Today, millions of people across the United States are outside the financial mainstream. The so-called "unbanked" - with little or no banking experience - are often newly arrived immigrants, minorities and those with low and moderate incomes. Because they lack a basic understanding of how money works in our society - and therefore the tools necessary to save and manage money - they are deprived of achieving the American dream, financial independence. That is why I believe that promoting the financial education of our society's unbanked segment is one of the FDIC's most important goals, and why I am so proud of our Money Smart training program.

Let me tell you about Money Smart. We have designed a curriculum intended to help consumers understand the basics of banking, with modules on topics such as bank services, credit, budgeting, savings, credit cards, loans and homeownership. The program can be taught in its entirety, or specific modules can fill in the gaps in other financial education programs. We are pleased to offer this educational tool free to banks and others interested in sponsoring financial education workshops.

Although a bank's financial education efforts can contribute to its Community Reinvestment Act performance rating, we believe promoting financial education makes good business sense. When people have more financial options, they seek out more products, services and asset-building strategies, including transactional accounts, loans, investment products and homeownership. Financial "know-how" is priceless and can provide consumers with an entrée into mainstream banking.

At the FDIC, we believe it is important to take an active role in ensuring consumers have the opportunity to gain a basic understanding of financial transactions and concepts. Benjamin Franklin summed it up best when he said, "If a man empties his purse into his head, no one can take it away from him. An investment of knowledge always pays the best interest."

I encourage you to consider using Money Smart in your financial education efforts.

Donald E. Powell Chairman