CFTC Press Release 5007-04

Release: #5007-04
For Release: October 12, 2004

CFTC ANNOUNCES PARTICIPATION IN NEW FEDERAL GOVERNMENT FINANCIAL EDUCATION WEBSITE

Washington, D.C. -- The Commodity Futures Trading Commission (CFTC) announced its participation, through a partnership with nineteen other federal agencies, in the launching today of a new financial education website and toll-free hotline number. The mymoney.gov website and the 1-888-mymoney toll-free hotline were established to provide Americans easily access to information that can help them better understand their money –how to save it, invest it, and manage it wisely to meet important personal goals.

In commenting on the launch of the website, CFTC Acting Chairman Sharon Brown-Hruska stated, “It has been a pleasure to have had the opportunity to guide the development of the mymoney.gov website. In today’s world it is critical that consumers have the necessary tools and knowledge to manage their finances – whether that means securing a mortgage, planning for retirement, or saving for their children’s education. It is my belief that by bringing together the specialized and diverse resources of the members of the Financial Literacy and Education Commission on a centralized website, we can move toward the goal of fostering financial education for all Americans.”

On December 4, 2003, President Bush signed the Fair and Accurate Credit Transactions Act. Among other things, this law called for the establishment of the Financial Literacy and Education Commission (Commission) to improve the financial literacy and education of persons in the United States. The legislation specifically charged the Commission with establishing and maintaining a website to serve as a coordinated point of entry to information about federal financial literacy and education programs, and to establish a toll-free hotline available to members of the public seeking information about issues pertaining to financial education.

The Commission, which is made up of twenty federal government agencies, is chaired by the Secretary of the Treasury. CFTC Acting Chairman Sharon Brown-Hruska chaired the Commission’s website subcommittee and Donna Gambrell, Deputy Director of Compliance and Consumer Protection, Federal Deposit Insurance Corporation chaired the toll-free hotline subcommittee.

To learn more about this program please access the mymoney.gov website or call the 1-888-mymoney toll-free number.

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