[Congressional Record (Bound Edition), Volume 154 (2008), Part 1]
[Senate]
[Page 1184]
[From the U.S. Government Publishing Office, www.gpo.gov]




            RECOGNIZING THE INSTITUTE OF FINANCIAL LITERACY

 Ms. SNOWE. Mr. President, today I honor a small business whose 
admirable goal is to educate citizens about personal finance. The 
Institute for Financial Literacy, headquartered in Maine's largest city 
of Portland, provides a valuable and unique resource for taxpayers and 
business owners alike--specifically those who have gone through 
bankruptcy--to better understand their economic situation.
  Founded in 2002 by Leslie Linfield, the Institute for Financial 
Literacy has grown exponentially in the past 6 years, and now has a 
team of 50 employees. The institute employs a multitude of programs and 
formats to train clients on various issues related to the betterment of 
financial aptitude. Its Personal Finance Series is a combination of 
three books that aim to demonstrate the principles of budgeting, credit 
and debit management, and investment and retirement planning. The 
company's Web site contains several instrumental tools, including a 
budget worksheet and a financial goal action plan, free for anyone 
wishing to monitor their finances closely. The Web site includes 
several papers on legal matters and money management strategies by the 
company's employees. Additionally, it offers users the ability to sign 
up for the institute's electronic newsletter.
  Above and beyond the invaluable information provided on its Web page, 
the institute provides critical counseling services to assist those in 
need of financial advice. In 2007 alone, the institute's employees 
served over 50,000 individuals throughout the country, helping them 
make better and more informed decisions about their personal financial 
decisions. Services for people who have filed for bankruptcy include 
both pre- and post-filing FreshStart counseling and education programs, 
all delivered over the Internet, phone, or in person, to give clients 
the financial management skills and principles necessary to succeed in 
their future endeavors. To make its employees' expertise available to 
the largest number of people, the institute is open for 13 hours each 
weekday with additional hours on Saturdays.
  Furthermore, the institute partners with nonprofit, educational and 
governmental organizations to integrate its programs into their 
existing services. These partners include groups with a notable 
influence in the realm of financial responsibility, including the 
``Save For Your Future'' campaign that urges Americans to develop 
private individual pensions to supplement their Social Security 
earnings, and the American Bankruptcy Institute, an organization 
dedicated to research and education on matters related to insolvency. 
Similarly, the Institute for Financial Literacy has partnered with 
local organizations to create programs that help Mainers improve their 
financial and employment opportunities.
  In its short history, the Institute for Financial Literacy has 
already benefited tens of thousands of people struggling to recover 
from bankruptcy. By developing high-quality, user-friendly financial 
literacy programs, its educational and counseling assistance renders an 
enormous boon for those looking to advance in life. I thank Leslie 
Linfield and all of the institute's employees for their generous help 
to those in need and applaud them for their dedicated service to 
producing a more financially sound populace.

                          ____________________