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Money Smart News - Spring 2005

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Message from the Chairman
Photo of FDIC Chairman PowellThe main goal of the FDIC’s Money Smart education program is to help low- to moderate-income Americans, new immigrants and other adults outside the financial mainstream enhance their money management skills. We’re very gratified by the results, especially in terms of the number of people taking a Money Smart class (more than 300,000 since 2001) and opening new bank accounts (about 40,000). And among the more rewarding and surprising aspects of our work is knowing that organizations not generally associated with banking are partnering with the FDIC to offer Money Smart to their constituents. In this issue of our newsletter we give you some of the latest examples.

Inside you’ll read about law enforcement agencies, court systems, prisons and community development groups that are using Money Smart to help prevent crime and revitalize neighborhoods. How can a financial literacy curriculum perhaps improve the safety of our communities? First, by teaching people, including many young adults, that they can better their lives by saving money to own a home, a business or engage, not in crime, but in other productive endeavors. Second, Money Smart is being taught to prison inmates in hopes that they will be better prepared to return to and contribute to society.

You’ll also find out in our newsletter how the FDIC and the IRS are working together to promote banking relationships and a Money Smart financial education among people eligible for the Earned Income Tax Credit, a special tax benefit for low- or moderate-income families.

The more the FDIC promotes Money Smart to the American people the more our staff appreciates the many different ways to help people achieve their dreams, whatever they may be. I want to express my thanks to our Money Smart partners for their resources, creativity and hard work in support of financial education. I also invite others who are not yet our partners -- including organizations from many different fields -- to consider joining with the FDIC in helping America’s families and communities become safer and stronger.

Last Updated 4/01/2005

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