[Weekly Compilation of Presidential Documents Volume 44, Number 3 (Monday, January 28, 2008)]
[Pages 95-97]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
Executive Order 13455--Establishing the President's Advisory Council on 
Financial Literacy

January 22, 2008

    By the authority vested in me as President by the Constitution and 
the laws of the United States of America and to promote and enhance 
financial literacy among the American people, it is hereby ordered as 
follows:
    Section 1. Policy. To help keep America competitive and assist the 
American people in understanding and addressing financial matters, it is 
the policy of the Federal Government to encourage financial literacy 
among the American people.
    Sec. 2. Establishment of the Council. There is established within 
the Department of the Treasury the President's Advisory Council on 
Financial Literacy (Council).
    Sec. 3. Membership and Operation of the Council. (a) The Council 
shall consist of 19 members appointed by the President from among 
individuals not employed by the Federal Government, consistent with 
subsection (b) of this section.
    (b) In selecting individuals for appointment to the Council, 
appropriate consideration should be given to selection of individuals 
with backgrounds as providers of, consumers of, promoters of access to, 
and educators with respect to financial education and financial 
services. Each individual member of the Council will serve as a 
representative of his or her industry, trade group, public interest 
group, or other organization or group. The composition of the Council 
will reflect the views of diverse stakeholders.
    (c) The President shall designate a Chair and a Vice Chair from 
among the members of the Council.
    (d) Subject to the direction of the Secretary of the Treasury 
(Secretary), the Chair shall convene and preside at meetings of the 
Council, determine its agenda, direct its work, and, as appropriate to 
deal with particular subject matters, establish and direct

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the work of subgroups of the Council that shall consist exclusively of 
members of the Council.
    (e) The Vice Chair shall perform:
(i)          the duties of the Chair when the position of Chair is 
            vacant; and
(ii)         such other functions as the Chair may from time to time 
            assign.
    Sec. 4. Functions of the Council. To assist in implementing the 
policy set forth in section 1 of this order, the Council shall:
    (a) obtain information and advice concerning financial literacy as 
appropriate in the course of its work from:
(i)          officers and employees of executive departments and 
            agencies (including members of the Financial Literacy and 
            Education Commission), unless otherwise directed by the head 
            of the department or agency;
(ii)         State, local, territorial, and tribal officials;
(iii)        providers of, consumers of, promoters of access to, and 
            educators with respect to financial services;
(iv)         experts on matters relating to the policy set forth in 
            section 1; and
(v)          such other individuals as the Secretary may direct;
    (b) advise the President and the Secretary consistent with this 
order on means to implement effectively the policy set forth in section 
1, including by providing advice on means to:
(i)          improve financial education efforts for youth in school and 
            for adults in the workplace;
(ii)         promote effective access to financial services, especially 
            for those without access to such services;
(iii)        establish effective measures of national financial 
            literacy;
(iv)         conduct research on financial knowledge, including the 
            collection of data on the extent of financial knowledge of 
            individuals; and
(v)          strengthen and coordinate public and private sector 
            financial education programs; and
    (c) periodically report to the President, through the Secretary, on:
(i)          the status of financial literacy in the United States;
(ii)         progress made in implementing the policy set forth in 
            section 1 of this order; and
(iii)        recommendations on means to further implement the policy 
            set forth in section 1 of this order, including with respect 
            to the matters set forth in subsection (b)(i) through (v) of 
            this section.
    Sec. 5. Administration of the Council. (a) To the extent permitted 
by law, the Department of the Treasury shall provide funding and 
administrative support for the Council, as determined by the Secretary, 
to implement this order.
    (b) The heads of executive departments and agencies shall provide, 
as appropriate and to the extent permitted by law, such assistance and 
information to the Council as the Secretary may request to implement 
this order.
    (c) Members of the Council:

(i)          shall serve without any compensation for their work on the 
            Council; and
(ii)         while engaged in the work of the Council, may be allowed 
            travel expenses, including per diem in lieu of subsistence, 
            as authorized by law for persons serving intermittently in 
            the Government (5 U.S.C. 5701-5707), consistent with the 
            availability of funds.

    (d) The Secretary shall designate an officer or employee of the 
United States within the Department of the Treasury to serve as an 
Executive Director to supervise the administrative support for the 
Council.
    Sec. 6. Termination of the Council. Unless extended by the 
President, the Council shall terminate 2 years from the date of this 
order.
    Sec. 7. General Provisions. (a) Insofar as the Federal Advisory 
Committee Act, as amended (5 U.S.C. App.) (Act), may apply to the 
Council, any functions of the President under the Act, except for those 
in section 6 of the Act, shall be performed by the Secretary in 
accordance with the guidelines issued by the Administrator of General 
Services.
    (b) Nothing in this order shall be construed to impair or otherwise 
affect:

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(i)          authority granted by law to a department or agency or the 
            head thereof; or
(ii)         functions of the Director of the Office of Management and 
            Budget relating to budget, administrative, or legislative 
            proposals.
    (c) This order shall be implemented consistent with applicable law 
and subject to the availability of appropriations.
    (d) This order is not intended to, and does not, create any right or 
benefit, substantive or procedural, enforceable at law or in equity, by 
any party against the United States, its departments, agencies, or 
entities, its officers, employees, or agents, or any other person.
                                                George W. Bush
The White House,
January 22, 2008.

[Filed with the Office of the Federal Register, 8:57 a.m., January 23, 
2008]

Note: This Executive order was published in the Federal Register on 
January 24.