ExecutiveOrdersEO
EO 13455Executive OrderG.W. Bush · R

Executive Order 13455

Establishing the President's Advisory Council on Financial Literacy

This executive order creates a 19-member President's Advisory Council on Financial Literacy within the Department of the Treasury to advise the President on improving financial education, access to financial services, and coordination of public-private financial literacy programs. The Council is tasked with gathering information from diverse stakeholders and periodically reporting on national financial literacy status and recommendations. It will automatically terminate two years after establishment unless extended by the President.

Federal Register Open PDF 73 FR 4445

Impact dates

  1. Council automatic termination unless extended by President

Key directives

  • Establish 19-member advisory council within Treasury (Sec. 2)
  • Appoint members from outside federal government with diverse stakeholder backgrounds (Sec. 3)
  • Designate Chair and Vice Chair by President (Sec. 3)
  • Designate Treasury officer/employee as Executive Director (Sec. 5)
  • Provide funding and administrative support through Treasury (Sec. 5)
  • Council to advise on improving youth and workplace financial education (Sec. 4)
  • Council to advise on promoting access to financial services for underserved (Sec. 4)
  • Council to advise on establishing national financial literacy measures (Sec. 4)
  • Council to advise on research and data collection on financial knowledge (Sec. 4)
  • Council to advise on strengthening and coordinating public-private financial education programs (Sec. 4)
  • Council to periodically report to President on financial literacy status and recommendations (Sec. 4)
  • Council terminates 2 years from date of order unless extended (Sec. 6)

Who is ordered

Timeline

Immediate

  • Council established within Treasury Department
  • Secretary directed to designate Executive Director

Near term (90d)

  • Presidential appointment of 19 Council members and designation of Chair and Vice Chair expected

Long term

  • Council periodic reports to President through Secretary on financial literacy status and recommendations
  • Automatic termination on January 22, 2010 unless extended by President

Risks & tensions

  • Advisory-only body with no regulatory or enforcement authority; effectiveness depends on Presidential and Secretary engagement
  • No mandatory funding level specified—support 'as determined by the Secretary' and 'subject to availability of appropriations'
  • Vague reporting frequency: 'periodically' not defined
  • Potential overlap with existing Financial Literacy and Education Commission
Executive Order 13455: Establishing the President's Advisory Council on Financial Literacy · Executive Orders