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 the Treasury shall serve as the Chairperson. The Director of the Bureau of Consumer Financial Protection shall serve as the Vice Chairman. (e) Meetings The Commission shall hold, at the call of the Chairperson, at least 1 meeting every 4 months. All such meetings shall be open to the public. The Commission may hold, at the call of the Chairperson, such other meetings as the Chair- person sees fit to carry out this chapter. (f) Quorum A majority of the members of the Commission shall constitute a quorum, but a lesser number of members may hold hearings. (g) Initial meeting The Commission shall hold its first meeting not later than 60 days after December 4, 2003. (Pub. L. 108–159, title V, § 513, Dec. 4, 2003, 117 Stat. 2003; Pub. L. 111–203, title X, § 1013(d)(5), (6), July 21, 2010, 124 Stat. 1971.) Editorial Notes AMENDMENTS 2010—Subsec. (c)(1)(C), (D). Pub. L. 111–203, § 1013(d)(5), added subpar. (C) and redesignated former subpar. (C) as (D). Subsec. (d). Pub. L. 111–203, § 1013(d)(6), inserted at end ‘‘The Director of the Bureau of Consumer Financial Protection shall serve as the Vice Chairman.’’ Statutory Notes and Related Subsidiaries EFFECTIVE DATE Section subject to joint regulations establishing ef- fective dates as prescribed by Federal Reserve Board and Federal Trade Commission, except as otherwise provided, see section 3 of Pub. L. 108–159, set out as an Effective Date of 2003 Amendment note under section 1681 of Title 15, Commerce and Trade. § 9703. Duties of the Commission (a) Duties (1) In general The Commission, through the authority of the members referred to in section 9702(c) of this title, shall take such actions as it deems necessary to streamline, improve, or augment the financial literacy and education programs, grants, and materials of the Federal Govern- ment, including curricula for all Americans. (2) Areas of emphasis To improve financial literacy and education, the Commission shall emphasize, among other elements, basic personal income and house- hold money management and planning skills, including how to— (A) create household budgets, initiate sav- ings plans, and make strategic investment decisions for education, retirement, home ownership, wealth building, or other savings goals; (B) manage spending, credit, and debt, in- cluding credit card debt, effectively; (C) increase awareness of the availability and significance of credit reports and credit scores in obtaining credit, the importance of their accuracy (and how to correct inaccura- cies), their effect on credit terms, and the ef- fect common financial decisions may have on credit scores; (D) ascertain fair and favorable credit terms; (E) avoid abusive, predatory, or deceptive credit offers and financial products; (F) understand, evaluate, and compare fi- nancial products, services, and opportuni- ties; (G) understand resources that ought to be easily accessible and affordable, and that in- form and educate investors as to their rights and avenues of recourse when an investor be- lieves his or her rights have been violated by unprofessional conduct of market inter- mediaries; (H) increase awareness of the particular fi- nancial needs and financial transactions (such as the sending of remittances) of con-