Financial Literacy and Education Commission (FLEC) — MyMoney.gov

The Financial Literacy and Education Commission (FLEC) is a 22-member interagency body created by Congress to coordinate the federal government's financial literacy and education activities. Established by the Financial Literacy and Education Improvement Act of 2003 (20 U.S.C. §§ 9701–9710), FLEC is chaired by the Secretary of the Treasury and includes senior representatives from the Federal Reserve, Consumer Financial Protection Bureau, Securities and Exchange Commission, Department of Education, Social Security Administration, Department of Labor, and more than a dozen other agencies. FLEC's primary public output is MyMoney.gov — the federal government's centralized online resource for financial education materials spanning budgeting, saving, borrowing, investing, and retirement planning. FLEC also produces the National Strategy for Financial Literacy, a government-wide framework for coordinating and improving financial education programs across federal agencies. The Commission is a coordination mechanism, not a grant-making body — it does not directly fund financial literacy programs at schools or nonprofits, but synthesizes the financial education work of federal agencies into coherent national priorities.

Current Law (2026)

Legal Authority

• 20 U.S.C. § 9701 — Congressional findings: financial literacy is essential to individual and family financial security; federal agencies operate numerous financial education programs with insufficient coordination; a national strategy is needed
• 20 U.S.C. § 9702 — Establishment of FLEC: the Financial Literacy and Education Commission is established within the Department of the Treasury; the Secretary of the Treasury chairs the Commission; the Director of the CFPB (or a designee) serves as the vice chair; membership includes the heads of the Federal Reserve, SEC, CFTC, FDIC, OCC, NCUA, HUD, SSA, Department of Labor, Department of Education, FTC, and other agencies with financial literacy responsibilities
• 20 U.S.C. § 9703 — Duties: develop and coordinate a national strategy for financial literacy; establish a website (MyMoney.gov) with financial education resources; facilitate cooperation among federal agencies; gather data and conduct research on financial literacy; report to Congress
• 20 U.S.C. § 9704 — National strategy: FLEC must develop a strategy that identifies core competencies for financial literacy, establishes benchmarks for financial literacy programs, promotes coordination of federal and state financial education initiatives, and addresses the needs of underserved populations including low-income Americans, youth, and older Americans
• 20 U.S.C. § 9705 — MyMoney.gov: the Commission must establish and maintain a website providing the public with access to practical financial education information across topics including: basic budgeting and savings, credit, home buying and mortgages, student loans and college costs, investing and retirement planning, insurance, and taxes
• 20 U.S.C. § 9706 — Report to Congress: biennial report on the Commission's activities, the state of financial literacy in the United States, and recommendations for improving coordination and financial education outcomes
• 20 U.S.C. § 9708 — Coordination with State efforts: FLEC must identify and promote effective state financial literacy programs and encourage state adoption of best practices
• 20 U.S.C. § 9710 — No private right of action: nothing in the Act creates a private right of action against any federal agency

The Five MyMoney Principles

FLEC organizes financial education around five core principles, reflected throughout MyMoney.gov:

1. Earn: understanding income, wages, benefits, and workplace financial decisions
2. Save and Invest: building savings habits, emergency funds, investment basics, and retirement accounts
3. Protect: insurance, identity theft protection, fraud prevention, and consumer rights
4. Spend: budgeting, distinguishing needs from wants, and managing spending
5. Borrow: understanding credit, loans, interest rates, and responsible debt management

These principles are designed to apply across the lifespan — from youth financial education through retirement planning — and are used by educators, employers, and nonprofits as an organizing framework.

Member Agencies and Their Financial Literacy Programs

FLEC coordinates but does not replace the financial literacy programs operated by individual member agencies:

• CFPB: "Your Money, Your Goals" toolkit; financial coaching programs; consumer complaint database; financial education for vulnerable populations
• SEC: Investor.gov; financial education for investors; fraud prevention resources
• Social Security Administration: retirement benefit calculators; SSA.gov financial planning resources
• Department of Labor: 401(k) and pension plan disclosure requirements; retirement readiness resources
• Department of Education: Federal Student Aid resources; FAFSA guidance; student loan counseling requirements
• FTC: consumer education on fraud, identity theft, and credit reporting
• FDIC: Money Smart financial education program for adults; financial inclusion resources

FLEC's coordination role is to ensure these programs are consistent, non-duplicative, and collectively address the major gaps in financial literacy.

How It Affects You

If you are trying to build financial skills: MyMoney.gov (mymoney.gov) is a free government portal that aggregates financial education resources from all federal agencies in one place. It is particularly useful for understanding your rights as a financial consumer — what credit card issuers must disclose, how to dispute a credit report error, how to spot investment fraud, and how Social Security benefits are calculated. It is not a financial advice service and does not provide personalized recommendations, but as a reference for federal financial rules and consumer protections, it is one of the best-organized free resources available.

If you work in financial education (schools, nonprofits, libraries): FLEC's National Strategy for Financial Literacy provides a framework that aligns with many state financial education standards. The CFPB's "Your Money, Your Goals" curriculum (free, downloadable) is a practical toolkit that integrates FLEC principles into coaching and classroom settings. FDIC's Money Smart curriculum is similarly well-regarded for adult financial education. Because these are government resources, they are non-commercial and available for free reuse.

If you are planning for retirement: The MyMoney.gov retirement planning section aggregates resources from SSA, DOL, SEC, and Treasury covering Social Security benefit timing, 401(k) and IRA basics, and investment basics for pre-retirees. The DOL's Employee Benefits Security Administration (ebsa.dol.gov) offers a free retirement savings calculator. The SEC's Investor.gov site has a compound interest calculator and guidance on avoiding common retirement investment scams.

If you are managing student loans: FLEC's coordination with the Department of Education means MyMoney.gov includes current links to Federal Student Aid (studentaid.gov) resources on repayment plans, income-driven repayment, public service loan forgiveness, and loan simulator tools. These are more current and reliable than many commercial "student loan help" websites that monetize user data.

Limitations

FLEC is primarily a coordination and communication body, not a regulator or grant-maker. Its limitations are significant:

• It cannot require agencies to adopt specific programs or spending levels
• It has no enforcement authority and no ability to sanction agencies for inconsistent financial education approaches
• MyMoney.gov is a portal to other agencies' resources, not a generator of new content
• The National Strategy is advisory, not binding

Financial literacy research has found mixed evidence on the effectiveness of information-only financial education — knowledge doesn't always translate to behavior change. FLEC's framework has been criticized for emphasizing information provision over structural changes (such as automatic enrollment in retirement plans, default savings programs, or fee disclosure reform) that have stronger behavioral evidence. The most effective financial literacy interventions tend to be "just-in-time" — provided immediately before a relevant financial decision — rather than general educational programs.

Pending Legislation

• No major changes pending to the FLEC structure
• The role of the CFPB within FLEC's coordination structure was affected by Trump administration changes to CFPB leadership and funding (see CFPB — Consumer Financial Protection for current status)
• Proposals have circulated to require financial literacy coursework as a condition of federal student aid eligibility; these have not been enacted

Recent Developments

• FLEC's 2023 National Strategy for Financial Literacy emphasized digital financial literacy — understanding cryptocurrency, digital payments, and online financial fraud — as emerging priorities
• The CFPB's reduced operational capacity under the Trump administration affected FLEC's vice-chair participation and some consumer financial education programs
• Growing state mandates for personal finance education in high schools (more than 25 states now require a standalone personal finance course) have increased interest in federal resources that support state programs