Financial Capability Council (E.O. 13530)

Summary

Establishes a council to advise the President on how to help Americans better understand and manage their money to improve their financial well-being.

What problem does this solve?

Many Americans lack the knowledge and skills to manage their money well, which can hurt their financial security. This order creates a council of experts to find the best ways to teach people about finance and improve their access to helpful financial tools.

What does this order do?

Establishes the President's Advisory Council on Financial Capability

Creates a new council within the Department of the Treasury to focus on improving the financial knowledge and skills of Americans.

Defines council membership

Specifies the council will have up to 22 members appointed by the President from outside the government, plus the Secretaries of the Treasury and Education.

Outlines the council's main jobs

Tasks the council with advising the President on how to promote financial education, improve access to financial services, and coordinate public and private efforts.

Focuses on underserved groups

Requires the council to consider the special needs of groups that have traditionally not had good access to financial services or education.

Sets a two-year lifespan for the council

States that the council will end two years from the date of the order unless the President decides to extend it.

Who does this affect?

The American public
Financial services providers
Educators

What is the real world impact?

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Promotes financial stability for citizens

Aims to improve the financial knowledge and skills of the American people. This helps individuals make better financial choices, which can lead to greater personal wealth and a more stable national economy.

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Potential for industry influence

Includes members from the financial services industry on the council. Critics might argue this could lead to recommendations that benefit financial companies rather than focusing solely on consumer needs.

When does this start?

This order takes effect on January 29, 2010, and includes a specific end date for the council.

Council Termination

The council is set to end two years after January 29, 2010, unless the President extends it.