In Light Of Recent Financial Turmoil, Menendez Introduces Bill To Expand Access To Financial Education

In Light Of Recent Financial Turmoil, Menendez Introduces Bill To Expand Access To Financial Education

Washington - Senator Robert Menendez (D-NJ), a member of the Banking, Housing, and Urban Affairs Committee, last week introduced the Financial Education and Counseling Act, which creates a grant program specifically for financial education and counseling.

"The most basic and obvious step we can take to empower families in the midst of the national financial unease and the home foreclosure crisis, is to provide them with the information and knowledge to help them make the best decisions about their financial future," said Menendez. "It is our responsibility as lawmakers to ensure that our citizens are informed and are equipped to navigate through a complicated financial system."

The Financial Education and Counseling Act would provide grants for organizations and agencies that currently provide housing counseling or related financial counseling services to help them expand and would also help new organizations offer these services.

Financial counselors would provide a range of assistance including:
• promoting financial education,
• helping individuals understand and improve their credit history and credit score,
• assisting individuals plan for major purchases, reduce their debt, or help them improve financial stability,
• working with individuals to design a plan for long-term savings.

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