Murray Helps Pass Credit Cardholders’ Bill of Rights with Critical Financial Literacy Amendment

(Washington, D.C.) –U.S. Senator Patty Murray made the following statement today following the passage of H.R. 627, the Credit Cardholders’ Bill of Rights, which included an amendment introduced by Senator Murray that would create a pathway toward a better financial education system.

“I am very excited that we passed a credit card reform bill that puts families first and puts fairness and common sense back into credit card lending,” said Senator Patty Murray. “I am also happy that the bill includes the amendment I introduced that begins the process of making the federal government a strong partner in financial literacy.”

Senator Murray introduced the amendment on Wednesday, May 13th.

The amendment calls for the Secretary of Education and the Director of the Office of Financial Education of the Department of Treasury to coordinate with the President’s Advisory Council on Financial Literacy to evaluate and compile a summary of all existing federal financial and economic literacy programs.

It also directs them to develop a strategic plan to improve and expand financial and economic literacy education.

This amendment comes on top of the work that Senator Murray is doing with Senator Thad Cochran (R-MS), and Representative Carolyn McCarthy (D-NY 4th) to make the federal government a strong partner in funding financial literacy programs.

In March of this year, Murray, Cochran, and McCarthy introduced the bi-partisan, bi-cameral Financial and Economic Literacy Improvement Act of 2009, which will provide $250 million in grants annually to states to support teaching financial literacy in K-12 and 2-and 4-year colleges. It will also improve an online clearinghouse of high quality instructional resources and materials for financial education.

Murray continued to push for strong support for financial literacy in a speech she made on the Senate floor on Tuesday, May 12th 2009.

Read a summary of the Financial and Economic Literacy Improvement Act of 2009.

Listen to Senator Murray’s Floor Speech Introducing the bill.

Senator Murray is a senior member of the Health, Education, Labor and Pensions (HELP) committee that oversees education as well as a member of the Labor, Health and Human Services and Education (LHHS) Appropriations Committee that oversees Education funding.