Presidential DocumentExecutive Order 136462013-15782
Establishing the President's Advisory Council on Financial Capability for Young Americans
Primary source
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Published
June 28, 2013
Signed
June 25, 2013
Issuing agencies
Executive Office of the President
Full Text
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<title>Federal Register, Volume 78 Issue 125 (Friday, June 28, 2013)</title>
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[Federal Register Volume 78, Number 125 (Friday, June 28, 2013)]
[Presidential Documents]
[Pages 39159-39161]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2013-15782]
[[Page 39157]]
Vol. 78
Friday,
No. 125
June 28, 2013
Part IV
The President
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Executive Order 13646--Establishing the President's Advisory Council on
Financial Capability for Young Americans
Presidential Documents
Federal Register / Vol. 78 , No. 125 / Friday, June 28, 2013 /
Presidential Documents
___________________________________________________________________
Title 3--
The President
[[Page 39159]]
Executive Order 13646 of June 25, 2013
Establishing the President's Advisory Council on
Financial Capability for Young Americans
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 contribute to the Nation's future
financial stability and increase upward economic
mobility, it is the policy of the Federal Government to
promote financial capability among young Americans and
encourage building the financial capability of young
people at an early stage in schools, families,
communities, and the workplace. By starting early,
young people can begin to learn the difference between
wants and needs, the importance and power of saving,
and the positive and productive role money can play in
their lives. Having a basic understanding of money
management from an early age will make our young people
better equipped to tackle more complex financial
decisions in their transition to adulthood, when
critical decisions about financing higher education and
saving for retirement can have lasting consequences for
financial security. Strengthening the financial
capability of our young people is an investment in our
Nation's economic prosperity.
Financial capability is the capacity, based on
knowledge, skills, and access, to manage financial
resources prudently and effectively. Efforts to improve
financial capability, which should be based on evidence
of effectiveness, empower individuals to make informed
choices, plan and set goals, avoid pitfalls, know where
to seek help, and take other actions to better 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
for Young Americans (Council).
Sec. 3. Membership and Operation of the Council. (a)
The Council shall consist of:
(i) the Secretary of the Treasury (Secretary), 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.
(b) Members of the Council shall include
individuals with demonstrated experience or clear
commitment to improving the financial capability of
young people, such as individuals working with youth-
serving organizations; educators and education policy
experts; business leaders and employers of young
workers; State, tribal, and local government policy
makers; financial services providers; and innovators in
financial capability. The composition of the Council
shall reflect the views of diverse stakeholders.
(c) The Secretary shall invite the Director of the
Bureau of Consumer Financial Protection to participate
as a member of the Council, to the extent consistent
with the Bureau's statutory authorities and legal
obligations.
(d) 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.
[[Page 39160]]
(e) Subject to the direction of the 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.
(f) 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) executive departments and agencies (agencies), including members of the
Financial Literacy and Education Commission established under title V of
the Fair and Accurate Credit Transactions Act of 2003 (20 U.S.C. 9702);
(ii) State, local, territorial, and tribal officials; and
(iii) financial capability innovators, educators and education policy
experts, financial services providers, corporate leaders, and employers of
young workers, as well as other experts;
(b) advise the President and the Secretary on means
to effectively implement the policy set forth in
section 1 of this order, including means to:
(i) build strong public-private partnerships between and among members of
the Financial Literacy and Education Commission; other agencies; State,
tribal, and local governments; and private entities to coordinate the use
of high quality financial capability resources and practices in schools,
families, communities, and elsewhere in order to build the financial
capability of young Americans;
(ii) support ongoing research and evaluation of financial education and
capability activities aimed at young people to determine and disseminate
effective approaches;
(iii) effectively assess the financial capability, including both financial
knowledge and financial behaviors, of young Americans;
(iv) identify and develop strategies to pilot financial capability
approaches in schools and among young people that are likely to have
significant effects on young Americans' financial capability, and determine
ways to test and implement such innovations in a large-scale and
sustainable manner;
(v) identify, develop, and measure the effectiveness of technology-driven
approaches to promote financial capability among young people;
(vi) identify and test promising and tested approaches for increasing
planning, saving, and investing for retirement by young people; and
(vii) promote the importance of starting to plan and act early for
financial success broadly among Americans through public awareness
campaigns or other means;
(c) periodically report to the President, through
the Secretary, on:
(i) progress made in implementing the policy set forth in section 1 of this
order; and
(ii) 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--
including women and minorities.
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.
[[Page 39161]]
(b) The heads of 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 appointed under section
3(a)(ii) of this order shall serve without any
compensation for their work on the Council.
(d) Members of the Council, 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.
(e) 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) the authority granted by law to an executive department, agency, or the
head thereof, or the status of that department or agency within the Federal
Government; or
(ii) the 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.
<GRAPHIC(S) NOT AVAILABLE IN TIFF FORMAT>
(Presidential Sig.)
THE WHITE HOUSE,
June 25, 2013.
[FR Doc. 2013-15782
Filed 6-27-13; 11:15 am]
Billing code 3295-F3
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