New Financial Capability Council Formed
WASHINGTON (CN) - Amid a $16.7 trillion national debt crises, President Obama has ordered executive agencies to create the President's Advisory Council on Financial Capability for Young Americans. It will be led by the U.S. Department of the Treasury.
The council will consist of the Secretary of the Treasury Jack Lew and the Secretary of Education Arne Duncan, in addition to 22 non-government members to be appointed by Obama.
Members of the council will be named in the coming months and the first public meeting is expected later this year, according to a statement by the Treasury Department.
The council aims to "collect information and views concerning financial capability" from a wide range of agencies and offices, including "financial capability innovators, educators and education policy experts, financial services providers, corporate leaders and employers of young workers, as well as other experts . . . to advise the president and the secretary on means to effectively implement the policy," Obama said in his order.
Part of the council's job will be to "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," according to the order.