20 U.S.C. § 9702 — Establishment of Financial Literacy and Education Commission

(a) In general There is established a commission^* to be known as the “Financial Literacy and Education Commission”. (b) Purpose The Commission must serve to improve the financial literacy and education of persons in the United States through development of a national strategy to promote financial literacy and education. (c) Membership (1) Composition The Commission must be composed of— (A) the Secretary of the Treasury; (B) the respective head of each of the Federal banking agencies (as defined in section 1813 of title 12 ), the National Credit Union Administration, the Securities and Exchange Commission, each of the Departments of Education, Agriculture, Defense, Health and Human Services, Housing and Urban Development, Labor, and Veterans Affairs, the Federal Trade Commission, the General Services Administration, the Small Business Administration, the Social Security Administration, the Commodity Futures Trading Commission, and the Office of Personnel Management; (C) the Director of the Bureau of Consumer Financial Protection; and (D) at the discretion of the President, not more than 5 individuals appointed by the President from among the administrative heads of any other Federal agencies, departments, or other Federal Government entities, whom the President determines to be engaged in a serious effort to improve financial literacy and education. (2) Alternates Each member of the Commission can designate an alternate if the member is unable to attend a meeting of the Commission. Such alternate must be an individual who exercises significant decisionmaking authority. (d) Chairperson^* The Secretary of the Treasury must serve as the Chairperson. The Director of the Bureau of Consumer Financial Protection must serve as the Vice Chairman. (e) Meetings The Commission must hold, at the call of the Chairperson, at least 1 meeting every 4 months. All such meetings must be open to the public. The Commission can hold, at the call of the Chairperson, such other meetings as the Chairperson sees fit to carry out this chapter. (f) Quorum A majority of the members of the Commission must constitute a quorum, but a lesser number of members can hold hearings. (g) Initial meeting The Commission must hold its first meeting no later than 60 days after December 4, 2003 .