Establishment of Financial Literacy and Education Commission

There is established a commission to be known as the “Financial Literacy and Education Commission”. The Commission shall serve to improve the financial literacy and education of persons in the United States through development of a national strategy to promote financial literacy and education. The Commission shall be composed of— Each member of the Commission may designate an alternate if the member is unable to attend a meeting of the Commission. Such alternate shall be an individual who exercises significant decisionmaking authority. The Secretary of the Treasury shall serve as the Chairperson. The Director of the Bureau of Consumer Financial Protection shall serve as the Vice Chairman. The Commission shall hold, at the call of the Chairperson, at least 1 meeting every 4 months. All such meetings shall be open to the public. The Commission may hold, at the call of the Chairperson, such other meetings as the Chairperson sees fit to carry out this chapter. A majority of the members of the Commission shall constitute a quorum, but a lesser number of members may hold hearings. The Commission shall hold its first meeting not later than 60 days after December 4, 2003.