ExecutiveOrdersEO
EO 13530Executive OrderObama · D

Executive Order 13530

President's Advisory Council on Financial Capability

Executive Order 13530 establishes a 22-member advisory council within the Department of the Treasury to promote financial literacy and access to financial services among Americans, with particular attention to underserved populations. The council is tasked with collecting information, advising the President and Treasury Secretary, and reporting periodically on financial capability in the United States. Unless extended by the President, the council automatically terminates two years after establishment.

Federal Register Open PDF 75 FR 5481

Impact dates

  1. Council terminates unless extended by President

Key directives

  • Establish President's Advisory Council on Financial Capability within Department of the Treasury
  • Council to consist of Treasury Secretary, Education Secretary (or designees), and up to 22 presidentially appointed non-government members
  • Council to collect information on financial capability from federal agencies, state/local/tribal officials, industry, consumers, and experts
  • Council to advise President and Secretary on implementing financial capability policy
  • Council to periodically report to President through Secretary on financial capability status and progress
  • Department of Treasury to provide funding and administrative support
  • Executive departments and agencies to provide assistance and information as requested
  • Council members serve without compensation; travel expenses permitted
  • Secretary to designate Executive Director for administrative support
  • Council terminates 2 years after date of order unless extended by President

Who is ordered

Timeline

Immediate

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

Near term (90d)

  • Presidential appointment of up to 22 non-government members
  • Designation of Chair and Vice Chair from appointed members

Long term

  • Periodic reporting to President on financial capability status and progress
  • Council terminates January 29, 2012 unless extended

Risks & tensions

  • No specific reporting deadlines or frequency specified in 'periodically report' language
  • Council lacks regulatory authority; advisory role only may limit tangible outcomes
  • Funding contingent on availability of appropriations and Secretary's determination
  • Potential tension between financial industry representatives and consumer advocates in council composition
  • Overlap with existing Financial Literacy and Education Commission may create coordination challenges
Executive Order 13530: President's Advisory Council on Financial Capability · Executive Orders