President Bush Announces President's Advisory Council on Financial Literacy
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January 22, 2008

THE PRESIDENT: I appreciate members of my Cabinet joining me today with some of our citizens who care about the future of our country and are willing to do something about it. Earlier today I signed an executive order establishing the President's Advisory1 Council on Financial Literacy. I have asked people from the business world, the faith world, the non-profit world, to join this council in order to come up with recommendations as to how to better educate people from all walks of life about matters pertaining2 to their finances and their future.

President George W. Bush is flanked by members of his Advisory Council on Financial Literacy Tuesday, Jan. 22, 2008, as he announces its establishment during a statement in the Roosevelt Room of the White House. White House photo by Shealah Craighead Chuck Schwab is the chairman of this group, and John Hope Bryant is the vice-chair. These two men have agreed to take time to take the lead, and I appreciate it.

You know, it's interesting that if we want America to be as hopeful a place as it can be, we want people owning assets. We want people investing. We want people owning homes. But oftentimes, to be able to do so requires literacy when it comes to financial matters. And sometimes people just simply don't know what they're looking at and reading. And it can lead to personal financial crisis, and that personal financial crisis, if accumulated to too many folks, hurts our country.

One of the issues that many of our folks are facing now are these sub-prime mortgages. I just wonder how many people, when they bought a sub-prime mortgage, knew what they were getting into: The low interest rates sounded very attractive, and all of a sudden, that contract kicks in and people are paying high interest rates. One of the missions is to make sure that when somebody gets a financial instrument they know what they're getting into, they know what they're buying, they understand.

We want people to own assets; we want people to be able to manage their assets. We want people to understand basic financial concepts, and how credit cards work and how credit scores affect you, how you can benefit from a savings3 account or a bank account. That's what we want. And this group of citizens has taken the lead, and I really thank them -- thank you a lot.

There's -- I understand that there are immediate4 concerns and that one of them has to do with our economy. This administration is monitoring our economy very carefully. Secretary Paulson is frequently giving me updates about conversations he's had with people around the world and, obviously, with people inside America about our economy.

We have confidence in the long-term strength of America. And so should the American people. This is a flexible, this is a resilient, this is a dynamic economy, and the entrepreneurial spirit is high. But there is some uncertainty5 that we're going to have to deal with. And one good way to deal with that uncertainty is to work with Congress to pass an economic growth package, a package that is big enough to affect a large economy; a package that will stimulate6 consumer spending; and a package that will stimulate business, including small business, investment.

Hank had good meetings today with the leadership up there on Capitol Hill; very constructive7 meetings that lead me to say that I'm confident that we can get an agreement passed, and we can get an agreement passed in relatively8 short order. All of us want to get something done, all of us want to get something done that will be temporary and effective, and all of us want to get something done as fast as possible.

Earlier today I commented that the legislative9 process takes time, and I just want to make sure that people's expectations are set right. But I left the meeting that I just had in the Cabinet Room with the leadership in the House and the Senate with a very positive feeling. All of us understand that we need to work together; all of us understand that we need to do something that will be effective; and all of us understand that now is the time to work together to get a package done.

And that's why Secretary Paulson has taken the lead for our administration. He will be the negotiator for the administration. He, too, is upbeat that we can get something done.

I appreciate very much you all coming. I appreciate what you're doing. When we look back at this council, and people will say we're glad that the administration took the action it took because somebody's life is going to be better as a result of it.

Thanks for serving. God bless. Appreciate you.

END 4:09 P.M. EST



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1 advisory lKvyj     
adj.劝告的,忠告的,顾问的,提供咨询
参考例句:
  • I have worked in an advisory capacity with many hospitals.我曾在多家医院做过顾问工作。
  • He was appointed to the advisory committee last month.他上个月获任命为顾问委员会委员。
2 pertaining d922913cc247e3b4138741a43c1ceeb2     
与…有关系的,附属…的,为…固有的(to)
参考例句:
  • Living conditions are vastly different from those pertaining in their country of origin. 生活条件与他们祖国大不相同。
  • The inspector was interested in everything pertaining to the school. 视察员对有关学校的一切都感兴趣。
3 savings ZjbzGu     
n.存款,储蓄
参考例句:
  • I can't afford the vacation,for it would eat up my savings.我度不起假,那样会把我的积蓄用光的。
  • By this time he had used up all his savings.到这时,他的存款已全部用完。
4 immediate aapxh     
adj.立即的;直接的,最接近的;紧靠的
参考例句:
  • His immediate neighbours felt it their duty to call.他的近邻认为他们有责任去拜访。
  • We declared ourselves for the immediate convocation of the meeting.我们主张立即召开这个会议。
5 uncertainty NlFwK     
n.易变,靠不住,不确知,不确定的事物
参考例句:
  • Her comments will add to the uncertainty of the situation.她的批评将会使局势更加不稳定。
  • After six weeks of uncertainty,the strain was beginning to take its toll.6个星期的忐忑不安后,压力开始产生影响了。
6 stimulate wuSwL     
vt.刺激,使兴奋;激励,使…振奋
参考例句:
  • Your encouragement will stimulate me to further efforts.你的鼓励会激发我进一步努力。
  • Success will stimulate the people for fresh efforts.成功能鼓舞人们去作新的努力。
7 constructive AZDyr     
adj.建设的,建设性的
参考例句:
  • We welcome constructive criticism.我们乐意接受有建设性的批评。
  • He is beginning to deal with his anger in a constructive way.他开始用建设性的方法处理自己的怒气。
8 relatively bkqzS3     
adv.比较...地,相对地
参考例句:
  • The rabbit is a relatively recent introduction in Australia.兔子是相对较新引入澳大利亚的物种。
  • The operation was relatively painless.手术相对来说不痛。
9 legislative K9hzG     
n.立法机构,立法权;adj.立法的,有立法权的
参考例句:
  • Congress is the legislative branch of the U.S. government.国会是美国政府的立法部门。
  • Today's hearing was just the first step in the legislative process.今天的听证会只是展开立法程序的第一步。
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