Page:United States Statutes at Large Volume 117.djvu/2023

 117 STAT. 2004

President.

Deadline.

20 USC 9703.

PUBLIC LAW 108–159—DEC. 4, 2003

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; and (C) 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. (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 title. (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 the date of enactment of this Act. SEC. 514. DUTIES OF THE COMMISSION.

(a) DUTIES.— (1) IN GENERAL.—The Commission, through the authority of the members referred to in section 513(c), shall take such actions as it deems necessary to streamline, improve, or augment the financial literacy and education programs, grants, and materials of the Federal Government, including curricula for all Americans. (2) AREAS OF EMPHASIS.—To improve financial literacy and education, the Commission shall emphasize, among other elements, basic personal income and household money management and planning skills, including how to— (A) create household budgets, initiate savings plans, and make strategic investment decisions for education, retirement, home ownership, wealth building, or other savings goals; (B) manage spending, credit, and debt, including credit card debt, effectively; (C) increase awareness of the availability and significance of credit reports and credit scores in obtaining credit, the importance of their accuracy (and how to correct inaccuracies), their effect on credit terms, and the effect common financial decisions may have on credit scores; (D) ascertain fair and favorable credit terms; (E) avoid abusive, predatory, or deceptive credit offers and financial products; (F) understand, evaluate, and compare financial products, services, and opportunities;

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