[Federal Register Volume 81, Number 69 (Monday, April 11, 2016)]
[Notices]
[Pages 21445-21447]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-08227]


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DEPARTMENT OF THE TREASURY


Comment Request for the Financial Literacy and Education 
Commission on the Draft National Strategy Update, Entitled Promoting 
Financial Success: National Strategy for Financial Literacy Update

AGENCY: Department of the Treasury.

ACTION: Request for comment.

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SUMMARY: In 2003, Congress established the Financial Literacy and 
Education Commission (FLEC, or the Commission) through passage of the 
Financial Literacy and Education Improvement Act under Title V of the 
Fair and Accurate Credit Transactions Act of 2003. Congress designated 
the Department of the Treasury's Office of Financial Education to lend 
its expertise and provide primary support to the Commission, which is 
chaired by the Secretary of the Treasury. As directed by the Dodd-Frank 
Wall Street Reform and Consumer Protection Act, which created the 
Bureau of Consumer Financial Protection (CFPB), the Director of the 
CFPB serves as the vice chair of the Commission. Congress charged the 
Commission to ``improve the financial literacy and education of persons 
in the United States through development of a national strategy to 
promote financial literacy and education.'' In 2011, the Commission 
released a national strategy entitled Promoting Financial Success in 
the United States: National Strategy for Financial Literacy. 
Additionally, the Commission hosts a national financial education Web 
site, MyMoney.gov, which provides Federal educational

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resources and the Commission's Research and Data Clearinghouse. The 
Commission is now planning to update to the national strategy to 
reflect changes within the last five years. On behalf of the 
Commission, the Department of the Treasury invites the public to 
comment on the Promoting Financial Success for All: National Strategy 
(National Strategy) Update. This update will be created by adding new 
text and edits to the original 2011 National Strategy, which can be 
found at https://www.treasury.gov/resource-center/financial-education/Documents/NationalStrategyBook_12310%20(2).pdf.

DATES: Comments should be received May 11, 2016 to be assured 
consideration.

ADDRESSES: Written comments should be sent via email to 
[email protected] or to the Department of the Treasury, Office of 
Financial Education, 1500 Pennsylvania Avenue NW., Washington, DC 
20220. All comments received, including attachments and other 
supporting materials, are part of the public record and subject to 
public disclosure. You should only submit information that you wish to 
make publicly available.

FOR FURTHER INFORMATION CONTACT: For additional information, contact 
Louisa Quittman by email at [email protected]. Additional information 
regarding the Financial Literacy and Education Commission and the 
Department of the Treasury's Office of Financial Education may be 
obtained through the Office of Financial Education's Web site at: 
https://www.treasury.gov/resource-center/financial-education/Pages/commission-index.aspx.

SUPPLEMENTARY INFORMATION:  In 2012, FLEC adopted a strategic focus on 
``Starting Early for Financial Success,'' as an approach to implement 
the National Strategy. This focus recognizes that in today's economy, 
it is essential for Americans to develop the financial capability to 
navigate complex financial systems and to start that process early in 
their financial lives. The Commission is committed to advancing the 
National Strategy's four goals: (1) Increase Awareness of and Access to 
Financial Education; (2) Determine and Integrate Core Financial 
Competencies; (3) Strengthen the Provision of Financial Education; and 
(4) Identify and Share Effective Practices.
    How to Comment: Please view the National Strategy Update outline 
below and respond to the following questions on or before May 11, 2016 
to the following address: [email protected]. or to the Department of the 
Treasury, Office of Financial Education, 1500 Pennsylvania Avenue NW., 
Washington, DC 20220. All comments received, including attachments and 
other supporting materials, are part of the public record and subject 
to public disclosure. You should only submit information that you wish 
to make publicly available.
    From your or your organization's perspective,
    (1) Does the outlined Update reflect current research findings and 
practice regarding financial education, capability and financial well-
being?
    (2) Are there other elements that should be included in the Update?
    (3) Do you have any other comments regarding the National Strategy 
Update?
    The outline for the National Strategy Update is as follows:

I. Introduction

    The introduction will describe the role and importance of a 
National Strategy and briefly restate how the National Strategy was 
developed. It will discuss the purpose and intended audience for the 
update, and briefly describe the national and international context for 
the National Strategy. In 2012, FLEC adopted a strategic focus on 
``Starting Early for Financial Success,'' as an approach to implement 
the National Strategy. This focus recognizes that in today's economy, 
it is essential for Americans to develop the financial capability to 
navigate complex financial systems. The strategy will be updated to 
reflect the emphasis on ``Starting Early for Financial Success.''

II. Financial Education Today: Toward Capability and Well-Being

    This section will address the following:
     Define what the FLEC means by financial literacy and 
education, as well as terms like financial capability and financial 
well-being, and how these concepts are related and inform the work of 
the Commission.
     Recap what is known about Americans' financial knowledge 
and capability, based on reliable sources of information.
     Summarize the factors of financial well-being and how 
children and youth develop the skills, attitudes and habits that lay 
the foundations for financial well-being later in life.
     Address how the creation of the Consumer Financial 
Protection Bureau (CFPB) has contributed to the efforts of the 
Commission.
     Highlight findings from recent research and discuss the 
emerging trends and effective practices in this field and the 
implication this research has for financial educators and those in 
related fields.

III. Vision Mission and Goals

    This section restates the Mission and Vision of the Strategy and 
the key goals as laid out in the National Strategy, which will remain 
as follows:
    Vision: Sustained financial well-being for all individuals and 
families in the United States
    Mission: Set strategic direction for policy education, practice, 
research and coordination so that U.S. individuals and families make 
informed financial decisions.
    Goal: Increase Awareness of and Access to Effective Financial 
Education--This goal focuses on ensuring individuals and families are 
aware of the importance of financial literacy and have access to 
financial education resources.
    Goal: Determine and Integrate Core Financial Competencies--This 
goal focuses on determining the personal finance knowledge and skills 
that individuals and families need to employ at various life stages and 
for particular life events to make informed financial decisions. It 
also addresses integrating these competencies into effective resources 
and programs.
    Goal: Improve Financial Education Infrastructure--This goal focuses 
on the need to develop guidelines on content, training, and delivery 
channels for financial literacy and education providers and to promote 
opportunities for partnerships and information sharing.
    Goal: Identify, Enhance, and Share Effective Practices--This goal 
focuses on the need to support research and evaluation to identify 
effective programs and practices. It encourages the implementation and 
production of evidence-based programs and practices for individuals and 
organizations.

IV. Accomplishments and Next Steps

    Through its strategic focus on ``Starting Early for Financial 
Success,'' the Commission has demonstrated substantial progress in 
coordinating activities to improve the financial education available 
for Americans to improve their financial capability toward financial 
well-being. This section will highlight the Commission's activities in 
advancing each of the National Strategy goals, through Starting Early 
for Financial Success, and discuss how the work and collaborations by 
the Commission's members respond to the state of financial education 
today, and advance financial capability and well-being. It

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will also include findings from relevant research and trends in 
financial education, financial capability and related fields.

V. Bibliography and Resources

    This section will provide a brief bibliography and list of key 
resources.

    Dated: April 5, 2016.
David R. Pearl,
Executive Secretary.
[FR Doc. 2016-08227 Filed 4-8-16; 8:45 am]
 BILLING CODE 4810-25-P