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Amir-Mokri shares Treasury’s commitment to financial capability

Americans who understand their personal finances will be better able to make sound choices about taking out mortgages, handling credit card debt, purchasing insurance among others, US Assistant Secretary said

May 31, 2013 1:42 IST | India Infoline News Service
US Assistant Secretary for Financial Institutions Cyrus Amir-Mokri on Wednesday delivered remarks at an event marking the release of the Financial Industry Regulatory Authority’s (FINRA) National Financial Capability Study. The event was held at The George Washington University with US Securities and Exchange Commission Chair Mary Jo White and Consumer Financial Protection Bureau Director Richard Cordray also present.

Amir-Mokri shared Treasury’s commitment to promoting the financial well-being of Americans through education and building the financial knowledge and skills of young people. Treasury staff consulted with the FINRA Investor Education Foundation in helping design the study’s underlying research and is participating today in a wide-ranging discussion on the study’s insights into the financial practices and attitudes of Americans. Amir-Mokri commended the final result and urged “policymakers and practitioners around the country to carefully consider this study as they work to improve the financial capability of Americans.”

In his remarks, Assistant Secretary Amir-Mokri touched on why financial capability is such a priority:

Financial capability is a critical skill for success in our complex economy.  Americans who understand their personal finances will be better able to make sound choices about paying for education, taking out mortgages, handling credit card debt, purchasing insurance, setting aside savings, and planning for retirement, that is, all of the familiar yet complex decisions we make to live our present lives, secure our future, and weather unexpected events. 

Amir-Mokri then shared how Treasury is working with other Federal agencies through the Financial Literacy and Education Commission, to focus our combined efforts on building the financial knowledge and skills of young people.  He also cited how Treasury is reaching out to state and local government and private sector partners to take advantage of opportunities to help more Americans build financial capability.

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