Establishing the President's Advisory Council on 
                Financial Literacy

                By the authority vested in me as President by the 
                Constitution and the laws of the United States of 
                America and to promote and enhance financial literacy 
                among the American people, it is hereby ordered as 
                follows:

                Section 1. Policy. To help keep America competitive and 
                assist the American people in understanding and 
                addressing financial matters, it is the policy of the 
                Federal Government to encourage financial literacy 
                among the American people.

                Sec. 2. Establishment of the Council. There is 
                established within the Department of the Treasury the 
                President's Advisory Council on Financial Literacy 
                (Council).

                Sec. 3. Membership and Operation of the Council. (a) 
                The Council shall consist of 19 members appointed by 
                the President from among individuals not employed by 
                the Federal Government, consistent with subsection (b) 
                of this section.

                (b) In selecting individuals for appointment to the 
                Council, appropriate consideration should be given to 
                selection of individuals with backgrounds as providers 
                of, consumers of, promoters of access to, and educators 
                with respect to financial education and financial 
                services. Each individual member of the Council will 
                serve as a representative of his or her industry, trade 
                group, public interest group, or other organization or 
                group. The composition of the Council will reflect the 
                views of diverse stakeholders.

                (c) The President shall designate a Chair and a Vice 
                Chair from among the members of the Council.

                (d) Subject to the direction of the Secretary of the 
                Treasury (Secretary), the Chair shall convene and 
                preside at meetings of the Council, determine its 
                agenda, direct its work, and, as appropriate to deal 
                with particular subject matters, establish and direct 
                the work of subgroups of the Council that shall consist 
                exclusively of members of the Council.

                (e) The Vice Chair shall perform:

(i) the duties of the Chair when the position of Chair is vacant; and

(ii) such other functions as the Chair may from time to time assign.

                Sec. 4. Functions of the Council. To assist in 
                implementing the policy set forth in section 1 of this 
                order, the Council shall:

                (a) obtain information and advice concerning financial 
                literacy as appropriate in the course of its work from:

(i) officers and employees of executive departments and agencies (including 
members of the Financial Literacy and Education Commission), unless 
otherwise directed by the head of the department or agency;

(ii) State, local, territorial, and tribal officials;

(iii) providers of, consumers of, promoters of access to, and educators 
with respect to financial services;

(iv) experts on matters relating to the policy set forth in section 1; and

(v) such other individuals as the Secretary may direct;

[[Page 4446]]

                (b) advise the President and the Secretary consistent 
                with this order on means to implement effectively the 
                policy set forth in section 1, including by providing 
                advice on means to:

(i) improve financial education efforts for youth in school and for adults 
in the workplace;

(ii) promote effective access to financial services, especially for those 
without access to such services;

(iii) establish effective measures of national financial literacy;

(iv) conduct research on financial knowledge, including the collection of 
data on the extent of financial knowledge of individuals; and

(v) strengthen and coordinate public and private sector financial education 
programs; and

                (c) periodically report to the President, through the 
                Secretary, on:

(i) the status of financial literacy in the United States;

(ii) progress made in implementing the policy set forth in section 1 of 
this order; and

(iii) recommendations on means to further implement the policy set forth in 
section 1 of this order, including with respect to the matters set forth in 
subsection (b)(i) through (v) of this section.

                Sec. 5. Administration of the Council. (a) To the 
                extent permitted by law, the Department of the Treasury 
                shall provide funding and administrative support for 
                the Council, as determined by the Secretary, to 
                implement this order.

                (b) The heads of executive departments and agencies 
                shall provide, as appropriate and to the extent 
                permitted by law, such assistance and information to 
                the Council as the Secretary may request to implement 
                this order.

                (c) Members of the Council:

(i) shall serve without any compensation for their work on the Council; and

(ii) while engaged in the work of the Council, may be allowed travel 
expenses, including per diem in lieu of subsistence, as authorized by law 
for persons serving intermittently in the Government (5 U.S.C. 5701-5707), 
consistent with the availability of funds.

                (d) The Secretary shall designate an officer or 
                employee of the United States within the Department of 
                the Treasury to serve as an Executive Director to 
                supervise the administrative support for the Council.

                Sec. 6. Termination of the Council. Unless extended by 
                the President, the Council shall terminate 2 years from 
                the date of this order.

                Sec. 7. General Provisions. (a) Insofar as the Federal 
                Advisory Committee Act, as amended (5 U.S.C. App.) 
                (Act), may apply to the Council, any functions of the 
                President under the Act, except for those in section 6 
                of the Act, shall be performed by the Secretary in 
                accordance with the guidelines issued by the 
                Administrator of General Services.

                (b) Nothing in this order shall be construed to impair 
                or otherwise affect:

(i) authority granted by law to a department or agency or the head thereof; 
or

(ii) functions of the Director of the Office of Management and Budget 
relating to budget, administrative, or legislative proposals.

                (c) This order shall be implemented consistent with 
                applicable law and subject to the availability of 
                appropriations.

[[Page 4447]]

                (d) This order is not intended to, and does not, create 
                any right or benefit, substantive or procedural, 
                enforceable at law or in equity, by any party against 
                the United States, its departments, agencies, or 
                entities, its officers, employees, or agents, or any 
                other person.
                
                
                    President, George Bush

                THE WHITE HOUSE,

                    January 22, 2008.