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20 U.S.C. § 9702 — Establishment of Financial Literacy and Education Commission

Federal law — U.S. Code and appendices · legal_authorities

20 U.S.C. § 9702 — Establishment of Financial Literacy and Education Commission

**(a) In general** There is established a commission to be known as the “Financial Literacy and Education Commission”. **(b) Purpose** The Commission shall serve 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. **(c) Membership** (1) **Composition** — The Commission shall be composed of— (A) the Secretary of the Treasury; (B) the respective head of each of the Federal banking agencies (as defined in [section 1813 of title 12](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813&num=0&edition=prelim)), the National Credit Union Administration, the Securities and Exchange Commission, each of the Departments of Education, Agriculture, Defense, Health and Human Services, Housing and Urban Development, Labor, and Veterans Affairs, the Federal Trade Commission, the General Services Administration, the Small Business Administration, the Social Security Administration, the Commodity Futures Trading Commission, and the Office of Personnel Management; (C) the Director of the Bureau of Consumer Financial Protection; and (D) at the discretion of the President, not more than 5 individuals appointed by the President from among the administrative heads of any other Federal agencies, departments, or other Federal Government entities, whom the President determines to be engaged in a serious effort to improve financial literacy and education. (2) **Alternates** — Each member of the Commission may designate an alternate if the member is unable to attend a meeting of the Commission. Such alternate shall be an individual who exercises significant decisionmaking authority. **(d) Chairperson** The Secretary of the Treasury shall se

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Source file: Laws/federal/codes/united-states-code/title-20/section-9702-establishment-of-financial-literacy-and-education-commission--612929d668.md
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Source location: Title 20, Chapter 77, § 9702; chapter-077-financial-literacy-and-education-improvement.md

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 1681 — Congressional findings and statement of purpose

**(a) Accuracy and fairness of credit reporting** The Congress makes the following findings: (1) The banking system is dependent upon fair and accurate credit reporting. Inaccurate credit reports directly impair the efficiency of the banking system, and unfair credit reporting methods undermine the public confidence which is essential to the continued functioning of the banking system. (2) An elaborate mechanism has been developed for investigating and evaluating the credit worthiness, credit standing, credit capacity, character, and general reputation of consumers. (3) Consumer reporting agencies have assumed a vital role in assembling and evaluating consumer credit and other information on consumers. (4) There is a need to insure that consumer reporting agencies exercise their grave responsibilities with fairness, impartiality, and a respect for the consumer’s right to privacy. **(b) Reasonable procedures** It is the purpose of this subchapter to require that consumer reporting agencies adopt reasonable procedures for meeting the needs of commerce for consumer credit, personnel, insurance, and other information in a manner which is fair and equitable to the consumer, with regard to the confidentiality, accuracy, relevancy, and proper utilization of such information in accordance with the requirements of this subchapter.

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 1813 — Definitions

As used in this chapter— **(a) Definitions of bank and related terms** (1) **Bank** — The term “bank”— (A) means any national bank and State bank, and any Federal branch and insured branch; (B) includes any former savings association. (2) **State bank** — The term “State bank” means any bank, banking association, trust company, savings bank, industrial bank (or similar depository institution which the Board of Directors finds to be operating substantially in the same manner as an industrial bank), or other banking institution which— (A) is engaged in the business of receiving deposits, other than trust funds (as defined in this section); and (B) is incorporated under the laws of any State or which is operating under the Code of Law for the District of Columbia, including any cooperative bank or other unincorporated bank the deposits of which were insured by the Corporation on the day before August 9, 1989. (3) **State** — The term “State” means any State of the United States, the District of Columbia, any territory of the United States, Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, the Virgin Islands, and the Northern Mariana Islands. **(b) Definition of savings associations and related terms** (1) **Savings association** — The term “savings association” means— (A) any Federal savings association; (B) any State savings association; and (C) any corporation (other than a bank) that the Board of Directors and the Comptroller of the Currency jointly determine to be operating in substantially the same manner as a savings association. (2) **Federal savings association** — The term “Federal savings association” means any Federal savings association or Federal savings bank which is chartered under [section 1464 of t

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 5495 — Establishment of the Bureau of Consumer Financial Protection

**(a) Bureau established** There is established in the Federal Reserve System, an independent bureau to be known as the “Bureau of Consumer Financial Protection”, which shall regulate the offering and provision of consumer financial products or services under the Federal consumer financial laws. The Bureau shall be considered an Executive agency, as defined in [section 105 of title 5](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section105&num=0&edition=prelim). Except as otherwise provided expressly by law, all Federal laws dealing with public or Federal contracts, property, works, officers, employees, budgets, or funds, including the provisions of chapters 5 and 7 of title 5, shall apply to the exercise of the powers of the Bureau. **(b) Director and Deputy Director** (1) **In general** — There is established the position of the Director, who shall serve as the head of the Bureau. (2) **Appointment** — Subject to paragraph (3), the Director shall be appointed by the President, by and with the advice and consent of the Senate. (3) **Qualification** — The President shall nominate the Director from among individuals who are citizens of the United States. (4) **Compensation** — The Director shall be compensated at the rate prescribed for level II of the Executive Schedule under [section 5313 of title 5](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section5313&num=0&edition=prelim). (5) **Deputy Director** — There is established the position of Deputy Director, who shall— (A) be appointed by the Director; and (B) serve as acting Director in the absence or unavailability of the Director. **(c) Term** (1) **In general** — The Director shall serve for a term of 5 years. (2) **Expiration of term** — An individual may

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 5496a — Administration

**(a) Personnel** (1) **Appointment** (A) *In general* — The Director may fix the number of, and appoint and direct, all employees of the Bureau, in accordance with the applicable provisions of title 5. (B) *Employees of the Bureau* — The Director is authorized to employ attorneys, compliance examiners, compliance supervision analysts, economists, statisticians, and other employees as may be deemed necessary to conduct the business of the Bureau. Unless otherwise provided expressly by law, any individual appointed under this section shall be an employee as defined in [section 2105 of title 5](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section2105&num=0&edition=prelim) and subject to the provisions of such title and other laws generally applicable to the employees of an Executive agency. (C) *Waiver authority* (i) *In general* — In making any appointment under subparagraph (A), the Director may waive the requirements of chapter 33 of title 5, and the regulations implementing such chapter, to the extent necessary to appoint employees on terms and conditions that are consistent with those set forth in section 11(1) of the Federal Reserve Act ([12 U.S.C. 248(1)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section248/1&num=0&edition=prelim)),11 See References in Text note below. while providing for— (I) fair, credible, and transparent methods of establishing qualification requirements for, recruitment for, and appointments to positions; (II) fair and open competition and equitable treatment in the consideration and selection of individuals to positions; (III) fair, credible, and transparent methods of assigning, reassigning, detailing, transferring, and promoting employees. (ii) *Veter

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Federal law — U.S. Code and appendices · legal_authorities

20 U.S.C. § 9701 — Definitions

As used in this chapter— (1) the term “Chairperson” means the Chairperson of the Financial Literacy and Education Commission; and (2) the term “Commission” means the Financial Literacy and Education Commission established under [section 9702 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section9702&num=0&edition=prelim).

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Federal law — U.S. Code and appendices · legal_authorities

20 U.S.C. § 9702 — Establishment of Financial Literacy and

Page 1746 TITLE 20—EDUCATION § 9702 § 9702. Establishment of Financial Literacy and Education Commission (a) In general There is established a commission to be known as the ‘‘Financial Literacy and Edu- cation Commission’’. (b) Purpose The Commission shall serve to improve the fi- nancial literacy and education of persons in the United States through development of a na- tional strategy to promote financial literacy and education. (c) Membership (1) Composition The Commission shall be composed of— (A) the Secretary of the Treasury; (B) the respective head of each of the Fed- eral banking agencies (as defined in section 1813 of title 12), the National Credit Union Administration, the Securities and Ex- change Commission, each of the Depart- ments of Education, Agriculture, Defense, Health and Human Services, Housing and Urban Development, Labor, and Veterans Af- fairs, the Federal Trade Commission, the General Services Administration, the Small Business Administration, the Social Secu- rity Administration, the Commodity Fu- tures Trading Commission, and the Office of Personnel Management; (C) the Director of the Bureau of Consumer Financial Protection; and (D) at the discretion of the President, not more than 5 individuals appointed by the President from among the administrative heads of any other Federal agencies, depart- ments, or other Federal Government enti- ties, whom the President determines to be engaged in a serious effort to improve finan- cial literacy and education. (2) Alternates Each member of the Commission may des- ignate an alternate if the member is unable to attend a meeting of the Commission. Such al- ternate shall be an individual who exercises significant decisionmaking authority. (d) Chairperson The Secretary of

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