Financial literacy report suggests changes
The President’s Advisory Council on Financial Literacy has produced a report (.pdf file) listing the group’s accomplishments and a laundry list of recommendations. I’m all for financial literacy. A lack of basic financial knowledge leaves consumers vulnerable to bad loans, scams and just plain bad spending habits. But I found a few of these recommendations to be eye-openers.
Here’s a sample:
The President should direct the United States Department of the Treasury and the United States Department of Education to take the necessary steps to require college students to take a more comprehensive course in financial literacy (or pass a competency test) than the present entrance and exit counseling requirements, as a condition of receiving Federally funded or Federally guaranteed student loans.
The United States Congress should require financial institutions to provide every adult American with access to an electronic, debit card-accessible depository account protected by the Federal Deposit Insurance Corporation or the National Credit Union Administration.
The United States Congress should provide Federal funding for any non-profit organizations working on community-based financial literacy programs and for state and local governments demonstrating leadership in financial education for their residents.
Don Mecoy
Business Writer
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