Dr. Lee joins U.S. Treasury in launching new financial literacy program in Jacksonville

The Rev. Dr. Robert V. Lee III, Founder, Chairman and CEO of FreshMinistries, along with the U.S. Treasury Department’s Deputy Assistant Secretary for Financial Education, Mr. Dan Iannicola, Jr., Jacksonville’s Mayor John Peyton and the Vice President and Community Affairs Officer for the Federal Reserve Bank of Atlanta, Mr. Juan C. Sanchez, launched a President’s Advisory Council on Financial Literacy two-year initiative in Jacksonville, Florida to increase financial education and wealth-building opportunities for low- and moderate-income individuals. The program is the first pilot to be launched nationally under the guidance of the U.S. Treasury and the President’s Council on Financial Literacy of which Dr. Lee is a member. Ultimately, the Community Financial Access Pilot program (CFAP) will help Jacksonville and seven other selected cities nationwide provide underserved populations with greater access to mainstream financial services and financial education opportunities. The initiative will also be available in Brownsville, TX; Cowlitz County, WA; Eastern Kentucky; Mississippi Delta, MS; Fresno, CA; Philadelphia, PA; and St. Louis, MO.

Dr. Lee states, “In 2005, Dan Iannicola, representing the U.S. Department of Treasury, visited Jacksonville to honor FreshMinistries and the Real$ense Prosperity Campaign for their work with Individual Development Accounts (a matched savings program). On behalf of the U.S. Treasury Department and Secretary John Snow, we were presented the prestigious John H. Sherman Award for Excellence in Financial Literacy. It is a tremendous honor to have Dan visit Jacksonville again to help us announce our city as one of eight chosen nationwide to participate in the launch of the CFAP program. We firmly believe that when individuals understand the language used in the financial world, learn how to budget wisely, read and understand financial documents, and understand the value of savings, the cycle of poverty can, and will, be broken. Financial literacy will prevent low-to-moderate income families from becoming prey to high interest loans, poor credit scores and numerous other financial woes that haunt our hard-working low-income neighbors.”

“Having a bank account is a critical part of being able to participate in our vibrant economic system,” said Charles Schwab, Chairman of the President’s Advisory Council on Financial Literacy. “This pilot will target the low-income families who need access to basic financial services so they can stop paying outrageous fees just to cash a check or pay a bill. It will also give low-income families access to basic financial education so that they can begin to build a better future.”

Jacksonville, FL, Mayor John Peyton said, “We’re honored to have Jacksonville chosen to participate in this worthwhile new initiative. Our existing efforts, under the leadership of FreshMinistries, recognized in 2005 by the U.S. Treasury for Excellence in Financial Literacy, and its partners RealSense Prosperity Campaign and Individual Development Accounts (IDA), will be able to reach more low-to-moderate income families and help them save for the future. Money management is an essential skill for everyone, and an important component of both individual and regional prosperity.”

The number of families using alternative financial service providers is estimated to be as high as 50 million.
The President’s Advisory Council on Financial Literacy was established in January 2008 to promote and enhance financial literacy among the American people. Members of the President’s Advisory Council on Financial Literacy are: Mr. Charles R. Schwab (Chairman); Mr. John Hope Bryant (Vice Chairman); Mr. Ted Beck; Mr. Theodore R. Daniels; Vice Admiral (retired) Cutler Dawson; Dr. Robert Duvall; Dr. Tahira K. Hira; Mr. Jack E. Kosakowski; Ms. Sharon Lechter; The Rev. Dr. Robert V. Lee III; Ms. Laura Levine; Mr. David Manci; Mr. Don J. McGrath; Ms. Janet N. Parker; Mr. Ignacio Salazar; and Ms. Mary L. Schapiro

---