WASHINGTON (3/11/14)--The President's Advisory Council on Financial Capability for Young Americans held its first meeting Monday and the Credit Union National Association joined U.S. Treasury Secretary Jack Lew, Education Secretary Arne Duncan, Senior Advisor to the President Valerie Jarrett, and private, public and nonprofit leaders and innovators for that inaugural session.
The council was established by President Barack Obama last year. Consumer Financial Protection Bureau Director Richard Cordray also is a member of the council, which has been charged with increasing the financial acuity of young Americans.
"Mastering the basics of financial decision-making at an early age will equip young people for the first major financial decision many Americans are likely to face: Whether to pursue post-secondary education and, if so, how to pay for it," Lew noted in his opening remarks.
"The primary purpose of the advisory council meeting was to provide a forum for council members to meet in person and share what they believe to be the most pressing issues facing the nation's youth," CUNA Senior Assistant General Counsel Luke Martone said following the meeting.
The council will follow up on the formal recommendations of the President's Advisory Council on Financial Capability, which included promoting financial education in the community and researching and evaluating those efforts.