National Financial Literacy Month, 2010

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Title 3--
The President

Proclamation 8493 of April 2, 2010

National Financial Literacy Month, 2010

By the President of the United States of America

A Proclamation

In recent years, our Nation's financial system has
grown increasingly complex. This has left too many
Americans behind, unable to build a secure financial
future for themselves and their families. For many,
financial literacy can mean economic prosperity and
protection against fraud and predatory banking
practices. During National Financial Literacy Month, we
recommit to teaching ourselves and our children about
the basics of financial education.

Our recent economic crisis was the result of both
irresponsible actions on Wall Street, and everyday
choices on Main Street. Large banks speculated
recklessly without regard for the consequences, and
other firms invented and sold complex financial
products to conceal risks and escape scrutiny. At the
same time, many Americans took out loans they could not
afford or signed contracts without fully understanding
the terms. Ensuring this crisis never happens again
will require new rules to protect consumers and better
information to empower them.

The new Consumer Financial Protection Agency I have
proposed will ensure ordinary Americans get clear and
concise financial information. We must put an end to
confusing loan contracts, hidden fees attached to
mortgages, and unfair penalties that appear without
warning on bank statements. The Credit Card
Accountability Responsibility and Disclosure Act of
2009 began reining in some of these deceptive tactics
when it recently took effect. The President's Advisory
Council on Financial Capability is also looking for new
ways to help individuals make informed decisions and to
educate our children on core financial competencies.

While our Government has a critical role to play in
protecting consumers and promoting financial literacy,
we are each responsible for understanding basic
concepts: how to balance a checkbook, save for a
child's education, steer clear of deceptive financial
products and practices, plan for retirement, and avoid
accumulating excessive debts. To learn more, visit:
MyMoney.gov or call toll-free 1-888-MyMoney for helpful
guidance and resources.

Our Nation's future prosperity depends on the financial
security of all Americans. This month, let us each take
time to improve our own financial knowledge and share
that knowledge with our children. Together, we can
prevent another crisis and rebuild our economy on a
stronger, more balanced foundation.

NOW, THEREFORE, I, BARACK OBAMA, President of the
United States of America, by virtue of the authority
vested in me by the Constitution and the laws of the
United States, do hereby proclaim April 2010 as
National Financial Literacy Month. I call upon all
Americans to observe this month with programs and
activities to improve their understanding of financial
principles and practices.

IN WITNESS WHEREOF, I have hereunto set my hand this
second day of April, in the year of our Lord two
thousand ten, and of the Independence of the United
States of America the two hundred and thirty-fourth.