1

MINUTES

Financial Literacy and Education Commission Public Meeting 

October 18, 2012 10:30 am–12:00 pm

U.S. Department of the Treasury – Cash Room

Financial Literacy and Education Commission Members Present

Department of Agriculture Susan Shockey

Department of Defense Brenda McDaniel 

Department of Education David Soo

Department of Health and Human Services Mark Greenberg

Department of Housing and Urban Development William Glavin

Department of Labor Michael Davis 

Department of the Treasury, Chair Melissa Koide

Department of the Treasury, Chair Cyrus Amir-Mokri

Department of the Treasury, Chair Mary Miller

Commodity Futures Trading Commission Michael Herndon

Consumer Financial Protection Bureau, Vice Chair Richard Cordray

Consumer Financial Protection Bureau, Vice Chair Camille Busette

Department of Veterans Affairs Julie Schroeder

Federal Deposit Insurance Corporation Luke Reynolds

Federal Reserve Board Anna Alvarez-Boyd 

Federal Trade Commission Colleen Tressler

General Services Administration Jacqueline Snee

National Credit Union Administration Tonya Sweat

Office of Personnel Management Raymond Kirk

Office of the Comptroller of the Currency Barry Wides 

Securities and Exchange Commission Lori Schock

Small Business Administration Nathaniel Bishop

Social Security Administration Jim Courtney

White House Domestic Policy Council Diana Zarzuelo

Other Participants

Ted Beck, National Endowment for Financial Education
2

Louisa Quittman, Director for Financial Education for the U.S. Department of the Treasury 

called the meeting to order.

Cyrus Amir-Mokri, Assistant Secretary for Financial Institutions, US Department of the 

Treasury, welcomed participants to the public meeting of the Financial Literacy and Education 

Commission and introduced Treasury Under Secretary for Domestic Finance Mary Miller.

Mary Miller, Undersecretary for Domestic Finance, US Department of the Treasury, provided 

remarks on the Commission and its new focus on Starting Early for Financial Success. Ms. 

Miller noted the large amount of research showing that young people are not financially prepared 

for the future, and also some promising findings that starting early will help young people be 

more financially secure. She noted that the focus reflects a renewed commitment by all 

Commission member agencies to collaborate and coordinate financial education activities across 

the member agencies. Equally important is the focus the Commission will place on tracking 

agency commitments and activities and on measuring overall impacts of this collective work. 

Ms. Miller also recommended that the Commission think big and involve leaders from other 

levels of government. She also recommended that the Commission consider and plan strategies 

that will motivate the private sector – the financial services industry, philanthropic foundations, 

major employers, and social media firms – to become fully engaged in this work. Finally, she 

suggested that the initiative push for new approaches that have the potential to make a real 

difference. 

Richard Cordray, Director, Consumer Financial Protection Bureau, noted the importance of 

starting early for teaching good financial habits. Specifically, he noted that when it comes to 

building a knowledgeable society, we make sure to teach our young people many things, but then 

we leave them to learn about personal finances in the so-called “school of hard knocks.” One of 

the challenges to building a more financially literate America is developing and motivating a 

knowledge base that gets passed on to others in a more rigorous and systematic way. Leaving 

children to learn these lessons at home, where too often finances are a sensitive sore spot or 

strictly taboo, is not good enough to build a stronger future for this country. He noted that 

managing personal finances is critical for enabling children to function as productive citizens. 

He noted that the Consumer Financial Protection Bureau is glad to be part of this work. 

Melissa Koide, Deputy Assistant Secretary for Consumer Policy, US Department of the Treasury,

provided more detail about the intention of the Strategic Focus on Starting Early for Financial Success and 

thanked other Commission members for their commitment and effort in developing the focus. Ms. Koide 

noted that it is necessary for the Commission to bring attention and resources to provide young Americans 

with the education, information, and tools they need to make successful financial decisions throughout 

their lives. The Commission will coordinate resources to provide parents, teachers, and community 

leaders the knowledge and tools to enable young Americans to start early for financial success.

Ms. Koide explained that the Commission members have agreed to identify specific outcomes, 

which they will hold themselves accountable to, and to assess which of our efforts are in fact 

“moving the needle” on financial capability in practice.
3

Ms. Koide introduced Diana Zarzuelo, who will represent the White House Domestic Policy 

Council on the Commission. Ms. Zarzuelo made remarks noting the DPC’s commitment to the 

work of the Commission and the importance of financial capability.

Members of the Commission discussed ideas regarding possible activities which could be 

highlighted under the Starting Early for Financial Success Focus. 

Ms. Koide introduced Ted Beck, President and CEO, National Endowment for Financial 

Education, and Chair, Research and Evaluation Subcommittee, President’s Advisory Council on 

Financial Capability to provide reflections from the private sector.

Mr. Beck complimented the FLEC for taking on this new focus, which is critical to improve the 

next generation of financial education. He noted that the FLEC can be a model for the private 

sector and example for the community sector, as we use research and move closer to what works. 

Mr. Beck pointed out that knowledge about what works in financial education has made 

significant progress in the last five years, and that “starting early” is an important finding. He 

also noted that additional research about emerging households is forthcoming. 

Mr. Beck described the Jump$tart Teacher Training Alliance as a model public-private 

partnership based on research. They have found through analysis and evaluation pilots that the 

project closes the teachers’ confidence gap. Finally, Mr. Beck identified his “wish list” of 

aspirations for the field, including research funding, testing of ideas, setting high expectations 

and quality standards, and a national campaign to talk to your kids about money.

Camille Busette, Director, Office of Financial Education, Consumer Financial Protection Bureau, 

closed the meeting by thanking all members of the Commission for their active engagement in 

this discussion. She noted that the Treasury and the CFPB will work together to make sure we 

have a clear plan for implementation of these great ideas, engaging all the members of the

Commission, and that the Commission will plan to have more specific outcomes and approaches 

to share at the next public meeting.