PRESS RELEASE
Federal Deposit Insurance Corporation
FOR IMMEDIATE RELEASE
May 9, 2005
Media Contact:
David Barr (202) 898-6992
Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's
banking system. It promotes the safety and soundness of these institutions by identifying, monitoring and addressing
risks to which they are exposed. The FDIC receives no federal tax dollars — insured financial institutions fund its
operations.
FDIC press releases and other information are available on the Internet at www.fdic.gov, by subscription electronically
(go to www.fdic.gov/about/subscriptions/index.html) and may also be obtained through the FDIC's Public Information
Center (877-275-3342 or 703-562-2200). PR-41-2005
FDIC to Serve on President Bush's Financial Literacy Initiative
The Federal Deposit Insurance Corporation (FDIC) has been asked by President Bush
to serve on the first national public-private partnership to ensure that financial education
is available consistently and comprehensively in Hispanic communities.
"Financial literacy a top priority for the FDIC, and I am honored that the president has
asked us to participate in the partnership," said FDIC Chairman Don Powell. "The FDIC
has taken an active role in ensuring that consumers have a basic understanding of
financial transactions and concepts, and encouraging them to form healthy banking
relationships."
The partnership will include representatives from the FDIC, U.S. Treasury Department,
Small Business Administration (SBA), Latino Coalition, U.S. Hispanic Chamber of
Commerce and others. The purpose will be to direct federal, non-profit and private
resources to areas in need of financial education, and coordinate with private sector
programs to reach Hispanics nationwide.
The FDIC's first priority will be to launch a national Hispanic media campaign promoting
Money Smart financial education courses that will be held in Hispanic markets across
the country. The FDIC's Money Smart program is available in five languages, including
Spanish. The media campaign is scheduled to kick off in June and run throughout the
summer.
President Bush announced the initiative during a speech on May 4 before the 2005
Latino Small Business Economic Conference, where he discussed Social Security
reform and the need to increase Latino ownership of financial assets. The president
said, "I understand there is a need for more financial literacy in America, and so I've
instructed the FDIC and the SBA and the Treasury Department to work with the Latino
Coalition and the Hispanic Chamber and other groups to help make sure that financial
literacy is more widespread in all neighborhoods and all communities." He went on to
Federal Deposit Insurance Corporation
FOR IMMEDIATE RELEASE
May 9, 2005
Media Contact:
David Barr (202) 898-6992
Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's
banking system. It promotes the safety and soundness of these institutions by identifying, monitoring and addressing
risks to which they are exposed. The FDIC receives no federal tax dollars — insured financial institutions fund its
operations.
FDIC press releases and other information are available on the Internet at www.fdic.gov, by subscription electronically
(go to www.fdic.gov/about/subscriptions/index.html) and may also be obtained through the FDIC's Public Information
Center (877-275-3342 or 703-562-2200). PR-41-2005
FDIC to Serve on President Bush's Financial Literacy Initiative
The Federal Deposit Insurance Corporation (FDIC) has been asked by President Bush
to serve on the first national public-private partnership to ensure that financial education
is available consistently and comprehensively in Hispanic communities.
"Financial literacy a top priority for the FDIC, and I am honored that the president has
asked us to participate in the partnership," said FDIC Chairman Don Powell. "The FDIC
has taken an active role in ensuring that consumers have a basic understanding of
financial transactions and concepts, and encouraging them to form healthy banking
relationships."
The partnership will include representatives from the FDIC, U.S. Treasury Department,
Small Business Administration (SBA), Latino Coalition, U.S. Hispanic Chamber of
Commerce and others. The purpose will be to direct federal, non-profit and private
resources to areas in need of financial education, and coordinate with private sector
programs to reach Hispanics nationwide.
The FDIC's first priority will be to launch a national Hispanic media campaign promoting
Money Smart financial education courses that will be held in Hispanic markets across
the country. The FDIC's Money Smart program is available in five languages, including
Spanish. The media campaign is scheduled to kick off in June and run throughout the
summer.
President Bush announced the initiative during a speech on May 4 before the 2005
Latino Small Business Economic Conference, where he discussed Social Security
reform and the need to increase Latino ownership of financial assets. The president
said, "I understand there is a need for more financial literacy in America, and so I've
instructed the FDIC and the SBA and the Treasury Department to work with the Latino
Coalition and the Hispanic Chamber and other groups to help make sure that financial
literacy is more widespread in all neighborhoods and all communities." He went on to
say, "The FDIC has got the Money Smart financial workshop program, and they're going
to work with the Latino Coalition."
Separately, the FDIC has launched a Spanish-only Web page that contains many
consumer-related materials, including Money Smart. There is direct access to the page
from the FDIC's Internet site at www.fdic.gov or by going directly to
www.fdic.gov/quicklinks/spanish.html.
Money Smart is an award-winning financial literacy program created by the FDIC to
teach low- to moderate-income adults about finances. It is available in a teacher-based
format, and directly to consumers in CD-ROM and in a Web-based format on the FDIC's
Home page.
to work with the Latino Coalition."
Separately, the FDIC has launched a Spanish-only Web page that contains many
consumer-related materials, including Money Smart. There is direct access to the page
from the FDIC's Internet site at www.fdic.gov or by going directly to
www.fdic.gov/quicklinks/spanish.html.
Money Smart is an award-winning financial literacy program created by the FDIC to
teach low- to moderate-income adults about finances. It is available in a teacher-based
format, and directly to consumers in CD-ROM and in a Web-based format on the FDIC's
Home page.