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Presidential Executive Order 13646 (Barack Obama, 2013)

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Executive Order 13646: Establishing the President's Advisory Council on Financial Capability for Young Americans was a presidential executive order issued by President Barack Obama (D) on June 28, 2013, that established the President's Advisory Council on Financial Capability for Young Americans within the U.S. Department of the Treasury, which included the secretary of education among its members. E.O. 13646 sought 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."[1]

Background

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President Barack Obama took office in 2008 with the goal of having the highest proportion of college graduates in the world by 2020.[2]

In order to support this goal, President Obama issued E.O. 13646 on June 28, 2013, which sought to leverage schools, families, and communities to foster greater financial capability among young Americans and increase economic mobility in the United States. The order described the importance of financial literacy to help young adults make decisions about financing higher education and achieving financial security. This order established the President's Advisory Council on Financial Capability for Young Americans within the U.S. Department of the Treasury, which included the secretary of education among its members. The duty of the council was to implement initiatives that "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," according to the text.[1]

Provisions

Policy

E.O. 13646 emphasized that it is the policy of the United States to promote greater financial capability among young Americans:[1]

“ 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.[3] ”

Creation and composition of the advisory commission

E.O. 13646 established the President's Advisory Council on Financial Capability for Young Americans within the U.S. Department of the Treasury. It mandated that the council consist of no more than 24 members. These members included the secretary of the treasury (secretary) and the secretary of education. The secretaries were allowed to designate a senior official from each of their respective departments to perform their council duties. The council also included 22 members who were appointed by the president and were not employed by the federal government. The appointed members included individuals with demonstrated experience or commitment to improving the financial capability of young people, including individuals working with youth-serving organizations; educators and education policy experts; business leaders and employers of young workers; State, tribal, and local government policymakers; financial services providers; and innovators in financial capability.[1]

Duties of the advisory council

E.O. 13646 outlined the following functions of the council:[1]

“ (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.[3]

”

Administration and termination of the council

E.O. 13646 detailed the administration of the council:[1]

“ (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.

(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.[3]

”

E.O. 13646 mandated that the council terminate after two years unless extended by the president.

Impact

The President’s Advisory Council on Financial Capability produced a final report on January 29, 2013. The full text of the report is provided below:


See also

External links

Footnotes

  1. ↑ 1.0 1.1 1.2 1.3 1.4 1.5 Federal Register, "Establishing the President's Advisory Council on Financial Capability for Young Americans," accessed March 10, 2023
  2. ↑ The White House, "Obama Administration Record on Education," accessed March 10, 2023
  3. ↑ 3.0 3.1 3.2 Note: This text is quoted verbatim from the original source. Any inconsistencies are attributable to the original source.
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