Appointment Reflects Lifelong Mission to Help Americans Achieve Financial Fitness
Public Company Information:
SAN FRANCISCO--(BUSINESS WIRE)--Chuck Schwab, founder of The Charles Schwab Corporation and chairman of Charles Schwab Foundation, has been named chairman of the newly-formed President’s Advisory Council on Financial Literacy. The mission of the Advisory Council is to bring national attention to the need for better financial education and to find ways to improve financial literacy for all Americans. President Bush signed the Executive Order creating the Advisory Council on January 22, 2008, and the Council is expected to have its first formal meeting in February.
“Financial literacy is the gateway to financial fitness,” said Schwab. “In today’s complex financial world, even the most affluent people can lack the knowledge and understanding to make good financial choices. This isn’t just an issue confined to a particular age group or socioeconomic class,” he added. “It’s something that touches Americans of all ages and walks of life.”
The idea for the Council came about after a meeting at the White House of financial literacy experts, including Charles Schwab Foundation president Carrie Schwab Pomerantz, in April 2007. Schwab Pomerantz and six other experts met with President Bush and Treasury Secretary Hank Paulson to press for a more focused national effort on financial literacy. The group’s first recommendation was the creation of a Presidential Council on Financial Literacy, to be modeled after the Presidential Council on Physical Fitness that had been created in 1956 to promote physical activity and participation in sports.
Other members of the 16-member Council include:
The President’s remarks on the formation of the Council are at http://www.whitehouse.gov/news/releases/2008/01/20080122-7.html.
About Charles Schwab
The Charles Schwab Corporation (Nasdaq:SCHW) is a leading provider of financial services, with more than 300 offices and 7.0 million client brokerage accounts, 1.2 million corporate retirement plan participants, 262,000 banking accounts, and $1.4 trillion in client assets. Through its operating subsidiaries, the company provides a full range of securities brokerage, banking, money management and financial advisory services to individual investors and independent investment advisors. Its broker-dealer subsidiary, Charles Schwab & Co., Inc. (member SIPC, http://www.sipc.org), and affiliates offer a complete range of investment services and products including an extensive selection of mutual funds; financial planning and investment advice; retirement plan and equity compensation plan services; referrals to independent fee-based investment advisors; and custodial, operational and trading support for independent, fee-based investment advisors through its Schwab Institutional division. Charles Schwab Bank, (member FDIC) provides banking and mortgage services and products. More information is available at www.schwab.com.
Charles Schwab Foundation is a private, nonprofit organization created by The Charles Schwab Corporation. Its mission is to give back to the community by supporting employee-selected causes and fostering financial literacy through funding, involvement and expertise.