Establishing the President's Advisory Council on Financial Capability for Young Americans

This executive order creates a presidential advisory council within the Treasury Department focused on improving financial literacy and money management skills among young Americans. The council will bring together government officials and private-sector experts to develop strategies for financial education in schools, communities, and workplaces, with a two-year mandate.

Federal Register Open PDF 78 FR 39159

Impact dates

Jun 25, 2015
Council termination unless extended by President

Key directives

Establish President's Advisory Council on Financial Capability for Young Americans within Department of the Treasury
Council to consist of Treasury Secretary, Education Secretary, and up to 22 presidential appointees from outside government
Invite CFPB Director to participate as member
Council to collect information from agencies, state/local/tribal officials, and private experts
Council to advise President and Treasury Secretary on implementation strategies
Council to periodically report to President through Secretary on progress and recommendations
Consider needs of traditionally underserved populations including women and minorities
Treasury to provide funding and administrative support
Agency heads to provide assistance and information as requested
Designate Treasury official as Executive Director

Who is ordered

Timeline

Immediate

Council established within Treasury Department
Secretary of Treasury and Secretary of Education become members
Process begins for President to appoint up to 22 non-government members and designate Chair/Vice Chair

Near term (90d)

Treasury to designate Executive Director
Initial council meetings and subgroup formation
Beginning of information collection from agencies and stakeholders

Long term

Council operations and policy recommendations over 2-year lifespan
Development and piloting of financial capability programs
Periodic reporting to President on progress
Council termination on June 25, 2015 unless extended

Risks & tensions

No appropriations guaranteed; implementation 'subject to availability of appropriations'
CFPB participation limited by 'statutory authorities and legal obligations'—potential scope uncertainty
Advisory nature means no direct regulatory or enforcement power; effectiveness depends on voluntary adoption
Vague 'periodically' for reporting schedule leaves accountability timing undefined
Broad stakeholder representation (22 members) may create coordination challenges