National Financial Literacy Month, 2010, 17847-17848 [2010-8113]

Agencies

• Executive Office of the President
• Presidential Documents

[Federal Register Volume 75, Number 67 (Thursday, April 8, 2010)]
[Presidential Documents]
[Pages 17847-17848]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-8113]




                        Presidential Documents 



Federal Register / Vol. 75, No. 67 / Thursday, April 8, 2010 / 
Presidential Documents

___________________________________________________________________

Title 3--
The President

[[Page 17847]]

                Proclamation 8493 of April 2, 2010

                
National Financial Literacy Month, 2010

                By the President of the United States of America

                A Proclamation

                In recent years, our Nation's financial system has 
                grown increasingly complex. This has left too many 
                Americans behind, unable to build a secure financial 
                future for themselves and their families. For many, 
                financial literacy can mean economic prosperity and 
                protection against fraud and predatory banking 
                practices. During National Financial Literacy Month, we 
                recommit to teaching ourselves and our children about 
                the basics of financial education.

                Our recent economic crisis was the result of both 
                irresponsible actions on Wall Street, and everyday 
                choices on Main Street. Large banks speculated 
                recklessly without regard for the consequences, and 
                other firms invented and sold complex financial 
                products to conceal risks and escape scrutiny. At the 
                same time, many Americans took out loans they could not 
                afford or signed contracts without fully understanding 
                the terms. Ensuring this crisis never happens again 
                will require new rules to protect consumers and better 
                information to empower them.

                The new Consumer Financial Protection Agency I have 
                proposed will ensure ordinary Americans get clear and 
                concise financial information. We must put an end to 
                confusing loan contracts, hidden fees attached to 
                mortgages, and unfair penalties that appear without 
                warning on bank statements. The Credit Card 
                Accountability Responsibility and Disclosure Act of 
                2009 began reining in some of these deceptive tactics 
                when it recently took effect. The President's Advisory 
                Council on Financial Capability is also looking for new 
                ways to help individuals make informed decisions and to 
                educate our children on core financial competencies.

                While our Government has a critical role to play in 
                protecting consumers and promoting financial literacy, 
                we are each responsible for understanding basic 
                concepts: how to balance a checkbook, save for a 
                child's education, steer clear of deceptive financial 
                products and practices, plan for retirement, and avoid 
                accumulating excessive debts. To learn more, visit: 
                MyMoney.gov or call toll-free 1-888-MyMoney for helpful 
                guidance and resources.

                Our Nation's future prosperity depends on the financial 
                security of all Americans. This month, let us each take 
                time to improve our own financial knowledge and share 
                that knowledge with our children. Together, we can 
                prevent another crisis and rebuild our economy on a 
                stronger, more balanced foundation.

                NOW, THEREFORE, I, BARACK OBAMA, President of the 
                United States of America, by virtue of the authority 
                vested in me by the Constitution and the laws of the 
                United States, do hereby proclaim April 2010 as 
                National Financial Literacy Month. I call upon all 
                Americans to observe this month with programs and 
                activities to improve their understanding of financial 
                principles and practices.

[[Page 17848]]

                IN WITNESS WHEREOF, I have hereunto set my hand this 
                second day of April, in the year of our Lord two 
                thousand ten, and of the Independence of the United 
                States of America the two hundred and thirty-fourth.
                
                
                    (Presidential Sig.)

[FR Doc. 2010-8113
Filed 4-7-10; 8:45 am]
Billing code 3195-W0-P