President Obama signed an executive order Tuesday to establish a U.S. Department of the Treasury-led President’s Advisory Council to build young Americans’ financial capabilities.
The new council will advise the president and his administration on ways to improve young people’s financial skills in preparation for college, using financial products, and eventually saving for retirement, core skills necessary for navigating today’s economy.
The President's Advisory Council on Financial Capability for Young Americans will build on the recommendations of the prior President's Advisory Council on Financial Capability, which delivered its final report before sunsetting in January.
Those recommendations focused on promoting financial education in schools, in the workplace, and in families and communities, along with the continued need for research and evaluation of those efforts.
The council will include Treasury Secretary Jack Lew, Education Secretary Arne Duncan, Director of the Consumer Financial Protection Bureau Richard Cordray, and “leaders and innovators from the private, public, and nonprofit sectors who have demonstrated a commitment to building the financial capability of young people” to be named in the coming months.
The first public meeting is expected later this year, and in the meantime, questions and suggestions can be directed to email@example.com with the subject: "PACFCYA."