White House Financial Literacy Council finally meeting

The economic meltdown impacting almost all of us highlights the need for individual financial literacy. While the U.S. regulatory system failed, people also got themselves into jams by agreeing to mortgage terms that set them up for financial failure.

First Lady Michelle Obama, in launching her mentoring program on Monday, said one goal is to coach young women on financial literacy.

Studies show students especially lack basic financial skills.

Noteworthy: The President’s Advisory Council on Financial Literacy is only getting around to having it’s first meeting under the Obama administration today. The last meeting was under former President Bush, on Jan. 6, 2009. The council was created on Jan. 22, 2008.

Today will be its eighth meeting.

I asked a Treasury Department spokesman why the delay, and this is the statement I received, along with an admonishment that I could not use the name of the spokesman.

“On background, it’s true that we have only had one meeting this year while the Administration considers the best way to proceed with the council and maximize its effectiveness. During this planning phase we have, however, continued much

of the ongoing work of the council. Deputy Assistant Secretary for Financial Literacy Michelle Greene meets with members of the council regularly and the working groups of the council continue with their ongoing duties.

“We look forward to ramping up the council’s activities in the coming months and will have much more to share soon.”