[United States Statutes at Large, Volume 124, 111th Congress, 2nd Session]
[From the U.S. Government Publishing Office, www.gpo.gov]

 
PROCLAMATION 8493--APR. 2, 2010

Proclamation 8493 of April 2, 2010
National Financial Literacy Month, 2010
By the President of the United States of America
A Proclamation

In recent years, our Nation's financial system has grown increasingly
complex. This has left too many Americans behind, unable to build a
secure financial future for themselves and their families. For many,
financial literacy can mean economic prosperity and protection against
fraud and predatory banking practices. During National Financial
Literacy Month, we recommit to teaching ourselves and our children about
the basics of financial education.
Our recent economic crisis was the result of both irresponsible actions
on Wall Street, and everyday choices on Main Street. Large banks
speculated recklessly without regard for the consequences, and other
firms invented and sold complex financial products to conceal risks and
escape scrutiny. At the same time, many Americans took out loans they
could not afford or signed contracts without fully understanding the
terms. Ensuring this crisis never happens again will require new rules
to protect consumers and better information to empower them.
The new Consumer Financial Protection Agency I have proposed will ensure
ordinary Americans get clear and concise financial information. We must
put an end to confusing loan contracts, hidden fees attached to
mortgages, and unfair penalties that appear without warning on bank
statements. The Credit Card Accountability Responsibility and Disclosure
Act of 2009 began reining in some of these deceptive tactics when it
recently took effect. The President's Advisory Council on Financial
Capability is also looking for new ways to help individuals make
informed decisions and to educate our children on core financial
competencies.
While our Government has a critical role to play in protecting consumers
and promoting financial literacy, we are each responsible for
understanding basic concepts: how to balance a checkbook, save for a

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child's education, steer clear of deceptive financial products and
practices, plan for retirement, and avoid accumulating excessive debts.
To learn more, visit: MyMoney.gov or call toll-free 1-888-MyMoney for
helpful guidance and resources.
Our Nation's future prosperity depends on the financial security of all
Americans. This month, let us each take time to improve our own
financial knowledge and share that knowledge with our children.
Together, we can prevent another crisis and rebuild our economy on a
stronger, more balanced foundation.
NOW, THEREFORE, I, BARACK OBAMA, President of the United States of
America, by virtue of the authority vested in me by the Constitution and
the laws of the United States, do hereby proclaim April 2010 as National
Financial Literacy Month. I call upon all Americans to observe this
month with programs and activities to improve their understanding of
financial principles and practices.
IN WITNESS WHEREOF, I have hereunto set my hand this second day of
April, in the year of our Lord two thousand ten, and of the Independence
of the United States of America the two hundred and thirty-fourth.
BARACK OBAMA