Council Member John Hope Bryant applauds Council Chair and Council on release of Final Report

President Barack Obama drops by a meeting with the PresidentÕs Advisory Council on Financial Capability (PACFC), in the Roosevelt Room of the White House, Feb. 19, 2013. Participants include: Racquel Russell, DAP for Urban Affairs and Economic Mobility; acting Treasury Secretary Neal Wolin; Cecilia Mu–oz, Domestic Policy Council Director; National Economic Council Director Gene Sperling; Michael Strautmanis, Counselor to the Senior Advisor for Strategic Engagement; John Rogers, Chairman of the Council and CEO of Ariel Investments; Amy Rosen, Vice Chair of the Council and CEO of the Network for Teaching Entrepreneurship (NFTE); Janie Barrera, CEO of ACCION Texas Inc.; Roland Arteaga, CEO of the Defense Credit Union Council; Ted Beck, The National Endowment for Financial Education; John Hope Bryant,  CEO and founder of Operation HOPE; Samuel T. Jackson, CEO and founder of The Economic Empowerment Initiative, Inc.; Richard KetchumÐChairman and CEO, the Financial Industry Regulatory Authority (FINRA); Beth Kobliner, Personal Finance Commentator, Journalist and Author; Carrie Schwab-Pomerantz, President of The Charles Schwab Foundation; Eldar Shafir,  Professor of Psychology and Public Affairs in the Department of Psychology and the Woodrow Wilson School for Public and International Affairs at Princeton University. Administration participants: inlcude: Cyrus Amir-Mokri , Assistant Secretary for Financial Institutions at the U.S. Department of the Treasury; Melissa Koide, Deputy Assistant Secretary, Office of Consumer Policy at the U.S. Department of the Treasury; David Soo, Senior Policy Analyst and Senior Adviser for Financial Education at the U.S. Department of Education.  (Official White House Photo by Pete Souza) This photograph is provided by THE WHITE HOUSE as a courtesy and may be printed by the subject(s) in the photograph for personal use only. The photograph may not be manipulated in any way and may not otherwise be reproduced, disseminated or broadcast, without the written permission of the White House Photo Office. This photograph may not be used in any commercial or political materials, advertisements, emails, products, or promotions that in any way suggests approval or endorsement of the President, the First Family, or the White House.

President Barack Obama drops by a meeting with the PresidentÕs Advisory Council on Financial Capability (PACFC), in the Roosevelt Room of the White House, Feb. 19, 2013. Participants include: Racquel Russell, DAP for Urban Affairs and Economic Mobility; acting Treasury Secretary Neal Wolin; Cecilia Mu–oz, Domestic Policy Council Director; National Economic Council Director Gene Sperling; Michael Strautmanis, Counselor to the Senior Advisor for Strategic Engagement; John Rogers, Chairman of the Council and CEO of Ariel Investments; Amy Rosen, Vice Chair of the Council and CEO of the Network for Teaching Entrepreneurship (NFTE); Janie Barrera, CEO of ACCION Texas Inc.; Roland Arteaga, CEO of the Defense Credit Union Council; Ted Beck, The National Endowment for Financial Education; John Hope Bryant, CEO and founder of Operation HOPE; Samuel T. Jackson, CEO and founder of The Economic Empowerment Initiative, Inc.; Richard KetchumÐChairman and CEO, the Financial Industry Regulatory Authority (FINRA); Beth Kobliner, Personal Finance Commentator, Journalist and Author; Carrie Schwab-Pomerantz, President of The Charles Schwab Foundation; Eldar Shafir, Professor of Psychology and Public Affairs in the Department of Psychology and the Woodrow Wilson School for Public and International Affairs at Princeton University. Administration participants: inlcude: Cyrus Amir-Mokri , Assistant Secretary for Financial Institutions at the U.S. Department of the Treasury; Melissa Koide, Deputy Assistant Secretary, Office of Consumer Policy at the U.S. Department of the Treasury; David Soo, Senior Policy Analyst and Senior Adviser for Financial Education at the U.S. Department of Education. (Official White House Photo by Pete Souza)
This photograph is provided by THE WHITE HOUSE as a courtesy and may be printed by the subject(s) in the photograph for personal use only. The photograph may not be manipulated in any way and may not otherwise be reproduced, disseminated or broadcast, without the written permission of the White House Photo Office. This photograph may not be used in any commercial or political materials, advertisements, emails, products, or promotions that in any way suggests approval or endorsement of the President, the First Family, or the White House.


PRESIDENT’S FINANCIAL CAPABILITY COUNCIL COMPLETES WORK, ISSUES FINAL REPORT

Report offers recommendations on improving financial capability of youth; members commit to actions to build skills of young people 

WASHINGTON — The President’s Advisory Council on Financial Capability for Young Americans (Council) today published its final report to the President and Secretary of the Treasury on ways to build the financial knowledge and skills of the nation’s young people. The report includes recommendations for government, individual commitments to action, and best practices for improving financial capability.

“The Council’s work recognizes that the financial decisions young people make can set the course for their futures. We must ensure that young people, especially those in underserved populations, learn early about life’s financial choices,” said U.S. Treasury Secretary Jacob J. Lew. “The commitments to action that individual Council members and their organizations have made will provide opportunities for young people to build the financial skills necessary in today’s economy.”

“Financial literacy is critical to ensuring opportunity for all young Americans,” said U.S. Secretary of Education Arne Duncan. “This report is an important contribution to our understanding of financial capability and makes thoughtful recommendations for empowering students.”

“The work of the Council offers a road map to reach young people at important stages in their lives,” said John W. Rogers, Jr., Chair of the Council and Chairman and CEO of Ariel Investments. “Many of the recommendations and actions announced today focus on building the financial capability of young people in public schools, as well as other key settings, and highlight the promise of partnerships with private sector and non-profit organizations.”

Today’s report includes recommendations for improving the financial capability of youth and identifies a number of areas where progress is needed to improve financial decision making. These areas include simplifying student aid, tying together youth employment opportunities and financial education, addressing identity theft and financial abuse, and encouraging innovative approaches to build teachers’ ability to teach financial education in schools.

Additionally, Council members outlined several actions that private sector and non-profit organizations are taking to implement initiatives that align with the recommendations. Some highlights include:

Council members intend to grow partnerships for college mentoring by expanding existing mentoring partnerships such as the Davidson College, Franklin & Marshall College and the College Advising Corps program by training college students to help underserved students and families to prepare and make informed choices about college and financial aid.

With support from PricewaterhouseCoopers, Digital Promise will develop a pilot to test whether teachers who become more comfortable and confident with personal finance topics and effective strategies for teaching these topics will be better equipped to teach them. The pilot will provide access to tools powered by digital technologies to improve teachers’ motivation, confidence, and skills.

The National Endowment for Financial Education and the Take Charge America Institute at the University of Arizona are building a new online national teacher resource center.  The center will provide financial capability resources for middle and high school educators. 

The Citi Foundation and Cities for Financial Empowerment Fund expanded their Summer Jobs Connect program into the District of Columbia and St. Louis to provide more than 2,000 low-income youth with summer work experience, access to financial education, and appropriate financial services. Other cities involved in the initiative include Los Angeles, New York, Miami, San Francisco, and Chicago.

Over three years, the Chicago Financial Education Initiative will bring together city agencies and financial education providers for the first time to develop and enact a plan to make financial education accessible to all youth, parents and community members.

In New York, a partnership between the Council for Economic Education and W!SE will provide financial education and certification to high school students.

Operation HOPE has partnered with a number of financial institutions to open Hope Inside Centers in underserved communities, including Detroit and St. Louis. 

The Economics Center at the University of Cincinnati and the Math Forum at Drexel University have launched a new series of lessons for students in grades three through eight that integrate math and financial literacy called “Math That Makes ¢ents.” The series is funded by Jump$tart, and supported by the National Endowment for Financial Education.

Casey Family Programs has committed to sponsoring an Operation HOPE Fellow to help carry out the recommendations of this report, with a particular emphasis on building financial capability through employment.

The full report includes a complete list of the recommendations as well as additional resources for educators and policymakers. 

Members of the Council include the Secretary of the Treasury, the Secretary of Education, the Director of the Consumer Financial Protection Bureau and 22 non-governmental members appointed by the President. President Obama created the Council with Executive Order 13646 in June 2013 for a two year term.

 

Click here to view the Council’s report.

 

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Corporate Reform Organization Seeks Teachers to Train as Voices for Common Core

An educator forwarded an email he received, inviting him to apply for a fellowship at Néw York Educator Voice-America Achieve. If accepted, he would gain training in writing opinion pieces, speaking at public forums, and becoming a voice for Common Core. The organization would help him to get invitations to national conferences as a speaker and to become a prominent voice for the profession, on behalf of Common Core.

Here is the invitation:

“Dear Colleagues,

“Happy summer!

“The application deadline for the New York Educator Voice Fellowship is this Friday, July 3rd. The Fellowship is a really great program for teachers and principals who are interested in education policy and looking to make a difference in their communities and across New York. Don’t miss this chance to help one of your favorite teachers take advantage of this opportunity.

HERE is a link to our application website where you can learn more about the program and submit a nomination.”

The program offers to give teachers “voice,” but the voice must be used to support the corporate reform narrative. This is no voice at all; it is hiring teachers and principals to endorse someone else’s agenda.

The program is paid for by Michael Bloomberg, the Harry and Leona Helmsley Foundation (“queen of mean”), and the Gates Foundation.

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Washington State Will Test Kindergarten Children (But, Shhh! Parents May Opt Out)

A reader shares this information with us. The state will administer assessments to children in kindergarten but parents have the right to opt out. Will the parents know? If you live in Washington, make sure you inform parents of their right to opt out their children from this unnecessary assessment. Let the children play.

 

 

So here in the Pacific North West, our legislature just finished a special session and they’re now into the third. One part of our legislature, the House, just passed Washington HB 1491…”Expand Early Childhood Education Across the State” and has nice fine print related to testing kindergarteners and 3-4 year-olds. That’s right. TESTING. FOR KINDERGARTENERS. Section 2, [2][a] “Improve short-term and long-term educational outcomes for children as measured by assessments including, but not limited to, the Washington kindergarten inventory of developing skills in RCW 28A.655.080. The only saving grace? RCW 28A.150.315 is in force WITH THE EXCEPTION OF STUDENTS WHO HAVE BEEN EXCUSED FROM PARTICIPATION BY THEIR PARENTS OR GUARDIANS. That’s right. The K-12 public schools will now HAVE to administer the test with all the attendant costs and time suck but, as a parent, you won’t be hearing how you can opt-out. Lots of more work to do. Then again, I’m so pissed about it that it gives me the energy I need to fight, fight, fight.

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Sampson’s power, reach on display in trial

Mortgage Fraud Blog.

When Alexander Solomon was assigned to prosecute Edul Ahmad, a Brooklyn real estate agent indicted in a $50 million mortgage fraud scheme in August 2011, he likely had little idea of the shockwaves that would result.

Aside from forging the credentials of would-be homebuyers, Ahmad had doled out $188,500 to State Senator John Sampson which, according to prosecutors, Sampson used to cover up years of embezzlement in exchange for granting political favors to Ahmad.

The post Sampson’s power, reach on display in trial appeared first on Mortgage Fraud Blog.

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Petaluma man faces 19 new charges in mortgage fraud case

Mortgage Fraud Blog.

A Sonoma County man accused of bilking dozens of distressed homeowners out of tens of thousands of dollars faces 19 new criminal counts.

Miguel Angel Lopez now faces a total of 64 criminal counts, not including dozens of enhancement charges, which would add to his prison sentence if convicted. Many of his victims Monday saw the suspect for the first time since his arrest five weeks ago and emotions ran high.

The post Petaluma man faces 19 new charges in mortgage fraud case appeared first on Mortgage Fraud Blog.

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‘Citizen of the year’ awaits sentence in fraud scheme

Mortgage Fraud Blog.

A former California real estate developer who bilked millions of dollars from investors had every intention of finishing development projects that went belly-up during the 2007 housing collapse, his attorney argued in court on Monday.

But three of the investors said the developer, Kelly Gearhart, knew they would never see their money again and has ruined their lives.

The post ‘Citizen of the year’ awaits sentence in fraud scheme appeared first on Mortgage Fraud Blog.

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