In a proclamation on March 31st, President Obama explained how important it is to be financially literate and to have access to trustworthy financial services and products.
“The financial crisis was fueled by a lack of responsibility from Wall Street to Washington,” Obama said. “It devastated ordinary Americans, many of whom were caught by hidden fees and penalties or saddled with loans they could not afford. Preventing a recurrence will require both better behavior and oversight on Wall Street and more informed decision making on Main Street and in homes across our country.”
Financial Protection Laws
It is our duty as Americans to be financially responsible and contribute to the financial education of the men, women and children around us. It is important that they know the importance and the freedom that comes with being debt free.
President Obama is in the process of enacting more consumer financial protections into law, continuing what he started with the Credit Card Accountability, Responsibility, and Disclosure Act and the Dodd‑Frank Wall Street Reform and Consumer Protection Act signed into law last year.
For the remainder of the month of April, our posts will be about some basic financial education topics that we have found to be helpful. Feel free to respond in the comments below with suggestions or topics you would like to learn more about.
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