For Immediate Release - April 27, 2011

Governor Patrick Signs Bill Encouraging Financial Literacy for Massachusetts Residents and Businesses

Governor Patrick Signs Bill Encouraging Financial Literacy for Massachusetts Residents and Businesses

Governor Patrick joins Treasurer Steve Grossman to sign H2247

Governor Patrick joins Treasurer Steve Grossman to sign H2247 "An Act Establishing a Financial Literacy Trust Fund." (Photo credit: Matt Bennett/Governor's Office). View additional photos.

BOSTON - Wednesday, April 27, 2011 - Governor Deval Patrick today joined Treasurer Steve Grossman to sign H2247 "An Act Establishing a Financial Literacy Trust Fund." The bill sets up a Financial Literacy Trust Fund within the state Treasurer's Office to encourage financial literacy and education for residents, businesses, educational institutions, community organizations and other entities that will promote financial literacy throughout the Commonwealth.

"By educating our residents in financial literacy, we can help them make informed and responsible decisions about their personal and family finances," said Governor Patrick. "The Financial Literacy Trust Fund will help us to promote basic money management and will lead to more financial stability for Massachusetts families that need it most."

"This Trust Fund will provide important training to our fellow citizens, particularly in gateway cities, on issues such as household budgeting, saving more, consumer protection, and the power of compound interest in long-term financial planning," said Treasurer Grossman. "We believe that a little education goes a long way toward ensuring fiscal stability, and this program avoids any additional burden on the taxpayer."

"The Commonwealth of Massachusetts is deeply committed to providing students with high quality instruction in the subjects that will set them on a path for a bright future and financial literacy is critical to that success," said Education Secretary Paul Reville. "The Financial Literacy Trust Fund will ensure schools have the opportunity to provide students with access to the teaching and learning they need for the classroom and beyond."

The fund will be administered by the state treasurer along with a 20 member board of trustees. The board will include 6 non-voting members of the legislature and 14 voting members including representatives from the Treasurer's office, the Attorney General's office, the office of Consumer Affairs and Business Regulation, the Department of Elementary and Secondary Education, the Executive Office of Education, the Executive Office of Housing and Economic Development and additional stakeholder designees.

The fund will accept private contributions, publicly or privately-funded grants and funds appropriated by the state or federal government to advance its mission of encouraging financial literacy and education.