For Immediate Release - December 14, 2011

Grossman Chairs First Financial Literacy Trust Fund Meeting

Twenty-Member Body Charged with Enhancing Financial Literacy in Commonwealth

          Treasurer Steven Grossman today kicked off the first meeting of the Financial Literacy Trust Fund, an independent body that will develop a state-wide strategic policy for enhancing financial literacy and raise funds to implement it’s goal of educating historically underserved populations on smart saving and budgeting practices.

          “A little education can go a long way toward ensuring sustainable fiscal stability,” said Treasurer Grossman.  “The Financial Literacy Trust Fund will provide critical training on topics such as saving, consumer protection measures, and the power of compound interest in long-term financial planning.”

          The Treasurer worked with the Legislature and Governor Patrick to advance a bill that created the Financial Literacy Trust Fund.  The Trust Fund’s twenty-member Board is chaired by Grossman, and today’s meeting marked the first time the group convened.  The Board will meet on a regular basis and have ongoing communication as it looks to develop strategies and raise funds to enhance financial education.  A list of the Board is attached.

          Grossman has made financial literacy a priority in his administration, noting that “kids need it, veterans need it, senior citizens need it, and single moms need it.”  He has attended and promoted a series of associated seminars through his Office of Financial Education, including a day-long fiscal “Reality Fair” in Boston this fall, where over 100 high school students participated in a series of simulated exercises and scenarios surrounding budgeting and saving.

          The Treasurer’s Office was responsible for designating nine members of the Trust Fund, including of Grossman as Chair.  Two appointments apiece come from the Senate President’s Office and the House Speaker’s Office.  Seven other governmental offices each provide one appointment to the Trust Fund.

 

Financial Literacy Trust Fund

  • Treasurer Steven Grossman (Chair)
  • Mary Sullivan – Director of Community Education, Office of the Attorney General
  • Undersecretary Barbara Anthony – Office of Consumer Affairs and Business Regulation
  • Barbara J. Libby – Director, Office for Mathematics, Science and Technology, MA Department of Elementary and Secondary Education
  • Molly Bench – Fiscal Policy Analyst, Executive Office of Administration and Finance
  • David Cotney – Commissioner, Massachusetts Division of Banks
  • Senator Barry Finegold
  • Representative Thomas Stanley
  • Cynthia Merkle – Vice President, Eastern Bank
  • Senator Mike Knapik
  • Senator Anthony Petrucelli
  • Chester Black – Managing Member, Angel Healthcare Investors, LLC
  • Elizabeth McQuillan
  • Paul Egerman – Co-Founder and former CEO, eScription, Inc.
  • Richard Slifka – Vice Chairman and Director, Global GP, LLC
  • Susan Whitehead
  • Ron Shaich – Co-Founder, Panera Bread Company
  • Todd Patkin – Founder, Todd Patkin Companies

 

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