Community Dividend

FACT Act creates financial literacy commission

Published November 1, 2003  | November 2003 issue

The Fair and Accurate Credit Transactions (FACT) Act of 2003, signed on December 4, created a federal commission that will work to develop a national strategy for improving financial literacy and education in the U.S.

The FACT Act, which extends or amends certain provisions of the Fair Credit Reporting Act of 1970, established the Financial Literacy and Education Commission (FLEC). The commission will be composed of the Secretary of the Treasury and the heads of more than 15 other federal departments and agencies. FLEC duties include improving the federal government's financial literacy and education programs, materials and curricula; creating and maintaining a Web site to serve as a one-stop source of financial literacy information; and developing a pilot multimedia public service campaign to promote financial literacy and education nationwide.

To read the full FACT Act provisions related to the FLEC, visit and search for bill number H.R.2622.ENR. For more information about the Federal Reserve System's financial education initiatives, visit