second, while the previous council worked on conceptualizing a path forward, this council will discuss and share experiences on the actual implementation of ideas. the members of this council are leaders in achieving results in this area, and we look forward to hearing from them on how to move the dial on youth financial capability. third, members of this council come from public and private actors and also have representation from the federal government and from local government. work on financial capability is a collective endeavor. bestdingly, we must do our to figure out how the public and private sectors and the federal, state, and local government can complement each other to achieve the results we would all like to see. and now, i'm honored to present to you, the secretary of the treasury, jack lew.

>> thanks very much, cyrus. welcome, everyone, to the department of the treasury. i'm very pleased to have all the members of the new counsel here with us, including richard cordray and secretary duncan will be here shortly. i'm also leaves that we have so many members of the public here. president obama brought together this group of talented men and women stood by zimmerman issue up or found importance to the future of our economy, the financial capability of america's young people. whether it is teenagers spending their first paycheck, college students making decisions on how to repay student loans, or new parents trying to save for a child's education or retirement, it is not only important for their futures. it can strengthen our economy for generations to come. that is why the work we can do

can significantly impact how successful we are at growing the middle class and increasing economic opportunity for all americans. virtually, there's much we can do to improve financial capability and i would like to call on this counsel to identify those opportunities. it will equip young people for the first major financial americansany young are likely to face, whether to pursue post secondary education and how to pay for it. and to make sure that work pays for all, not just of those who a post secondary degree. that is why the president has proposed reductions to the earned income tax credit and raising the minimum wage. there is more we can do to make american workers and their families financial -- financially secure. allall on employers of

time, large and small, public theirivate, to help employees become financially successful. many workers look to their employers as a source for information and even guidance on how money management matters he had retirement or it employers also provide information and and save foran retirement. these options include traditional retirement plans, new tools like the traditional ira, and a safe and affordable way to save for environment that's for retirement. in addition, we should start assessing how other tools can improve financial outcomes. in recent worked years to make our financial system more transparent, to protect against the worst abuses in our system, it has become clear when it comes to protecting consumers, our best offense is a good defense.

empowered to now make smart financial decisions in real time. technology has given us the ability to rethink the definition of financial capability and the ability to reshape and redefine what it means to be financially literate in the 21st century. he it employers, schools, private businesses, community based organizations, or families, there is a role for everyone to play to better prepare our youth to navigate a world full of financial decisions. the administration has taken a number of steps over the last few years to expand opportunity, but our work is not complete. i am confident this council will continue to build on our efforts and make sure we are working in concert with other sectors of our economy and society. to show us council what is working, who was leaving, and how to work together to broaden impact.

one approach will not suit all needs. i look forward to working with my colleagues to did -- to defy to best opportunities and -- identify the best opportunities and put them to work for the next generation of americans. thank you. >> thank you very much. thank you, mr. secretary. thank you all for being here today. i want to start by thinking the newly appointed members of the council for your commitment to help that her understand how we can prepare america's next generation today for the financial challenges they encounter tomorrow. it is an investment in the future of the country. i do not think it is a symbol -- a simple task. the challenges today's young people face are different than we had growing up.

i learned about financial responsibility for my dad, who at the age of 90 is still the kind of guy who balances is checked out. when i shipped my firstborn off god,llege, i said, oh, my i haven't showed you how to balance your checkbook. and she gave me that patient look that comes before they roll their eyes. and she said, mom, i does not have a check up. i have various pieces of plastic. and she does. these are not things i could've fathomed when i was her age going off to school. young people are facing these same challenges every day and the data indicates many are not well-prepared. they are less likely to happen to accounts and a significant percentage rely on riskier borrowing. they are less likely to have money set aside for sudden emergency. this is particularly true of

young people of color and those finished high school. young people, no matter their background, should be armed with the tools to create a better teacher for themselves and that includes financial literacy skills. this goes hand-in-hand with the president's agenda, what we call an opportunity agenda, to make sure we are increasing financial security for all americans. secretary duncan is here. he is deeply engaged to make sure that there are resources for all people to go to. we also need to know, to be sure that young people have the financial smarts to weigh these options and make informed choices about their futures. this increases the likelihood they can finish college and start their careers on a strong footing. when we talk about the president's opportunity agenda, secretary lou pointed out it is

an issue we are deeply in gauge then. like the affordable care act, and the effort to increase the minimum wage. but ultimately a higher wages are not the whole equation. people need to have access to products to up them spend money wisely and put money aside for a rainy day. so i hope the council will consider all of this and also how it's worked will coordinate with other initiatives -- how will coordinate with other initiatives to provide opportunities for young people and young men of color who face particularly difficult obstacles and climbing the ladder. sometimes the earliest lessons of the ones that stay with us the best, the longest. you make investments early, and you watch them grow. we thank you for your efforts.

i look forward to the good work you will have done. supper thank you very much, cecelia. -- >> thank you very much, cecelia. director? >> i find the word that comes repeatedly to mind for me this morning is amen. we have so many things to say, perhaps it is appropriate for us to say them nonetheless. i am richard cordray. we are glad to be here and be part of this at this point in time. over the years, financial education has become a passion i have pursued at the local, state, and now federal level. to be invitedege to serve on this council. we are committed to helping consumers make sound financial choices. we are doing all we can to protect the bull by making sure

consumer markets work better for them, are transparent, reliable, and fair. the best form of consumer protection is self protection, which means helping people know how to avoid problems from occurring in the first place and how to address them when they do. this is a hard problem in society. many parents find it difficult or uncomfortable to talk to children, leaving young people start for information. we need to begin i recognizing how rarely families engage in these discussions. this is a fundamental problem for anyone who cares about the direction of this country. young people who lack the skills to make financials decisions debt,ncur unnecessary missed opportunities to save money, and develop a poor credit history. these problems will block them from opportunities and resources to improve their futures. we are enrolling them in the school of hard knocks is no reason to

think they will avoid repeating the same mistakes others made before them. we have an opportunity to see america does better by its children. now more than ever as we emerge and the deepest financial economic crisis of our lifetimes, people need to know how to balance the ways and means of their lives. the choices in the marketplace with instruments like mortgages, credit cards, student loans, credit reporting, and more are increasingly complex. story the tell your feature of the website. many use the feature to lament that they did not know more when they made financial decisions. in my opinion, having financial education at every one of our schools is an imperative we cannot afford to ignore or defer. report presents five policy recommendations.

let me briefly restate them here. our first recommendation is that financial education should begin at a young age, we made a priority as students approach graduation of high school, and continued to evolve their adulthood. what we do not teach children about personal finance, household budgets, making informed decisions about larger investments in education or a them in are failing shameful and costly ways. we can do this with integrated curricula in our schools. topics in classes may cover how we protect our money or take control over financial lives. second, we recommend as part of youth financial education students should practice experiential learning. regardless of whether they are simulating a banking experience,

playing a computer game or following the progress of the stock market, they will learn more effectively from the experience. thirdly, we must support those teachers adjusted in teaching personal financial management. we need to make sure they have the support they need. we need to give them incentives to take part such as continued -- continued education credits and need-based travel stipends. fourth, in addition to equipping teachers with the training to teach financial skills, we are recommending integrated financial education concepts in the standardized test. doing so would provide incentives to teach these topics. we have been working on this issue with those in charge of writing these test. fifth, by providing education in schools that is critical, there are enormous benefits when that education is present in the home.

we need parents to be involved with their children as their children are in mastering personal financial management. expectations.et if parents engage their children by establishing a savings account for them, these children are seven times more likely to attend college than those without a savings account. the reason duration of financial education in the schools will be a further stimulus to progress. i look forward to working with provide our young people the financial capability they need to control and shape their lives. thank you. >> thanks very much, rich. secretary duncan? much.nks so i apologize for being a few minutes late. thank you for being here. i want to thank the council members for being willing to serve. this is an extraordinary group of people. i just think what you can do for young people and the country going forward could have a huge impact.

i am a big lever leadership can matter a lot. this is a lifelong passion of his and the vice chair. have done in san francisco is nothing short of remarkable. if we had more local leaders with his passion, we would be in a much better place right now as a nation. this is a great counsel. amazing leaders. i look forward to driving this agenda. i've always looking for ways to cut through the traditional battles and bring the bull together. i think this is an issue with no natural enemies. whether it is community management, public and private we can all think unite behind the cause of putting our young people in the position to manage their finances in a much more thoughtful way than they do today. is out there. everyone knows that. just one -- a huge need is out

there. everyone knows that. just one story. there was about 140 kids. speak --young man to actually goes to a pretty good high school in chicago. he said he was going to be successful. he asked me straight up -- how come no one is teaching me about finance? i get a good job. how am i going to manage my money when i get older? it was a marvelous question. today we don't have a great answer on that and our kids deserve better. they are asking for it. teach to scale what works, if we can work across sectors, i think we can do pretty -- something pretty special for our kids. i look forward to working together. >> thanks very much. with that, i will turn it over to the chairman of the council,

john rogers. >> well, thank you. it is great to be back here, to see so many people here. we do have a lot of shared values here. up on a littlek bit -- what arne has talked about, when we grew up, we went to the same high school. ,rne took eight years of german went to germany for one year. i took about four years of french. i have been to france three or four times. values,k about it, the the things we teach our kids to get kids prepared for life, sometimes i think we have our priorities wrong. we have to make sure they have a handle literacy programs starting in grade school that build over time the same way math skills and finance skills, english skills tilde over time. so you are truly prepared to participate fully in our

american democracy. i think that is something that stomps loss. it was the question that arne was asked the other day was perfectly appropriate. arne and i were working together 20 years or so ago. and sister sarah came up with the idea of creating a small public school on the southside of chicago. after a couple years up and running, we decided we needed to have a robust financial literacy program for the kids coming from often very disadvantaged backgrounds. this works perfectly with the president's mandate where he talks about the importance of financial literacy, in particular in disadvantaged communities. we created a program that was sort of patterned after the program my father had for me as a child. my father was one of the tuskegee airmen. he came up in a very tough way. he felt it was very important for me to be exposed to the

stock market as a child. every birth day and every christmas since i was 12 i got instead officates toys. of course it was not fun going to the christmas tree and getting that envelope. [laughter] became totallyi invested and loved the stock market and investing. so, every first grade last would .et $20,000 they would watch us manage it for the first six years and then the kids would start to pick real stocks with real money in fifth, sixth, and seventh and eighth grade. we worked with analyst companies, calm down, learn about the financial services careers, what it's like to be an analyst. we thought that was something that would be really important for them to have that exposure so they could participate and understand what is going on in the financial parts of our economy. when the kids graduated in eighth grade, they would take $20,000 and give it back to the

next first-grade class. take a portion of the profits and create a philanthropic gift or the school or the community. ditch the kids the importance of --ing back, because they had teach the kids the importance of giving back, because they had been given an opportunity. every child that put their money into the program, we would match it with $1000 of the kids would learn the importance of matching. we all know today, as more and more retirement plans disappear, traditional pension plans disappear, you have to be your own financial manager and understand how to get involved with contributions and prepare for your future. we thought that was something that would be very important. and it was consistent with some of the research we had done with the report, that melanie hobbs is now president out, showing

contribution plans, often people of color -- african-americans, putnos, and others -- often off saving for retirement. even with the same educational opportunities, job descriptions, job titles would literally have have as much save for retirement culturalf all kinds of reasons, past discrimination, lack of familiarity with the markets. we thought this was so important for us to make sure kids learn the importance of how to get engaged and involved and become their own financial managers once we start air careers. -- their careers. finally, we talked about if you want people to participate fully , understanding these issues around finance is incredibly important. we think as time goes on it will help have a fully formed community to engage in all of the discussions and dialogues in washington -- tarp, what have

you. finally, it is so important coming back to the beginning, we decided to focus on you. last time, we focused on a lot, but we can get financial literacy embedded in the core curriculums of public schools, we will be able to make a difference for our young people. i am excited to have this opportunity to be back to work on this important issue. i appreciate our exciting counsel for coming together today. thank you. >> thanks very much, john. melissa,w introduce the executive director of the council, and also deputy assistant to rectory of treasury for consumer policies. >> thank you, cyrus. such appropriate and i think inspirational remarks we have heard so far.

now we turn it over to the council members and hear from you -- why are you here? what are you doing with respect to financial capability and youth, and what do you want to get out of this council? we can begin with ted, if you are ready. welcome back, ted. >> thank you. thanks, melissa. my name is ted beck, i am the ceo of the -- forso serve as the chairman the national jumpstart coalition. we fund research around financial capability. we also provide programs. we had been providing a high school program for 30 years and educated over 9 million students in that program. six years ago we launched a college program, that is actually done very well. campusesng used on >> across the country. we work with nonprofit partners

bringing educational training to their communities. one of the things we would like ,o contribute, not only in nefe but the community we represent, first of all we will be publishing >> research papers between now and the summer. three of those very focused on the financial capability of young people. i think that will be a strong support item. also our work in colleges has great potential. over 250volved in community colleges. that is a lot of information about how to reach a very important group that we think is underserved and represents a cross-section of the united states. also the group of like-minded organizations over the last few years have developed a teacher training program. we have found that america's teachers need to be trained to teach personal finance and we have what we think is a very effective row graham to bring

into play for this community -- program to bring into play for this community. finally, there is a major opportunity. if you look at our world the do not have quality standards and any sort of hurdles we are supposed to achieve before rolling programs into schools. i think the work of this council could do great things to set ande sorts of guidelines goals for us. as far as the council itself goes, this is a very important group. the nonprofit looks to this council for leadership in helping to identify what are the best standards? what is working out there? you can be spokespeople for what we need to be doing. the nonprofit community will follow this leadership. i'm very pleased to be a member of the council again and very excited to be working with you all. thank you.

>> good morning, everyone. it's an honor to be here. i work with the national congress of american indians. for those who do not know, it is a 70-year-old organization that primarily with tribal governments across the united states and there are 567 federally recognized tribal work primarily to protect the rights of tribes and american indian, alaska native people in the united states. however we do a variety of programs. one of the programs i work on is the partnership for tribal governments, really to help them build the capacity to provide services to their citizens. and through that, we work with them on a variety of different areas, including financial education. administer the native american educational coalition, which is a coalition that is close to 15 years old.

for-profits, nonprofits profits, business, government folks who in improvingrested the financial capability and native communities. so i'm very excited about that. we also have a youth commission. we are also working to set up youth cabinets across the country. those would be cap nets -- cap ats at tribal -- cabinets tribal governments themselves. we work with the dc-based organization working with native youth. i want to share, too, that 42% of our population is low the age of 25. so, it's definitely a focus to work with that generation, that population in a variety of different ways. those of you may have seen the front page of "the washington .ost" this morning you know we may have substantial

issues and native american communities. it was an article about the high suicide rate. while there are economic successes happening, we need to do so much more to promote those kind of economic successes so our youth, our children can really feel like they have a future in this country. i wanted to -- i was on the previous counsel, and i feel that this is a second opportunity to really work to successes in indian country as well as the need for financial literacy. and one of the things i wanted to end with is -- really recognizing the role that president obama and the administration has laid in developing a nation to nation relationship with the tribal governments in this country.

recognizing tribal governments and the american family of governments. as tribal governments will capacity, really looking at financial education and economic success is one of those key areas. thank you very much. we are honored to be here. >> good morning, everybody. good morning, mr. chairman. want to thank you again for your leadership. i've been around for a minute. i was honored to play a role in the last committee. fortood up to a commitment over 100 financial literacy councils. it is nice to see this council's mission is to go into the community. that was certainly a passion of ir committee and had a role am bringing fema in. that was another deliverable of

our last committee. i am the chairman of operation hope. andllion clients underserved neighborhoods, 22,000 volunteers. important for this council -- all urban, inner city, low well schools. alth schools. like chairman rogers -- john, this is personal to me. my mom and dad divorced when i was about five. i remember them arguing over money. the number one cause of divorce in america is money. no one calls a domestic abuse. it's money. affected my brain. when i was nine, i remember a banker humming to my classroom literacyus financial in compton, california. i remember asking the banker, what did you do for a living and how did you get rich legally?

i was dead serious. i never saw anyone with a suit on in my classroom. he told me he financed entrepreneurs. i did not know what an entrepreneur was, but i wanted to be one. that kept me focused. it got my aspirations high. none of that got me off track because i was focused on my dreams. why is that relevant to today? i think the real challenge for the dropout classes we have in america, which is a true crisis, is we disconnected education from aspiration. kids who are dropping out do not see a reason to stay in school that moves their lives forward. so, we are going to do something about it, hopefully working with this council. we are going to open business academies. we will detail what that is in my remarks. it basically emulates my life experience to summarize, it

is the experience of kids. we are in the inner-city in atlanta. young men were in a restroom while my employee was there. young man kicks the door in, high school student. mess, he said. well, he did not say "bunk." this is bs. you know we should have one. you know we should've won. the, his friend said, but other group had uniforms. >> yeah, the other group prepared. the first guy said, that's all right. we are going to win this next time. in order to win next time, you got to come back to school. it is like the highs school experience for every kid. find the way to connect the focus on financial literacy in capability with the reality that kids want a good job and a shot

at economic opportunity. you have to reconnect education with aspiration. it is that >>. you do that, the lights come on. we opened 65 locations and 10 days on a chair to do this across the country. i think we can do that and reshape america. >> i am cary with the consortium of employment, better los angeles. i am really humbled to sit on this council. when i look around the table and take a look at everybody else's know how much i

have to contribute to the council, but i definitely look forward to engage in discussions around policy with regard to financial education, which is a asm that we prefer at pace opposed to financial literacy, because it oftentimes it implies that people are illiterate. perhaps financial empowerment might be a better term. in --on a pineapple plantation in hawaii where the common term is farmworker housing. we were poor, but didn't know it, because we got everybody lived like that. i don't remember very much having any choice. but we had the ocean as our playground. and so we would chop down some

bamboo and use it for fishing poles or use it for spears to catch fish. in spite of the fact that hawaii it isadise, and because paradise the rich people in the world by property, as a result the cost of living gets driven up. the local residents used as laborers service these rich people that come into hawaii. so, where hawaii is paradise spirit andoha lifestyle, sharing and receiving love and welcoming visitors, there is often times trouble in paradise. the pineapple off truck and ended up in a way -- l.a.

[laughter] there are 1.5 million asian pacific island residents. it is a must double the population of san francisco and more than double the population of the state of why you. hawaii. oftentimes we get lumped into are inegory, which we the senses. but there are tremendous differences between all of the asian cultures. oftentimes, for shock value i tell people that where blacks and whites have had 400 years of learny to learn and -- to to hate each other, japan and china have had 5000 years. chinese, iwife being

can testify that the hostilities continue. [laughter] >> you are going to have to clean that out before you go home. >> i will clean that up. i oftentimes put my foot in my mouth. i don't like to do that in public situations. asian pacific islanders in l.a. are spread out throughout the city and county. we opened our doors for a variety of services. we don't exclude others, so as a only a third of the clients who come walking through our doors. we see as many people from el salvador and mexico and peru -- we have had as many

african-americans as well as inicans from africa come that we provide services to, and so as a result, we have the capacity to speak over 40 different languages and dialects. and one theme that stretches throughout is the need for financial education. so, we started to develop the program. we actually begin at a very , iny age, that is preschool piggy bank learning. for the three and a half years ---year-olds. it necessarily requires being gauge men of the parents. justo, we see it is not the individual, but we have to

work with the entire family to begin that process of financial education. as opposed to reinventing the wheel, we look forward to seeing what other kinds of creative concepts can be used to enrich our programs as we look forward to participating. thank you. >> thank you very much. i am bob from boston. i want to thank the president for the appointment. it is an honor to be here with this group and to work with secretary duncan and chairman rogers and vice chair cisneros, director cordray. i come at this a little bit differently, i think, than others. i have actually been a practitioner for over 35 years -- i should probably say over 20, because it just makes me feel old. i am the vice chair of a group in boston called the calling group. we have about three point i've --lion dollars in assets

$3.5 billion in assets. we do melt -- we do wealth management for families and their kids. we are the only few dictionaries ira. we are independent. that's a little bit about what i do most of the time. in the past i have done a radio show in boston for 10 years called "the money experts." all we do is answer questions. answer questions for people with little means and little knowledge, but a thirst for knowing. way i created the boston university program for financial planners. it is a classroom, an online program. it is now the fourth largest certified financial planner program in the country and the largest in a not-for-profit institution. the chair of the certified financial planner board in 2010. that is a group that creates a conference of exam and standards for people who want to become certified financial planners.

a couple other issues that i think might be helpful. by way of background, my wife and i recently created an endowment for a financial literacy program for high school seniors, similar to what the cfpb described in their report with metrics for graduation, really trying to watch it evolve. all of these seniors will graduate and have to deal with credit card debt, student loans and deal with issues like that. i am the father of 4 millennia will's, and that makes me most -- i am the father of four millenials, and that makes the most qualified. they saved at a very low level. they have high rates of debt. loans and credit cards. they need to learn to be

financially self-sufficient. the study showed us that. they cannot rely on their parents of the government as they grow old. they need to learn how to invest -- not just save, but invest. they have been investing pretty conservatively on a short-term basis and we need to teach them to invest longer-term. i think all of those are importance. what i would like to see the counselor achieved, besides we have talked a lot about financial education -- it is also practical. how do we get the pole in this country to actually act? not just to learn, but to act? act in their own best interest interestcieties best -- society's best interest? i would like to see measurable objectives so we can bring the information and the delivery system together so at the end of the day action is taken. it is critical.

to inform people is great. without the action, nothing really gets done at the end of a practitioner, i understand how implementation can be critical to actually doing good. and that is hopefully what i can contribute here. so, thank you. >> hi, there. my name is ted gonder. with amillennial background in startups, information technology, and the viral spread of ideas. it is a privilege to serve on this council with some of the thought leaders in this space i have admired from a very young age. i am the ceo and founder of moneythink, which is the only movement for young people to restore the financial health of the u.s. through financial mentoring.ning -- we have trained just over 1000

college volunteers to mentor and positive- serve as financial role models for 11th in 11 communities across 10 states. in the classroom, we have observed that this particular age group, 16to 18, 19, is sporadice shift from income to steady income and a shift from financial dependence to financial independence. thee students also face densest concentration of life-changing financial decisions they have ever had to face and might ever have to face. we view this as an opportunity to administer preventative treatment. on the mobile technology side, we have had the honor and privilege of working with some of the world's leading petitioners in design thinking technology development and rapid

haslem solving and that built mobile technology solutions being piloted and rolled out across the country. as the youngest person on this counsel, i feel a particular humility and seriousness with regard to my role. my parents were born into poverty and saved every penny and works hard her chances that i could have all of the opportunities they never had. but in my youth, i was a bit of a knucklehead and occasionally squandered those opportunities. 14 andnot until i was getting in trouble that a tutor who had grown up in ghana, who saved money for plane ticket to come to the u.s. to study and pursue the american dream, came into my life and turned my mirrors into windows. and this young man was 19. i was 14. i related to him because he was

young, but i respected him because he was a little bit older than i was. and he taught me not just math and got my grades to go up thomas that he taught me how -- got my grades to know up, but he taught me how to set goals. was natural in the economy collapsed in 2008 and i was in college at the university of chicago to start a small community initiative called moneythink to create a tutoring program that would focus on money skills rather than academics between college schools -- college students and local teenagers. today that 2008 and program has grown as a grassroots organization and now is the technology laboratory to be in multiple cities across the country. i have seen our students help their mothers keep the heat on in the winter by keeping earningg skills,

college scholarships, earning recommendation letters from college mentors who get to know them over the course of an it has been and awesome opportunity. some of these students are now my closest friends. me are somets and of the lucky ones, to be honest. there are 6.7 million young people in the u.s. that are out of work and out of a job. this represents nearly two percent of today's american population. young people historically struggled to hear -- to get their voice heard. in my humble post on this counsel, i want to channel that voice. what i want to achieve is a win/win for the future. everyone will come -centered,this student

technologically-advanced approach to learning. when you speak to a student on their level, they listen. when you put a program in their pocket, like with the smartphone, you unlock new pathways to protect of it, disparity, customize learning, and measurement. you reduce the cost to scaling. you get real-time behavioral develop annd you evidence base to attract the capital and partnerships to create the cure for financial distress and even the odds for future generations. so, it's an honor to be on this counsel. i look forward to working with all of you. >> good morning. experience, having a you are atsign -- least a year i had of the average, at least for the boys. well done.

i am rich ketcham, the ceo of the largest nongovernmental entity working with the sec, finra. i am also pleased to be you the forrman of the centers investment in education foundation. the center and its many partnerships are focused on providing underserved americans with the tools they need for financial success. for example, our grantmaking partnerships with the american library association and united way worldwide. they deliver opportunities to engage youth both in school and out of school and have piloted innovative strategies in the workplace. conduct education programs and community colleges. city'sve worked with the national empowerment coalition,

including san francisco. i am very least that treasurer cisneros has joined us in this new version of the advisory committee, and i think will provide terrific leadership. ourlso reach youth through financial literacy project all generation money. it is a partnership with the consumer federation of america and channel one. it reaches 5 million middle school and high school students annually to develop the finance skills that are important for teens to master and use in everyday found -- situations. believe that data is critical to refining and directing financial capability efforts where they are needed most. we look forward to partnering with the treasury and rich with two earlier versions of the on they council financial capability study, which is been mentioned a couple

of times today. each wave about study surveyed 45 million american adults, allowing us to fine-tune our analysis for populations, and , theincludes millennials generation of americans born and 1994.78 really across the board, millennials face special challenges from the standpoint of financial capability. one way or another in the midst of their education or on the other side of it, they face the rate recession and tremendous challenges for him able to find jobs and the work issues in that environment. thingsa demonstrates that are not surprising. who arestrates persons

too dependent on non-bank lending when they had access more than earlier generations to some form of financial capability instruction. their absorption of that is simply not demonstrated from a testing standpoint and their exposure as they move through an environment where those move forward -- even if it had moved a financialugh standpoint -- are way more burdened by student loans both as a percentage and a size that earlier generations can barely even relate to. across thent made board, which is we need to move financial capability and communication and education away , fortunatental interactions to an environment where it is focused and concentrated and very much looking to evaluate and identify what's -- what works. it is a pleasure to be involved in this advisory committee,

particularly with the education for youth. thought -- >> hi. i'm a financial journalist. i'm a financial journalist. i wanted to start with to really fast stories. one about my middle school, who was about five or six at the time. we were putting him to bed. he looked at me and said, mom, i have a question for you. going to bet was the mating of live, where do babies come from. it was "mommy, how do i get compound interest?" were from deep in the depression. they had no money. and yet when my dad became a teacher, he was given the opportunity to put half of his salary in his 43 b plan at the

403b plan at the time. that is why i have spent half my peoplelking to young about these issues. we have an opportunity on this president offer the concrete, action oriented suggestions. in june, the first results of financialever literacy test of 15-year-olds will be released. i hope i'm wrong, but i fear that america's scores will be disappointingly low and signal we have our work cut out for us. previously i worked under it= -- i worked on the council under john rogers'amazing leadership. we created an online to tool called money as you -- mon

eyasyougo.org. with 20 essential things parents need to teach their kids from the ages of three to 23. we had no marketing, no pr budget. over one million visits. thanksort went viral, mostly to mom's passing it around on social media. pinterest and facebook. i thought it was one thing to ice skates andg viral, but when it comes to personal finance, it is news when it goes viral. it struck a chord. i think it is offering evidence

evidence that families are hungry for this information. really quickly, i think we have two specific issues we can tackle. one for teens, one for toddlers. first were teens. college graduates have a much higher lifetime earnings essential than those who do not go to college. one way to increase enrollment is to get more families to fill out the fafsa. more than one million high school seniors who should fill out the fast but --the fafsa don't. one recently found that when a professional helps a family fill out the fafsa, they not only get more financial aid for that child, but we see a 20% increase in college enrollment. what can the council do? let's bring together partners to bring together the fafsa core two teach families to fill out the fafsa. let's use college incentive dollars to train students to help. the president recently launched a terrific financial aid toolkit for financial counselors. let's make sure these high

school counselors know about it here it but support the efforts of the first lady and arne duncan who has been the champion of financial literacy in this country, as well as the fafsa form. he has been going around talking to high school students about this. and let's work to make february fill out the fafsa month. that's teens. now toddlers. everyone knows the real momentum is in pre-k. the president spoke about it in his last two state of the union addresses. research shows that kids in preschool are capable of understanding basic financial concepts. some of those include delaying gratification, financial exchange, and making choices. let's get financial education integrated into universal pre-k efforts. willingks seem to be

partners. in 2012, pnc bank teamed up with sesame street to create a financial education initiative which showed that these efforts not only teach preschoolers, but they found the parents of the preschoolers who participated and watched of the sesame street show on financial literacy also -- the parents -- ended up improving their savings as well. it is worth noting the most visited section of moneyasy torow.org is for three five-year-olds. there is a lot going on in the financial literacy world. is talking about developing a financial literacy test for high school students to suss out what kids need to know, particularly focusing on underserved populations. plus the financial education commission is zeroing in on youth in a reinvigorated way. cfpb under richard cordray, and

again arne duncan. i am truly humbled to be part of this amazing counsel with some of the older members and the amazing new members. thank you for listening. >> hi, i'm josé cisneros. i am the treasurer of the city and county of san francisco. i am honored to join the other members working on this important topic. serve as vice chair of this council and join all the other members in working on this important topic. in san francisco, we set an aggressive agenda from municipal work in the area of financial empty empowerment. we have one of the finest offices of financial empowerment in the country. we get to work with establish san francisco as a recognized leader in the field. many of you i know are familiar with our bank on san francisco program. seven years ago we launched the bank on program to respond to the need to access to healthy and affordable financial products for our under served residents. today almost a hundred cities

and states across the country have created their own bank on program in their communities to begin to take a serious look at the role, local and state governments can play in building the financial security of our most vulnerable constituents. since then we've launched a range of programs and services focused on four key areas. first increasing access to safe and affordable products. also delivering effective financial education and counseling. also helping families save and build assets and finally providing protection to consumers in the financial marketplace. when we under take all of these efforts, we focused on leveraging the unique powers of local government to convene the stakeholders involved. using local government to integrate financial empowerment initiatives right into the services we provide to the residents of our cities everyday. in 2011, we started the kindergarten to college program.

san francisco is the only city in the country that automatically enrolls every entering kindergarten in our public schools into a college savings account program from the first day of school. we created k to c because we believe that every child should start off in the financial mainstream, not shut out. every family should have the opportunity to save for their dreams. we are pleased to have secretary duncan and chair rogers to join us for a working discussion of our program last year. we were out front and open about it because launching kindergarten to college wasn't easy. we faced many obstacles particularly in finding the right account structure to automatically open thousands of accounts for 5-year-olds as well as securing public dollars to put fee deposits into these accounts and private funds to provide matching funds to families. however, our efforts are

starting to pay off. today, more than 13,000 kindergarteners through fourth graders in san francisco have kindergarten to college savings accounts. more than 1500 families has started saving and so far these family have saved more than $550,000 of their own family money for their children's education. that means our savings participation rate is about 12% a number that is four times higher than the percentage of families saving in traditional college saves accounts across the u.s. even more remarkable, most of our savers are low income families. for example, gordon jay elementary school, 86% students there are enrolled in the national school lunch program. at that school today, more than

20% of the families are successfully saving for their kids college education. i would like to work where all of you with a federal agencies here and all of the partners to make sure the programs like kindergarten to college are available in more cities across the country. k to c is more than just a college savings program, it ties financial education to real life savingses account. it creates a culture of savings by being universally available and it builds aspirations that college and could be a reality for every child in our country. i'm excited to work with all of you to develop recommendations and initiatives that go well beyond bringing financial education in the classroom. we need better products in the market to support young americans and their families in saving and building financial

security. this includes transactional products as well as savings accounts. we need to provide better financial education at all stages and lifecycles including in the classroom. when young people transition to college and ultimately to the workforce. we need to ensure our students can finance their educations without drowning in debt when they graduate. finally, we need to focus on intergenerational approaches, financial capability is a family affair. we cannot ignore the impact of financially insecure home life has on our young people. i like to thank the president performing this council and allowing me to work with all of you to make this a reality. thank you very much. >> thank you. good morning everybody. i come to this council from facebook where my day job is focused on helping companies

leverage their platforms to market to consumers. the more important stuff that i might bring to this endeavor is focused on the work i do outside of work which has been in and around the passion project for me which is charter schools. i had the privilege to open one in brooklyn. it opened doors in 2000 and did it again in atlanta. both kindergarten through eighth grade schools both doing extremely well and making a big difference in the communities they serve in most of those locations. i bring a passion really focused on empowering young people and young families because i think this is a family endeavor into having the tools to be able to be successful in this world. why i'm honored to be a part of

this council, it allows me to bring the expertise of my day job and tie it directly to my passion projects outside of work and bring those together in a unique way. i certainly think that there is no road to success on this path. i think somebody mentioned on the leveraging of technology and innovation should be a part of this. i hope my experience are in those areas can be leveraged in that way. i love to see tackle those with the understanding that leveraging technology innovation, digital, social as both a communications mechanism and also an empowering mechanism can be a big part how we do this. i love to see that happen earlier in kids education and integrating this into school programs and curriculums is also a passion for me. we've done some work in our charter schools. i love to see that part of the charter that we activate.

i'm humbled by the breadth and depth of this experience everybody brings. i look forward to get into the hard work. >> thank you very much. good morning. i'm mark i'm the president of the national urban league. let me certainly thank john rogers, arne duncan, jack lew

and president obama. i will tell a little story because it makes a point. this is a true story by a well known activist and social critic who shared a story with a group of us. he said that he was all of a sudden feeling very ill. headaches, backaches, hypoventilation, knee aches. all sorts of health challenges. the first time in his life. as a vegetarian and naturalist,

he drank beet juice and carrot juice and kale juice and did all sorts of wholistic things. tried out acupuncture. none of it did a thing. he broke down and said, maybe i need to go to the traditional doctor. he went to the doctor and he was prescribed all sorts of pill and medications and injections and bedrest. none of it worked. all of a sudden, he had a conversation with a friend of his and his friend said, he said, dick, why don't i just pay off all your debts. he says, once his debts were paid off, miraculously the headache went away, the back ache went away. his problems went away. the lesson is that debt and poor financial decision-making can be disabling to families to individuals in ways that many of us may not be able to imagine. i just want to make a few quicks point. we at the national urban league

have been in the business of financial literacy, financial education, financial capability, i intend to like the term to financial empowerment for a long time. we've been on this journey because we're a due tank. we provide direct services to over two million people each year. in the work we're doing now, we're trying to integrate, if you will, financial education and empowerment into our after school programs, into our job training programs, into our entrepreneurship programs because of the thought that financial decision-making in the 21st century have to be a part of every single thing that we do. i'm struck at the financial decisions that very young people make everyday. young people have these devices. it's a beautiful thing. it is not free. with the device, you have the opportunity to make further financial decision-making by downloading games, by paying for

apps, turn on the television at home, go to the on demand channel and there is another opportunity for young people to make financial decisions. young people today are making financial decisions at an earlier age be it because of those phones are tied usually to a parent or a grandparent's credit card. they're making financial decisions not only for themselves but also for you. this decision have to be seen in this issue in today's context. not in the context in which we all grew up, a generation or two or three or so ago. but in today's world, the very real decisions, the very real financial decision that young people are making at an earlier

age. here's what i think an opportunity is. there's a discussion around common core state standards. we're intimately involved in that. that creates an opportunity to integrate, if you will, financial education not as an extra. not as something that's ancillary something that is intimately involved how we teaches course like math. how we help apply the principles they're learning in school for real decision-making. there's a further opportunity here. director cordray and his work at the new agency, creates this whole new world of conversation about consumer empowerment, consumer protection, consumer information. what i think we have to do as a commission, we have limited

time, the clock is indeed running. what we don't want to do is reinvent the wheel. i had an opportunity like several of you to serve on previous commission that made a whole set of important recommendations that i hope provides a starting point for what we do. the second thing i think we want to do is keep it real. create a set of steps, action steps that can be actualized at the local level by those institutions, nonprofit, schools, for profits, regulators etcetera. who really truly understand the value of impacting this. thirdly, we need to hear from some young people. in this process, i don't know if that says we ought to do a field hearing. we need to hear from the young people themselves.

high schoolers, college students, get their perspective. not anecdotally. not through hear say but some sort of direct engagement. i think it will be elluminating, it will educate us and empower us. i also think we will find young people know more than we think they know. i think we'd find there's a great energy and thirst for being better educated and better informed about our economic system and the world they live in. those are recommendations. i'm proud to be a part of the commission. >> i'm the ceo of the guardian life insurance company of america. based in new york city. i'm honored to be a part of this commission and thank you for inviting me, i'm new to the council. i'm very excited about working

on one of the most important and compelling issues that i think we face for the next generation of americans and also some people have pointed out this morning for our democracy. guardian is a mutual life insurer. we are owned by our policy holders. we were founded in 1860. we just finished our 153rd year as a financial institution. being owned by our policy holders, we return about 70% of their profits to our policy holders every year in the form of dividends. our mission part of our charter is to provide financial security for as many people as possible individuals, small businesses and families. part of our mission as a mutual company is also to be of service in our community. in terms of the financial

literacy council and what i'm hoping and guardian is hoping to accomplish here, we are fortune 250 company, we are a financial institution and we believe that large corporations and financial institutions can be a force for good in society and can definitely contribute to this effort. like everyone else in this room, we have observed the challenges of americans not only in managing their money on a daily basis but in preparing for retirement. many americans particularly middle income and lower income americans are hopelessly underinsured. meaning their families are unprotected in the case of an early death or disability of the main breadwinner of the family. that's one of the issues we work on a daily basis. as we've been working on the issues over the past three years

that i've been ceo, we have been trying to figure out how we can contribute to making people more aware of their needs and obligations in terms of providing for their families. we've also decided that we needed to channel our corporate giving fill drop -- we have engaged some experts in helping us doing that. there are many experts in the room i'm sure we can learn more from you going forward. we look forward to that. one of the things that we have noticed and part of what i would hope this council might be able to address and accomplish in working with community college students, it's not just the education. the curriculum we use and we've looked at many different

curricula are very similar. the basics of what to do and even how to do it are familiar and are easily taught. one of the issue and challenges that our student have faced is all of the surround sound of their life. if they can't get to class. if they have an emergency. if they don't know how to open a bank account. if people at home are threatened by the fact they are suddenly becoming financially capable, how do they move forward and achieve their goals. we are looking into how to provide more mentorship opportunities and our employees and even some of our clients have volunteered to be mentors to the students where we're providing this financial literacy education. we believe that mentorship combined with education is the way to make this real and actionable. we very much hope to gain ideas

from this council. we definitely want to contribute our expertise and collaborate. the idea of this council in terms of making financial education and literacy more real and to implement going forward. i'm very honored to be a part of it. there's so much expertise in this room. it's very heartening to see and i look forward to working with all of you to make the recommendations to this council. thank you. >> good morning. my name is carol. i'm the president of davidson college. davidson recruits talented kids from all background and educate them for leadership service and disproportionate impact. at davidson w we work to make equal opportunity real when we consider candidates for admission, we do so irrespective of their ability to play. i'm privileged to be a part of this group. i see myself as a bridge higher education. i would talk about roles that i hope to play on this council and kinds of education that i hope i can inspire.

first, i hope i can take the creative energy of this council back to the higher ed sector and inspire conversations in different parts of that sector about how we can ensure that all of our students continue the education and financial literacy and financial capability that they should be begin as toddlers. second, i hope that we can convene conversations with partner through shared davidson commitment to access to make sure talented kids how to get to college and how to pie for college and why college is worth it and chart a meaningful course for themselves through a institution. ...

davidson is committed to working like the college advising core and the college ordered. pipeline that makes clear why college is affordable, why it's worth it, and how families can pay for it. most interestingly, the economy is ways i needidly in to understand more clearly than i do. to make sure the education we offer is worth what it cost, given the world our kids enter. to have had different classrooms and opportunities so need to succeed. we

make sure our curriculum is student centered and they are grappling with questions for which no one knows the answer so they are prepared to create their own jobs or be entrepreneurs. or in an economy where the job they hold may not exist. the education we offer, students develop the talents and capacities that they need to plan for themselves a meaningful life of financial independence and baton of me. this requires thinking about what we do in a foundational way. the many different sectors of higher education. finally, we really need to convene conversations about our institutional role at this moment. what is the role of davison as an institution for promoting and educational workforce? we need to take much more responsibility for building strong and wide bridges for k-12 and building bridges to the employers that kids will see. we can rethink our societal role

as an institution for the rest of the higher education sector for the conversations that take place. i can't tell you what a privilege it is to be here and i am sure i will earn more than i contribute and i thank you very much for your time. >> i am in the rosen. i would like to welcome our new members and say that i believe the white house has really done an excellent job adding assets to this group and i am truly optimistic that our work will be

impactful. and i applaud the team for bringing to the table not only our friends from treasury but the secretary of education, both great champions of this cause. and i think we will be stronger and certainly much smarter than being here is partners. i spent the last decade or so dedicated to those to even the playing field and public schools all have an opportunity for high-quality education. i proudly served in newark where educators were proving what was possible. i run a global ngo called the network for teaching entrepreneurship. and economically challenged neighborhoods, to teach them to be able to plan for successful

futures, find, and created job. it is the reason young people in america gets cool. we can create an entrepreneurial mindset which will hopefully become easy to use measurement tools and advise others to invest in this work as well. those of you that have been hanging around me the last few years, we have an opportunity through the adoption of the common core by 48 states. thanks again, a completely reimagined sat test. directly into everyday classes.

my dream is that this work will become part of the everyday math ending this classes. i have no objections to those that believe that some are truly outstanding and need to continue to do this work. dependent on what the code they happen to be in. we learned the hard way that chances are it will not be consistently taught. today's release, certainly will back up the notion that is hit and miss nature of this work is not enough. we have proven that teachers and school leaders alike can respond and adopt an online.

this council can move quickly to take that work to the next level. given the gravity of the issue and the incredible opportunity that technology offers, there is an opportunity for new kinds of tools and a direct to consumer play with the introduction of real-life decisions for millions of young people to engage. this panel has the ability to spark the interest of developers, investors, and industry leaders. i have spent much of this last year doing a dive and the employment challenges that will be facing people in the next 25 years. and with our youth employment

numbers closing in on 20%, it's always three times as hard for a young american to get a job as an older adult. this gets considerably younger, another 2 billion young people with influxes from india and china. there is a direct correlation between those that have financial knowledge we did a study of our alumni, they stayed in school longer, employed at a higher rate, they earn more than their peers. making sure that they can make well-informed decisions by the

time they are 17 and faced with these choices. it will make a huge difference for millions of americans. i am grateful to president obama for using the bully pulpit and his personal time. >> i am one of the new members from the private sector. i hope and think we can contribute to this very important effort. financial education shouldn't and cannot be something which is reserved for the few. you listen to what we hear as we talk about people away from this room.

luck should not determine if financial decisions. it is those decisions which ultimately are a means to broader success. savings, not spending, bank accounts, payment cards including prepaid cards and investing are all core concepts. and all need to understand these. some are complicated and understandable. they work hard to make sure this is the case and something we are totally supportive as well. when you look at what has happened over the last five years, there is a demonstrated need to move the education process forward. proactively helping people be successful needs to be foundational in this country.

as a global leader in electronic payment, we are committed. we invest in technologies that increase financial inclusion and enable greater financial responsibility. it is both our business and our philanthropic efforts towards this. our flagship financial literacy initiative, practical money skills for life is a free program to help parents, teachers, students, and consumers learn personal financial management. it has been a leader in developing innovative public and private partnerships with governments, schools, and nongovernmental organizations to deliver free programs and help learn the fundamentals of budgeting, saving, responsible spending, and the wise use of credit. more than 30 million people have

been reached to these education programs which are game based, and have extraordinary engagement and just work. we've partnered with 42 state governments, to every middle and high school in each state. we have seen that financial education works in public private partnerships. fueling sustainable economic growth is the core of what we do every day and it is why championing greater financial stability is in our dna. stability is achieved when there is a consequence and we know that this can be tossed. we have been helping parents and teachers bring personal and financial education to millions of young americans.

>> good morning. thank you, chairman rogers. i'd like to thank president obama and his staff for the opportunity to be here with you all. it is the largest development organization for girls in the world. we have been doing that for 102 years. i think this morning is really important. more important now than ever. i would say the girl scouts has known the importance of facilitating these issues for over a century. what i would like to do is bring the voice of the youth to this table. i am very aware that the average

age of my boss is eight years old. very focused in ensuring that i understand with the skills that they have every day come from the adults that surround them. our organization is powered by volunteers. they dedicate their lives to teach these amazing girls that their voice matters. girls are not our problem to be solved but an investment to be made. i would like to share that we have done a lot of research. we recently did a report. both girl scouts and non-girl scouts. the girls are very competent -- confident and optimistic. their current knowledge is not very high.

they know that money is important but they don't know the financial principles and instruments to use like credit cards. only 12% of girls surveyed say that they feel confident making financial decisions. i have also seen that when girls have that opportunity, they invest in incredible ways. they raise $800 million in one quarter of the year. it is all run by them. they are investing back in their local community. they are funding animal shelters, senior centers, local public parks. it is really important to give back.

>> you've got $28 out of me last week. >> i appreciate that. i would like to say the work of this counsel is important because we have to connect the fact that girls and young men want to invest but they need the tools to do so. i really want a counsel to identify developed strategies for youth in this country. i also think it's important that we service people around this conversation. hundreds of nonprofits working with youth every day. how do we scale the ideas that come out of this counsel so that they are focused and moving in the same direction? i think it is important that we have the voice of the youth at the table today. i see that when adults get around the table and create solutions, there is a disconnect.

i think that we need to go out and get the voice of the consumer, the youth to really figure out what they want to be partners in. thank you for allowing girls to have a voice at this table. i will do my best to reassure that we bring data from our own research institute and also to serve around these important issues in this country. >> i would like to thank everyone for their remarks. there is so much passion and so many consistent values. >> we are committed to honoring our time with you. which means instead of giving you a readout, i don't think we have time to do it.

what i am going to do, highlight a set of themes that i think many of them we heard from the councilmembers today that can help to begin to set what will be the agenda for this counsel moving forward. and we can allow feedback from you all around this table. we will open up for a small number of comments and we will be ready to close it out. some of the themes that were themes that came out of the prior counsel, specifically identified in the remarks of this new counsel include action

steps, priorities. enabling more children to obtain high-quality education to their schooling. people recommend with skill sets in terms of decision-making that have real bearing for the choices they will be making. another thing that i think we heard is engaging the model for building the financial capability of young people. another thing is championing readiness for college. both about where we decide to go for school, how we pay for that education, and how we will

manage that when they come out. another theme is the importance of leveraging technology as well as innovation and giving young adults access to safe and affordable financial products and services. to manage their budgets and begin taking it vantage of career opportunities that put them on a sure path to financial security. before i turn it over to valerie, i want to open it up to the council and see if you feel like we have captured the priorities. don't be shy. >> you have financial

classifications on the list. one of the things mark brought up is the idea of following through on the last counsel. we are not starting from scratch and it is an important point to reemphasize. >> we want to capture this connection with common core standards. it is a game changer. and the idea of this comment over here that suggested that financial education -- i think it does not fit outside of the specialty collective kind of

concept to be really fully integrated. the other thing i would add is unleashing the power of the ngo nonprofit community. so many of us come from the community and are intimately involved in the delivery of financial education. >> if i can add on to that, adding to the common core integration is the opportunity that is now being reimagined and i think the leadership of the college board. while it took us a while to come to the common core realization, the window is shutting in the sense that a lot of innovation is happening now.

on one hand it's late, and on the other hand, it is an opportunity to really promote what is working well. we never really figured out how best to leverage that opportunity. i am particularly thankful for the white house. >> the thing i wanted to add was pre-k. those little brains can understand. >> i am excited about bringing cities and local governments into this work. we have a number of cities

geared up and engaged, not the least of which are cultural empowerment. and many other opportunities, summer youth opportunities. growing in terms of ways that can create financial education. >> private sector organizations and companies, a private sector is hungry to learn more about how to best supply their philanthropic dollars with this topic. i am grateful for the opportunity to be part of that. >> valerie doesn't need any

introduction but i knew valerie my whole life. i got to know her really well. her mom is extraordinarily pioneering in early childhood education. and also, an extraordinary amount of real estate. it was on the executive committee of the university of chicago. and the opportunities for young people to go to the college of their choice and the able to afford it.

it brings a lot of expertise and experience. she was a leader and all of the issues of economic development and how to build strong communities and diverse communities throughout our urban areas throughout chicago and doing similar work. we know that she helps guide the president on all kinds of issues and brings a special passion for issues facing the types of challenges.

>> on behalf of the president, i want to thank you for your service. it is something the president cares passionately about and the experience that the president had. i believe it is part -- making sure that they have the advantages that he had when he was young. this is a year of action. he will use everything in his power to make sure that we can ensure that everyone in our country has an equal opportunity to achieve their dreams.

he is committed to making sure that your future doesn't get determined by the zip code in which you were born. you will see a series of initiatives where over 80 showed up. targeting disadvantaged young people and trying to attract them. that is on the higher end. we have to make sure that from preschool on, they have at their fingertips, what they will need in order to be responsible adults.

i know they talked about the new initiative that they called my brother's keeper. for men of color to not get left behind and compete. what is so important now is that all of our young people grow up and have the skills that they need to not only manage their personal finances but the good citizens and give back to the community. the work they are going to do here is vitally important. there is a moment where we have this opportunity and we should take full advantage of it. it doesn't require congress and it doesn't mean we won't pursue legislation, if there is so much that we can do just with those of you in this room and the constituencies that you work with to help our young people become financially capable and literate. i thank you for your service and everyone that showed up to participate. it is great that we have an enthusiastic group of folks

committed to making sure every child gets a second chance. [applause] >> thank you very much. i know there are individuals that received confirmation numbers. >> we could propose that in the interest of time, people submit their comments via e-mail. there is an e-mail box, and i appreciate everyone that asked to participate. pacfcya@treasury.gov.

>> we look forward to getting your comments and we will close. >> thank you for being so attentive. it is great to be on time. i thank all the panel members and councilmembers. we look forward to seeing you in the summer. meeting adjourned. [captions copyright national cable satellite corp. 2014] [captioning performed by national captioning institute] >> mr. speaker on this is the workday we opened the proceedings for the first time to televise coverage.

television will change this institution, mr. speaker, but the good will outweigh the bad. >> in the midst of a terrible tragedy on the potomac, we saw again the spirit of american heroism. he saw a woman lose her grip on a helicopter, dived into the water and dragged her to safety. [applause] >> my personal opinion is this -- you deliberately stood very for an empty house and challenge these people and you challenge their americanism. it is the lowest thing i have ever seen in my 32 years in congress. >> we are on the brink of

enacting in independence bill for the disabled of america. and will look to this day today when the president of the united states signs this bill is the independence day for those who have been disabled. >> the chair would like to ask my this thing with republican colleagues if you would take the chair. with the gentleman please take the care -- the chair? [applause] >> mr. speaker, thank you for giving me the opportunity to wield this gavel and sit in this chair. it is something to behold.

>> george w. bush of the state of texas has received for president of the united states 271 votes. al gore of the state of tennessee has received 266 votes. may god -- may god bless our new president and our new vice president and may god bless the united states of america. >> you have supported us with our cash with your resources, with your leadership in the world committee, and most importantly, with the precious lives of your soldiers. [applause]

>> it is now my privilege to present the gavel of the united states house of representatives to the first woman speaker in our history, the gentlelady from california, nancy pelosi. >> it was dr. martin luther king jr. who said, all forms of inequality, injustice in health care is the most shocking and inhumane. >> racial profiling has to stop, mr. speaker. just because someone wears a goodie -- hoodie does not make them a hoodlum.

>> in a few moments, u.s.-afghan relations. senator marco rubio outlines his plan for economic growth and after that, we will re-air the first meeting of the presidential panel graded to help young people make better financials decisions. several live event to tell you about tomorrow. the senate armed services committee held a conversation -- a confirmation committee. that is here on c-span at 10 a.m. eastern. -- at 10:15 a.m., senators hear from whistleblowers from the nuclear waste site in washington state, as well as repair -- were presented some the department of energy. jeh johnson testifies about his agency's budget request before a house appropriations subcommittee. that is at 4 p.m. eastern.

>> up next, a look of relations between the u.s. and afghanistan and the upcoming afghan elections. bob casey of pennsylvania and spoke at the center for american progress for a little more than one hour. >> i am really excited. we are very excited to have senator casey here with us today. afghan afghanistan and elections that are upcoming in what will happen beyond the selection. we are honored to have senator casey here. he has been a great friend of the center. he has spoken here for the need for diplomatic action in afghan -- in iraq. he is also spoken on issues like universal pre-k. he is a real leader on universal pre-k and the needs of children and families in our country. we are indebted to him for that.

on the topic of afghanistan, and less than one month, afghans will go to the polls to elect a new president. this movie the first transfer of power in afghanistan since 2001 when president karzai came into office. the importance of this transition cannot be overstated. a successful change in leadership has the potential to usher in a more legitimate afghan government that could go to work improving its capacity, improving its commodity -- and economy, and addressing its security threats. a failed elect or process the potential to trigger violence and to threaten regional security reversing many of the gains that have been made since 2001. after more than 12 years of war, the afghan people have made progress that deserves to be sustained. broad access to health care and education, created government institutions, although a daily struggle,

opportunity for women. fewer than one million afghanistan children attended school. than 8.2 million children are going to school, many of them girls. afghanistan's long-term stability to stay in the national security of united states. a breakdown would put pressure on afghanistan and regional countries. it would create terrible fornitarian consequences afghans, reversing the gains that have been made over the past decade. between now and the presidential elections, the role for the united states and the international community will be to support the afghans as they seek independence. leader casey has been a in advocating for smart policies recognizing the

importance of transparent, credible, and inclusive election processes. and calls for ongoing use of afghanistan partnership. 2014xample, in the national defense authorization act, senator casey included in important amendment that would promote the rights of afghanistan's women and girls as united states transitions out of afghanistan. thetor casey has recognized united states must decrease its military presence in afghanistan and realign its foreign-policy posture to attack other global challenges. havee very excited to senator casey here today to talk about his views in afghanistan given his long-standing work in the region and his long-standing leadership on this issue. thank you very much. [applause]