U.S. President's Advisory Council on Financial Literacy-Office of the Vice Chair Blog

Spreading Financial Literacy

Council Member David Mancl is featured in this article.

Treasurer Anna Escobedo Cabral Remarks at Launch of Multi-Media Campaign

Washington - Thank you, Dan. On behalf of Secretary Paulson, welcome to the Treasury Department. And welcome to the launch of our new multi-media campaign to help consumers understand more about their credit.

Credit can be a helpful tool for a healthy, prosperous financial existence. But all too often, many Americans fall prey to the pitfalls of not using credit wisely. This is especially true for young Americans who may have a less thorough understanding of credit and who tend to think less about the consequences of their financial decisions today.

SBA revamps education office for financial focus

WASHINGTON — The Small Business Administration has combined its online education programs, community initiatives and youth outreach programs under its newly renamed Office of Entrepreneurship Education.

The office provides information on how to start and grow a business, as well as overall financial literacy. The office will “strengthen SBA’s focus on improving the economies of underserved markets through small-business ownership,” said the SBA’s acting administrator, Jovita Carranza.

Members of the President’s Council on Financial Literacy applauded the SBA’s move.

Link to the full story here.

SBA Broadens Office of Business and Community Initiatives To Focus on Financial Literacy, Entrepreneurial Education

Operation HOPE Founder, John Hope Bryant, Vice Chair of the U.S. President's Advisory Council on Financial Literacy and Chair of the Council's Committee on the Underserved, today publicly commended the U.S. Small Business Administration and its leadership as the agency officially launched the new U.S. SBA Office of Entrepreneurship Education, particularly with its focus on urban, inner-city and low-wealth communities.

Minor Correction on National Mortgage News Article

A recent article by the respected National Mortgage News cited John Hope Bryant as chairman of the President's Council.  The Council Chair is Mr. Charles Schwab, and Council Vice Chair is John Hope Bryant. The error is understandable given that Mr. Bryant does also serve as Chair of the Council’s Committee on the Under-Served, which orchestrated the creation of the recent “Recommendation of Best Practices with respect to The Future of Responsible Sub-Prime Mortgage Lending” report.  The article referenced this report and an FDIC speech given by Mr. Bryant regarding same. Accordingly, this correction is simply noted for the public record and out of respect for Mr. Schwab.

The Committee's work and subsequent report in this regard, now available publicly on the U.S. Treasury website, speaks to overall "best practices" with respect to the future of responsible mortgage subprime lending, rooted in financial literacy.

The report leaves specifics such as underwriting standards to private industry.

FDIC Puts Spotlight on Loans to Poor

By: Joe Adler

American Banker, 7/1/2008 -- Two Federal Deposit Insurance Corp. events next week will focus on promoting mortgage lending to low- and moderate-income households.

On July 8, Treasury Secretary Henry Paulson, Federal Reserve Board Chairman Ben Bernanke, and JPMorgan Chase & Co. chief executive James Dimon are to be headline speakers at a forum on low-income mortgage lending in the FDIC's building in Arlington, Va.

Pay Dirt: Promoting financial literacy

The Urban Financial Services Coalition is in the Twin Cities to promote financial literacy, personal responsibility and banking careers.

By KARA McGUIRE, Star Tribune

Last update: June 28, 2008 - 4:21 PM

On the heels of the civil rights movement, two black bankers created the Urban Financial Services Coalition in 1974 to support fellow minority bankers and the communities that they serve.

The group, which held its 34th national conference in Minneapolis earlier this month, today boasts around 2,000 members with 21 professional chapters around the country. One of the newest is the Twin Cities chapter. Read the complete story here.

White House Roundtable Round-up

The White House Financial Literacy Roundtable was held in a small ampitheater type room.  It was worn and dated,  but the AC worked!  It wasn’t that hot outside (mid-70’s) but the humidity was killing this desert girl.

Jay Hein, Head of the Faith-based and Community Initiative called the group to order.  We then had a series of highly credentialed speakers, the rock stars of the politicial world.  Some were dynamic speakers and some weren’t.

Read the complete Blog story here.

Vice Chair John Hope Bryant Interviewed by BBC Worldwide

This morning BBC Worldwide broadcast an interview I did with them this week around the subprime crisis, the 400 Wall Street professionals have been arrested by officials since January, my thoughts for the future, and the relationship of the subprime crisis to financial literacy. Check out the interview here.

Download john_hope_bryant_on_bbc_worldwide.mp3

Future looking up for ORR valedictorian

Johnson to appear on 'Today Show'

By PHIL DEVITT

Standard-Times correspondent

June 14, 2008 6:00 AM

MARION — Charles Tucker Johnson bought his first stock when he was 12.

It was an investment he made with great preparation, having read an entire book about how the stock market worked. Read the complete story here.