Establishing the President's Advisory Council on Financial Literacy

Executive Order 13455 of January 22, 2008

Establishing the President's Advisory Council on
Financial Literacy

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
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:

(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.

    (Presidential Sig.)

THE WHITE HOUSE,

    January 22, 2008.