Establishing the President's Advisory Council on Financial Capability for Young Americans, 39157-39161 [2013-15782]

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• Executive Office of the President

[Federal Register Volume 78, Number 125 (Friday, June 28, 2013)]
[Presidential Documents]
[Pages 39157-39161]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-15782]



[[Page 39157]]

Vol. 78

Friday,

No. 125

June 28, 2013

Part IV





The President





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Executive Order 13646--Establishing the President's Advisory Council on 
Financial Capability for Young Americans


                        Presidential Documents 



Federal Register / Vol. 78 , No. 125 / Friday, June 28, 2013 / 
Presidential Documents

___________________________________________________________________

Title 3--
The President

[[Page 39159]]

                Executive Order 13646 of June 25, 2013

                
Establishing the President's Advisory Council on 
                Financial Capability for Young Americans

                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 contribute to the Nation's future 
                financial stability and increase upward economic 
                mobility, it is the policy of the Federal Government to 
                promote financial capability among young Americans and 
                encourage building the financial capability of young 
                people at an early stage in schools, families, 
                communities, and the workplace. By starting early, 
                young people can begin to learn the difference between 
                wants and needs, the importance and power of saving, 
                and the positive and productive role money can play in 
                their lives. Having a basic understanding of money 
                management from an early age will make our young people 
                better equipped to tackle more complex financial 
                decisions in their transition to adulthood, when 
                critical decisions about financing higher education and 
                saving for retirement can have lasting consequences for 
                financial security. Strengthening the financial 
                capability of our young people is an investment in our 
                Nation's economic prosperity.

                Financial capability is the capacity, based on 
                knowledge, skills, and access, to manage financial 
                resources prudently and effectively. Efforts to improve 
                financial capability, which should be based on evidence 
                of effectiveness, empower individuals to make informed 
                choices, plan and set goals, avoid pitfalls, know where 
                to seek help, and take other actions to better 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 
                for Young Americans (Council).

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

(i) the Secretary of the Treasury (Secretary), 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.

                    (b) Members of the Council shall include 
                individuals with demonstrated experience or clear 
                commitment to improving the financial capability of 
                young people, such as individuals working with youth-
                serving organizations; educators and education policy 
                experts; business leaders and employers of young 
                workers; State, tribal, and local government policy 
                makers; financial services providers; and innovators in 
                financial capability. The composition of the Council 
                shall reflect the views of diverse stakeholders.
                    (c) The Secretary shall invite the Director of the 
                Bureau of Consumer Financial Protection to participate 
                as a member of the Council, to the extent consistent 
                with the Bureau's statutory authorities and legal 
                obligations.
                    (d) 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.

[[Page 39160]]

                    (e) Subject to the direction of the 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.
                    (f) 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:

(i) executive departments and agencies (agencies), including members of the 
Financial Literacy and Education Commission established under title V of 
the Fair and Accurate Credit Transactions Act of 2003 (20 U.S.C. 9702);

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

(iii) financial capability innovators, educators and education policy 
experts, financial services providers, corporate leaders, and employers of 
young workers, as well as other experts;

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

(i) build strong public-private partnerships between and among members of 
the Financial Literacy and Education Commission; other agencies; State, 
tribal, and local governments; and private entities to coordinate the use 
of high quality financial capability resources and practices in schools, 
families, communities, and elsewhere in order to build the financial 
capability of young Americans;

(ii) support ongoing research and evaluation of financial education and 
capability activities aimed at young people to determine and disseminate 
effective approaches;

(iii) effectively assess the financial capability, including both financial 
knowledge and financial behaviors, of young Americans;

(iv) identify and develop strategies to pilot financial capability 
approaches in schools and among young people that are likely to have 
significant effects on young Americans' financial capability, and determine 
ways to test and implement such innovations in a large-scale and 
sustainable manner;

(v) identify, develop, and measure the effectiveness of technology-driven 
approaches to promote financial capability among young people;

(vi) identify and test promising and tested approaches for increasing 
planning, saving, and investing for retirement by young people; and

(vii) promote the importance of starting to plan and act early for 
financial success broadly among Americans through public awareness 
campaigns or other means;

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

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

(ii) 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--
                including women and minorities.

                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.

[[Page 39161]]

                    (b) The heads of 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 appointed under section 
                3(a)(ii) of this order shall serve without any 
                compensation for their work on the Council.
                    (d) Members of the Council, 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.
                    (e) 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.

                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) the authority granted by law to an executive department, agency, or the 
head thereof, or the status of that department or agency within the Federal 
Government; or

(ii) the 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,

                    June 25, 2013.

[FR Doc. 2013-15782
Filed 6-27-13; 11:15 am]
Billing code 3295-F3