[Federal Register Volume 75, Number 165 (Thursday, August 26, 2010)] [Notices] [Pages 52596-52597] From the Federal Register Online via the Government Publishing Office [www.gpo.gov] [FR Doc No: 2010-21305] [[Page 52596]] ======================================================================= ----------------------------------------------------------------------- DEPARTMENT OF THE TREASURY Financial Education Core Competencies; Comment Request AGENCY: Department of the Treasury. ACTION: Notice and request for comment. ----------------------------------------------------------------------- SUMMARY: The Department of the Treasury, in its capacity as Chairperson of the Financial Literacy and Education Commission (``Commission''), invites the public to comment on a proposed set of financial education core competencies (``Core Competencies''). Comments are requested specifically on whether the list of Core Competencies referenced in the Supplementary Section is complete and whether there are portions that should be deleted, revised, or expanded. DATES: Comments should be received on or before September 12, 2010, to be considered. ADDRESSES: Written comments should be sent via e-mail to [email protected] or by mail to the Department of the Treasury, Office of Financial Education and Financial Access, 1500 Pennsylvania Avenue, NW., Washington, DC 20220. In general, the Department will make all comments available in their original format, including any business or personal information provided such as names, addresses, e-mail addresses, or telephone numbers, for public inspection and photocopying in the Department's library, Room 1428, Main Department Building, 1500 Pennsylvania Avenue, NW., Washington, DC 20220, on official business days between the hours of 10 a.m. and 5 p.m. You can make an appointment to inspect comments by calling (202) 622-0990. All comments received, including attachments and other supporting materials, are part of the public record and subject to public disclosure. You should only submit information that you wish to make publicly available. FOR FURTHER INFORMATION CONTACT: For additional information, contact Dubis Correal by e-mail at [email protected] or by telephone at (202) 622-5770 (not a toll free number). Additional information regarding the Commission and the Department of the Treasury's Office of Financial Education and Financial Access may be obtained through its Web site, http://www.treasury.gov/financialeducation. SUPPLEMENTARY INFORMATION: The Department of the Treasury, in its capacity as Chairperson of the Commission, invites the public to comment on a proposed set of financial education core competencies Core Competencies. The request is under authority of Title V of the Fair and Accurate Credit Transactions Act of 2003 (Pub. L. 108-159), which directs the Commission to review, not less than annually, the National Strategy to promote basic financial literacy and education. As part of the development of the new National Strategy, the Commission determined that it is necessary to develop core competencies for consumers and financial education providers. The financial education field lacks a common understanding of what we collectively are trying to achieve, and there is no agreement on the appropriate basic content for financial literacy and education. The development of core competencies is a fundamental step in establishing a clear understanding about what individuals should know and the basic concepts program providers should cover. Furthermore, the Core Competencies are particularly important in establishing a baseline of knowledge, which is crucial for both individuals and providers of financial education to address the current lack of consistency in various financial literacy programs in identifying their goals and objectives, how program success is measured, and what financial information and problem-solving skills participants can be expected to acquire. The Department of the Treasury, in conjunction with the Commission's Core Competencies Subcommittee, identified five core concept areas: (1) Earning, (2) spending, (3) saving, (4) borrowing, and (5) protecting against risk, as well as specific core competencies for each area. The goal of the Core Competencies is to define what consumers should know and be able to do to successfully understand and make informed decisions about their personal finances. This request for comments is one of several steps in the validation phase of the development of the Core Competencies. Ultimately, the goal is to put the Core Competencies into a format and language that are both easily accessible and easily remembered--analogous to the ``food pyramid.'' This step will be undertaken once we have received public comment. Comments are requested specifically on whether the list of Core Competencies is complete and whether there are portions that should be deleted, revised, or expanded. ------------------------------------------------------------------------ Core concept Knowledge Action/behavior ------------------------------------------------------------------------ Earning..................... Gross versus net pay Understand your paycheck. Benefits and taxes.. Learn about potential benefits and taxes. Education is Invest in your important. future. Spending.................... The difference Develop a spending between needs and plan. wants. Track spending habits. Live within your means. Understand the social and environmental impacts of your spending decisions. Saving...................... Saved money grows... Start saving early. Pay yourself first. Know about Understand and transactional establish a accounts (checking). relationship with the financial system. Know about financial Comparison shop. assets (savings Balance risk and accounts, bonds, return. stocks, mutual funds). How to meet long- Save for retirement, term goals and grow child's education, your wealth. and other needs. Plan for long-term goals. Track savings and monitor what you own. Borrowing................... If you borrow now, Avoid high cost you pay back more borrowing, plan, later. The cost of understand, and borrowing is based shop around. on how risky the Understand how lender thinks you information in your are (credit score). credit score affects borrowing. Plan and meet your payment obligations. Track borrowing habits. Analyze renting versus owning a home. [[Page 52597]] Protect..................... Act now to protect Choose appropriate yourself from insurance. potential Build up an catastrophe later. emergency fund. Shop around. Identity theft/fraud/ Protect your scams. identity. Avoid fraud and scams. Review your credit report. ------------------------------------------------------------------------ Dated: August 18, 2010. Alistair Fitzpayne, Executive Secretary. [FR Doc. 2010-21305 Filed 8-25-10; 8:45 am] BILLING CODE 4810-25-P