President's Advisory Council on Financial Capability

Executive Order 13530 of January 29, 2010

President's Advisory Council on Financial
Capability

By the authority vested in me as President by the
Constitution and the laws of the United States of
America, 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, and thereby contribute to
financial stability, it is the policy of the Federal
Government to promote and enhance financial capability
among the American people. Financial capability is the
capacity, based on knowledge, skills, and access, to
manage financial resources effectively. In order to
develop this capacity, individuals must have
appropriate access to and understanding of financial
products, services, and concepts. Financial capability
empowers individuals to make informed choices, avoid
pitfalls, know where to go for help, and take other
actions to improve their present and long-term
financial well-being.

Sec. 2. Establishment of the Council. There is
established within the Department of the Treasury the
President's Advisory Council on Financial Capability
(Council).

Sec. 3. Membership and Operation of the Council. (a)
The Council shall consist of:

(i) the Secretary of the Treasury and the Secretary of Education, who may
designate a senior official from each of their respective departments to
perform their Council duties; and

(ii) not more than 22 members appointed by the President from among
individuals not employed by the Federal Government, up to three of whom
shall be selected by the President on the basis of their experience in
academia or similar research experience related to financial education and
financial access.

    (b) Members of the Council shall include
individuals with relevant backgrounds, such as
financial services providers, consumers, access
advocates, and educators. Members of the Council
appointed by the President pursuant to subsection
(a)(ii) of this section, may serve as representatives
of individual industries, trade groups, public interest
groups, or other organizations. The composition of the
Council shall reflect the views of diverse
stakeholders.
    (c) The President shall designate a Chair and a
Vice Chair from among the members of the Council
appointed pursuant to subsection (a)(ii) of this
section.
    (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 subjects, 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) collect information and views concerning
financial capability from:

(i) officers of executive departments and agencies (including members of
the Financial Literacy and Education Commission established under title V
of the Fair and Accurate Credit Transaction Act, Public Law 108-159);

(ii) State, local, territorial, and tribal officials;

(iii) financial services providers and consumers, financial access
advocates, and financial literacy educators;

(iv) experts on matters relating to the policy set forth in section 1 of
this order; and

(v) such other individuals as the Secretary may direct;

    (b) advise the President and the Secretary on means
to implement effectively the policy set forth in
section 1 of this order, including means to:

(i) build a culture of financial capability by promoting messages and
lessons about sound financial practices as broadly as possible;

(ii) improve financial education efforts directed at youth, young adults,
and adults in schools, workplaces, and other settings through innovative
approaches;

(iii) promote access to financial services;

(iv) promote the private-sector development of financial products and
services benefitting consumers, especially low- and moderate-income
consumers;

(v) educate consumers about effective use of such products and services;

(vi) identify the most important basic financial concepts and actions
individuals need to understand and perform to be financially capable;

(vii) identify effective financial education approaches and methods for
evaluating the effectiveness of financial education approaches; and

(viii) strengthen and enhance coordination between public and private-
sector financial education programs;

    (c) periodically report to the President, through
the Secretary, on:

(i) the status of financial capability in the United States;

(ii) progress made in implementing the policy set forth in section 1 of
this order; and

(iii) recommended 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) of this section; and

    (d) where appropriate in providing advice and
recommendations, take into consideration the particular
needs of traditionally underserved populations.

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 Government service (5 U.S.C. 5701-
5707), consistent with the availability of funds.

    (d) The Secretary shall designate an official
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
after the date of this order.

Sec. 7. General Provisions. (a) Insofar as the Federal
Advisory Committee Act, as amended (5 U.S.C. App.) (the
“Act”), may apply to the Council, any functions of
the President under the Act, except for that of
reporting to the Congress, 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 budgetary, 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 29, 2010.