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Title 20, EducationRelease 119-110

§9702 Establishment of Financial Literacy and Education Commission

Title 20 › CHAPTER 77 — FINANCIAL LITERACY AND EDUCATION IMPROVEMENT › § 9702

Last updated Sep 22, 2026|Official source

Summary

Creates the Financial Literacy and Education Commission to help Americans learn about money by making a national plan for financial education. The Secretary of the Treasury must lead the Commission and the Director of the Consumer Financial Protection Bureau must be the Vice Chair. The Commission includes the Treasury Secretary, the heads of many federal agencies that deal with banking, credit unions, securities, education, agriculture, defense, health, housing, labor, veterans, consumer protection, small business, Social Security, commodity futures, personnel, and similar agencies. The President may add up to 5 more agency leaders. Members may send an alternate who has real decision power. The Chair must call at least one public meeting every 4 months and may call more. A majority of members makes a quorum, but fewer members can hold hearings. The first meeting had to occur within 60 days after December 4, 2003.

Full Legal Text

Title 20, §9702

Education, Source: USLM XML via OLRC

(a)In general
There is established a commission to be known as the “Financial Literacy and Education Commission”.
(b)Purpose
The Commission shall serve to improve the financial literacy and education of persons in the United States through development of a national strategy to promote financial literacy and education.
(c)Membership
(1)Composition
The Commission shall be composed of— (A)
(B)the respective head of each of the Federal banking agencies (as defined in section 1813 of title 12), the National Credit Union Administration, the Securities and Exchange Commission, each of the Departments of Education, Agriculture, Defense, Health and Human Services, Housing and Urban Development, Labor, and Veterans Affairs, the Federal Trade Commission, the General Services Administration, the Small Business Administration, the Social Security Administration, the Commodity Futures Trading Commission, and the Office of Personnel Management;
(C)the Director of the Bureau of Consumer Financial Protection; and
(D)at the discretion of the President, not more than 5 individuals appointed by the President from among the administrative heads of any other Federal agencies, departments, or other Federal Government entities, whom the President determines to be engaged in a serious effort to improve financial literacy and education.
(2)Alternates
Each member of the Commission may designate an alternate if the member is unable to attend a meeting of the Commission. Such alternate shall be an individual who exercises significant decisionmaking authority.
(d)Chairperson
The Secretary of the Treasury shall serve as the Chairperson. The Director of the Bureau of Consumer Financial Protection shall serve as the Vice Chairman.
(e)Meetings
The Commission shall hold, at the call of the Chairperson, at least 1 meeting every 4 months. All such meetings shall be open to the public. The Commission may hold, at the call of the Chairperson, such other meetings as the Chairperson sees fit to carry out this chapter.
(f)Quorum
A majority of the members of the Commission shall constitute a quorum, but a lesser number of members may hold hearings.
(g)Initial meeting
The Commission shall hold its first meeting not later than 60 days after December 4, 2003.

Legislative History

Notes & Related Subsidiaries

Editorial Notes

Amendments

2010—Subsec. (c)(1)(C), (D). Pub. L. 111–203, § 1013(d)(5), added subpar. (C) and redesignated former subpar. (C) as (D). Subsec. (d). Pub. L. 111–203, § 1013(d)(6), inserted at end “The Director of the Bureau of Consumer Financial Protection shall serve as the Vice Chairman.”

Statutory Notes and Related Subsidiaries

Effective Date

Section subject to joint

Regulations

establishing

Effective Date

s as prescribed by Federal Reserve Board and Federal Trade Commission, except as otherwise provided, see section 3 of Pub. L. 108–159, set out as an

Effective Date

of 2003 Amendment note under section 1681 of Title 15, Commerce and Trade.

Reference

Citations & Metadata

Citation

20 U.S.C. § 9702

Title 20, Education

Last Updated

Sep 22, 2026

Release point: 119-110