NASAA Outlines Financial Education Initiatives in Testimony Before Federal Commission

WASHINGTON (May 20, 2004) — North Dakota Securities Commissioner Karen Tyler, on behalf of the North American Securities Administrators Association (NASAA), today outlined for the federal Financial Literacy and Education Commission the important role states play in providing financial education to help people from all walks of life build financial knowledge and security.

“State securities regulators share a common concern and a common commitment with the members of the Financial Literacy and Education Commission. We share your concern about the deficient level of financial literacy in this country and the impact it has on personal financial decision-making. And we also share a common dedication and commitment to doing something about it,” said Tyler, who also serves as chair of NASAA’s Investor Education Section. NASAA is the international association of state and provincial securities regulators.

Tyler, addressing the Commission at its meeting in Washington, highlighted several state-level financial education initiatives, including the creation of a program blueprint for NASAA members to use in developing and hosting teacher-training academies. “Through teacher training academies, we help teachers develop the knowledge they need to effectively teach personal finance concepts, and we provide them with the tools and resources they need to efficiently deliver financial education to their students, starting as early as Kindergarten through the 12th grade,” Tyler said.

She also outlined an anti-fraud program NASAA is developing based on a highly successful initiative launched by California securities regulators two years ago. Tyler noted that seniors are increasingly targeted for investment fraud. “I want to emphasize that this is an area of great concern for state securities regulators,” she said. The anti-fraud program development guide will be delivered to the full NASAA membership later this year for use in their jurisdictions.

Tyler told Commission members that NASAA fully supports the Commission’s goal of promoting financial education and improving the financial literacy of all Americans. “State securities regulators stand at the ready to assist the Commission and serve as a resource, as you move forward in developing and implementing a national strategy to improve the level of financial literacy in this country,” she said.

For More Information:
Bob Webster, Director of Communications
202-737-0900

2004 Headlines, Newsroom