ASSEMBLYMEMBER TED LIEU
53RD ASSEMBLY DISTRICT
For Immediate Release: March 7, 2008
Contact: Sheri Pemberton
Phone: (916) 319-2053

Assemblymember Lieu Meets With United States Treasury Secretary Henry Paulson To Discuss Financial Literacy Issues

Sacramento, CA – Assemblymember Ted Lieu, Chair of the State Assembly Committee on Banking & Finance, yesterday joined U.S. Treasury Secretary Henry Paulson and Treasurer Anna Cabral to discuss the announcement of a federal Financial Literacy Volunteer Initiative. Also attending were Oakland Mayor Ron Dellums and the founder and CEO of Operation Hope, John Hope Bryant.

"Financial literacy is a cornerstone of consumer protection because financially literate consumers have the tools they need to protect themselves from predatory lending and other types of financial scams,” said Assemblymember Lieu. "Drivers have to learn how to operate a motor vehicle before driving our road ways, so it is only common sense that people need financial literacy skills before entering into the some of the most important decisions they will ever make in their life, such as buying a car or a home."

At yesterday’s meeting, Secretary Paulson announced the formation of the Financial Literacy Volunteer Initiative, which will be operated by the USA Freedom Corps (USAFC) to mobilize volunteers to assist homeowners with their personal financial decision-making. This proposal uses the current USAFC database to connect volunteers with schools, jobsites and individuals who desire financial literacy education.

Assemblymember Lieu is the author of a state bill (AB 2123), which includes a similar proposal to create a state-level financial literacy “corps” made up of state employees who have agreed to volunteer their service to provide basic financial services to low- and middle income Californians without financial advisors.

The site of the meeting was also a demonstration of the power of financial literacy education. The event took place at a Bank of the West branch that also houses an Operation Hope center. This allows potential bank customers to become financially empowered and able to take advantage of retail banking services.

Assemblymember Ted W. Lieu represents the 53rd Assembly District, which includes the South Bay of Los Angeles County, and portions of the City of Los Angeles.