDOC1 (c) The President shall designate a Chair and a Vice Chair from among the members of the Council appointed pursuant to subsection (a)(ii) of this section. (d) Subject to the direction of the Secretary of the Treasury (Secretary), the Chair shall convene and preside at meetings of the Council, determine its agenda, direct its work, and, as appropriate to deal with particular subjects, establish and direct the work of subgroups of the Council that shall consist exclusively of members of the Council. (e) The Vice Chair shall perform: (i) the duties of the Chair when the position of Chair is vacant; and (ii) such other functions as the Chair may from time to time assign. Sec. 4. Functions of the Council. To assist in implementing the policy set forth in section 1 of this order, the Council shall: (a) collect information and views concerning financial capability from: VerDate Nov<24>2008 10:05 Feb 02, 2010 Jkt 220001 PO 00000 Frm 00001 Fmt 4705 Sfmt 4790 E:\FR\FM\03FEE0.SGM 03FEE0 5482 Federal Register / Vol. 75, No. 22 / Wednesday, February 3, 2010 / Presidential Documents (i) officers of executive departments and agencies (including members of the Financial Literacy and Education Commission established under title V of the Fair and Accurate Credit Transaction Act, Public Law 108– 159); (ii) State, local, territorial, and tribal officials; (iii) financial services providers and consumers, financial access advocates, and financial literacy educators; (iv) experts on matters relating to the policy set forth in section 1 of this order; and (v) such other individuals as the Secretary may direct; (b) advise the President and the Secretary on means to implement effectively the policy set forth in section 1 of this order, including means to: (i) build a culture of financial capability by promoting messages and lessons about sound financial practices as broadly as possible; (ii) improve financial education efforts directed at youth, young adults, and adults in schools, workplaces, and other settings through innovative approaches; (iii) promote access to financial services; (iv) promote the private-sector development of financial products and services benefitting consumers, especially low- and moderate-income consumers; (v) educate consumers about effective use of such products and services; (vi) identify the most important basic financial concepts and actions individuals need to understand and perform to be financially capable; (vii) identify effective financial education approaches and methods for evaluating the effectiveness of financial education approaches; and (viii) strengthen and enhance coordination between public and privatesector financial education programs; (c) periodically report to the President, through the Secretary, on: (i) the status of financial capability in the United States; (ii) progress made in implementing the policy set forth in section 1 of this order; and WReier-Aviles on DSKGBLS3C1PROD with PRESDOC1 (iii) recommended means to further implement the policy set forth in section 1 of this order, including with respect to the matters set forth in subsection (b) of this section; and (d) where appropriate in providing advice and recommendations, take into consideration the particular needs of traditionally underserved populations. Sec. 5. Administration of the Council. (a) To the extent permitted by law, the Department of the Treasury shall provide funding and administrative support for the Council, as determined by the Secretary, to implement this order. (b) The heads of executive departments and agencies shall provide, as appropriate and to the extent permitted by law, such assistance and information to the Council as the Secretary may request to implement this order. (c) Members of the Council: (i) shall serve without any compensation for their work on the Council; and (ii) while engaged in the work of the Council, may be allowed travel expenses, including per diem in lieu of subsistence, as authorized by law for persons serving intermittently in Government service (5 U.S.C. 5701–5707), consistent with the availability of funds. (d) The Secretary shall designate an official within the Department of the Treasury to serve as an Executive Director to supervise the administrative support for the Council. VerDate Nov<24>2008 10:05 Feb 02, 2010 Jkt 220001 PO 00000 Frm 00002 Fmt 4705 Sfmt 4790 E:\FR\FM\03FEE0.SGM 03FEE0 Federal Register / Vol. 75, No. 22 / Wednesday, February 3, 2010 / Presidential Documents 5483 Sec. 6. Termination of the Council. Unless extended by the President, the Council shall terminate 2 years after the date of this order. Sec. 7. General Provisions. (a) Insofar as the Federal Advisory Committee Act, as amended (5 U.S.C. App.) (the ‘‘Act’’), may apply to the Council, any functions of the President under the Act, except for that of reporting to the Congress, shall be performed by the Secretary in accordance with the guidelines issued by the Administrator of General Services. (b) Nothing in this order shall be construed to impair or otherwise affect: (i) authority granted by law to a department or agency or the head thereof; or (ii) functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals. (c) This order shall be implemented consistent with applicable law and subject to the availability of appropriations. (d) This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity, by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person. THE WHITE HOUSE, January 29, 2010. [FR Doc. 2010–2419 Filed 2–2–10; 8:45 am] VerDate Nov<24>2008 10:05 Feb 02, 2010 Jkt 220001 PO 00000 Frm 00003 Fmt 4705 Sfmt 4790 E:\FR\FM\03FEE0.SGM 03FEE0 OB#1.EPS</GPH> WReier-Aviles on DSKGBLS3C1PROD with PRESDOC1 Billing code 3195–W0–P

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[Federal Register Volume 75, Number 22 (Wednesday, February 3, 2010)]
[Presidential Documents]
[Pages 5481-5483]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-2419]




                        Presidential Documents 



Federal Register / Vol. 75, No. 22 / Wednesday, February 3, 2010 / 
Presidential Documents

___________________________________________________________________

Title 3--
The President

[[Page 5481]]

                Executive Order 13530 of January 29, 2010

                
President's Advisory Council on Financial 
                Capability

                By the authority vested in me as President by the 
                Constitution and the laws of the United States of 
                America, it is hereby ordered as follows:

                Section 1. Policy. To help keep America competitive and 
                assist the American people in understanding and 
                addressing financial matters, and thereby contribute to 
                financial stability, it is the policy of the Federal 
                Government to promote and enhance financial capability 
                among the American people. Financial capability is the 
                capacity, based on knowledge, skills, and access, to 
                manage financial resources effectively. In order to 
                develop this capacity, individuals must have 
                appropriate access to and understanding of financial 
                products, services, and concepts. Financial capability 
                empowers individuals 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.

                Sec. 2. Establishment of the Council. There is 
                established within the Department of the Treasury the 
                President's Advisory Council on Financial Capability 
                (Council).

                Sec. 3. Membership and Operation of the Council. (a) 
                The Council shall consist of:

(i) the Secretary of the Treasury and the Secretary of Education, who may 
designate a senior official from each of their respective departments to 
perform their Council duties; and

(ii) not more than 22 members appointed by the President from among 
individuals not employed by the Federal Government, up to three of whom 
shall be selected by the President on the basis of their experience in 
academia or similar research experience related to financial education and 
financial access.

                    (b) Members of the Council shall include 
                individuals with relevant backgrounds, such as 
                financial services providers, consumers, access 
                advocates, and educators. Members of the Council 
                appointed by the President pursuant to subsection 
                (a)(ii) of this section, may serve as representatives 
                of individual industries, trade groups, public interest 
                groups, or other organizations. The composition of the 
                Council shall reflect the views of diverse 
                stakeholders.
                    (c) The President shall designate a Chair and a 
                Vice Chair from among the members of the Council 
                appointed pursuant to subsection (a)(ii) of this 
                section.
                    (d) Subject to the direction of the Secretary of 
                the Treasury (Secretary), the Chair shall convene and 
                preside at meetings of the Council, determine its 
                agenda, direct its work, and, as appropriate to deal 
                with particular subjects, establish and direct the work 
                of subgroups of the Council that shall consist 
                exclusively of members of the Council.
                    (e) The Vice Chair shall perform:

(i) the duties of the Chair when the position of Chair is vacant; and

(ii) such other functions as the Chair may from time to time assign.

                Sec. 4. Functions of the Council. To assist in 
                implementing the policy set forth in section 1 of this 
                order, the Council shall:

                    (a) collect information and views concerning 
                financial capability from:

[[Page 5482]]

(i) officers of executive departments and agencies (including members of 
the Financial Literacy and Education Commission established under title V 
of the Fair and Accurate Credit Transaction Act, Public Law 108-159);

(ii) State, local, territorial, and tribal officials;

(iii) financial services providers and consumers, financial access 
advocates, and financial literacy educators;

(iv) experts on matters relating to the policy set forth in section 1 of 
this order; and

(v) such other individuals as the Secretary may direct;

                    (b) advise the President and the Secretary on means 
                to implement effectively the policy set forth in 
                section 1 of this order, including means to:

(i) build a culture of financial capability by promoting messages and 
lessons about sound financial practices as broadly as possible;

(ii) improve financial education efforts directed at youth, young adults, 
and adults in schools, workplaces, and other settings through innovative 
approaches;

(iii) promote access to financial services;

(iv) promote the private-sector development of financial products and 
services benefitting consumers, especially low- and moderate-income 
consumers;

(v) educate consumers about effective use of such products and services;

(vi) identify the most important basic financial concepts and actions 
individuals need to understand and perform to be financially capable;

(vii) identify effective financial education approaches and methods for 
evaluating the effectiveness of financial education approaches; and

(viii) strengthen and enhance coordination between public and private-
sector financial education programs;

                    (c) periodically report to the President, through 
                the Secretary, on:

(i) the status of financial capability in the United States;

(ii) progress made in implementing the policy set forth in section 1 of 
this order; and

(iii) recommended means to further implement the policy set forth in 
section 1 of this order, including with respect to the matters set forth in 
subsection (b) of this section; and

                    (d) where appropriate in providing advice and 
                recommendations, take into consideration the particular 
                needs of traditionally underserved populations.

                Sec. 5. Administration of the Council. (a) To the 
                extent permitted by law, the Department of the Treasury 
                shall provide funding and administrative support for 
                the Council, as determined by the Secretary, to 
                implement this order.

                    (b) The heads of executive departments and agencies 
                shall provide, as appropriate and to the extent 
                permitted by law, such assistance and information to 
                the Council as the Secretary may request to implement 
                this order.
                    (c) Members of the Council:

(i) shall serve without any compensation for their work on the Council; and

(ii) while engaged in the work of the Council, may be allowed travel 
expenses, including per diem in lieu of subsistence, as authorized by law 
for persons serving intermittently in Government service (5 U.S.C. 5701-
5707), consistent with the availability of funds.

                    (d) The Secretary shall designate an official 
                within the Department of the Treasury to serve as an 
                Executive Director to supervise the administrative 
                support for the Council.

[[Page 5483]]

                Sec. 6. Termination of the Council. Unless extended by 
                the President, the Council shall terminate 2 years 
                after the date of this order.

                Sec. 7. General Provisions. (a) Insofar as the Federal 
                Advisory Committee Act, as amended (5 U.S.C. App.) (the 
                ``Act''), may apply to the Council, any functions of 
                the President under the Act, except for that of 
                reporting to the Congress, shall be performed by the 
                Secretary in accordance with the guidelines issued by 
                the Administrator of General Services.

                    (b) Nothing in this order shall be construed to 
                impair or otherwise affect:

(i) authority granted by law to a department or agency or the head thereof; 
or

(ii) functions of the Director of the Office of Management and Budget 
relating to budgetary, administrative, or legislative proposals.

                    (c) This order shall be implemented consistent with 
                applicable law and subject to the availability of 
                appropriations.
                    (d) This order is not intended to, and does not, 
                create any right or benefit, substantive or procedural, 
                enforceable at law or in equity, by any party against 
                the United States, its departments, agencies, or 
                entities, its officers, employees, or agents, or any 
                other person.
                
                
                    (Presidential Sig.)

                THE WHITE HOUSE,

                    January 29, 2010.

[FR Doc. 2010-2419
Filed 2-2-10; 8:45 am]
Billing code 3195-W0-P