Page:United States Statutes at Large Volume 117.djvu/2025

 117 STAT. 2006

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10:15 Aug 27, 2004

PUBLIC LAW 108–159—DEC. 4, 2003

(f) NATIONAL STRATEGY.— (1) IN GENERAL.—The Commission shall— (A) not later than 18 months after the date of enactment of this Act, develop a national strategy to promote basic financial literacy and education among all American consumers; and (B) coordinate Federal efforts to implement the strategy developed under subparagraph (A). (2) STRATEGY.—The strategy to promote basic financial literacy and education required to be developed under paragraph (1) shall provide for— (A) participation by State and local governments and private, nonprofit, and public institutions in the creation and implementation of such strategy; (B) the development of methods— (i) to increase the general financial education level of current and future consumers of financial services and products; and (ii) to enhance the general understanding of financial services and products; (C) review of Federal activities designed to promote financial literacy and education, and development of a plan to improve coordination of such activities; and (D) the identification of areas of overlap and duplication among Federal financial literacy and education activities and proposed means of eliminating any such overlap and duplication. (3) NATIONAL STRATEGY REVIEW.—The Commission shall, not less than annually, review the national strategy developed under this subsection and make such changes and recommendations as it deems necessary. (g) CONSULTATION.—The Commission shall actively consult with a variety of representatives from private and nonprofit organizations and State and local agencies, as determined appropriate by the Commission. (h) REPORTS.— (1) IN GENERAL.—Not later than 18 months after the date of the first meeting of the Commission, and annually thereafter, the Commission shall issue a report, the Strategy for Assuring Financial Empowerment (‘‘SAFE Strategy’’), to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives on the progress of the Commission in carrying out this title. (2) CONTENTS.—The report required under paragraph (1) shall include— (A) the national strategy for financial literacy and education, as described under subsection (f); (B) information concerning the implementation of the duties of the Commission under subsections (a) through (g); (C) an assessment of the success of the Commission in implementing the national strategy developed under subsection (f); (D) an assessment of the availability, utilization, and impact of Federal financial literacy and education materials;

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