Establishing the President's Advisory Council on Financial Capability for Young Americans
Jun 28, 2013
Signed by: Barack Obama
Signed on: Jun 25, 2013
Published on: Jun 28, 2013
Jun 28, 2013
Signed by: Barack Obama
Signed on: Jun 25, 2013
Published on: Jun 28, 2013
Summary
Establishes a council to advise the President on how to help young people learn about money, saving, and making good financial choices for their future.
What problem does this solve?
Many young people do not have the financial knowledge to make important decisions about college or saving for the future. This order creates a special group to find the best ways to teach young Americans about managing their money.
What does this order do?
Establishes the President's Advisory Council on Financial Capability for Young Americans
Creates a new council within the Department of the Treasury to advise the President on improving financial skills for young people.
Defines council membership
Specifies that the council will include the Secretaries of the Treasury and Education, and up to 22 members appointed by the President from outside the federal government.
Outlines the council's duties
Directs the council to advise on building public-private partnerships, researching effective teaching methods, and identifying ways to promote financial planning for young people.
Considers needs of underserved groups
Requires the council to consider the specific needs of traditionally underserved populations, including women and minorities, in its advice.
Sets a termination date for the council
States the council will end two years after the date of the order, unless the President extends it.
Who does this affect?
- Young Americans
- Educators
- Financial services providers
What is the real world impact?
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Promotes early financial education
Aims to equip young people with money management skills from an early age to help them make better financial decisions throughout their lives, contributing to national economic stability.
When does this start?
This order became effective when it was signed on June 25, 2013, and includes a specific timeline for the council's operation.
Council Termination
The council is scheduled to end two years after the order's date, on June 25, 2015, unless the President decides to extend it.