DOD JOINS FDIC'S MONEY SMART ALLIANCE; WILL DEPLOY FINANCIAL
EDUCATION PROGRAM AT MILITARY INSTALLATIONS WORLDWIDE
FOR IMMEDIATE RELEASE MS-002-2003 (02-04-2003)
Media Contact: Rosemary George (202) 898-6530
The Federal Deposit Insurance Corporation (FDIC) and the Department of Defense (DOD) are joining forces to make basic financial education available to 1.4 million servicemen and women at home and abroad, as well as to their families. Through an agreement announced today, DOD has adopted the FDIC's Money Smart financial education program for use at more than 3,000 military installations around the world.
The Money Smart curriculum is designed to be easy to teach and easy to learn. It covers basic financial topics such as choosing and maintaining a checking account, budgeting basics, the importance of saving, and how to build and maintain good credit.
"The members of our armed forces put their lives on the line to protect and maintain the freedom we hold so dear," said FDIC Chairman Don Powell. "Money Smart will, in turn, help prepare them to live free of debt and teach them how to build a more secure financial future for themselves and their families. We are extremely proud to establish this partnership with the Department of Defense."
"FDIC's Money Smart curriculum is a perfect fit for DOD's ongoing desire to support the troops by providing education in this area," Powell added.
Over the past decade, DOD has greatly expanded the financial education training provided to our servicemen and women. In addition to including financial management in its basic training courses, ongoing seminars are regularly offered to service members and their families. DOD expects to reach as many as 200,000 individuals using Money Smart.
In addition to the partnership between the FDIC and DOD, the Money Smart curriculum has been adopted by the American Military Banking Association (AMBA) as part of the financial management training programs offered by military banking institutions.
Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 9,415 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars - insured financial institutions fund its operations.
FDIC press releases and other information are available on the Internet at www.fdic.gov or through the FDIC's Public Information Center (800-276-6003 or 202-416-6940).