Harper Government Welcomes Royal Assent of the Financial Literacy Leader ActRelated Document:
The Honourable Ted Menzies, Minister of State (Finance), today welcomed the Royal Assent of Bill C-28, the Financial Literacy Leader Act. The Act provides for the appointment of a Financial Literacy Leader within the Financial Consumer Agency of Canada (FCAC) to strengthen the financial literacy of Canadians.
“Now that this important legislation has been passed, our Government will proceed with the selection and appointment of a Financial Literacy Leader who will exercise national leadership to strengthen the financial literacy of all Canadians,” said Minister Menzies.
The appointment of a Financial Literacy Leader delivers on a Budget 2011 commitment, and responds to the top recommendation of the Task Force on Financial Literacy, which published its final report in February 2011.
The Financial Literacy Leader’s mandate will be to collaborate and coordinate activities with stakeholders to contribute to and support initiatives that strengthen the financial literacy of Canadians. The Financial Literacy Leader Act sets out the duties, powers and functions of the Financial Literacy Leader to enable him or her to carry out these activities, and builds on the Harper Government’s ongoing initiatives to protect consumers.
“FCAC looks forward to welcoming a new leader, whose talents and energies will enhance and raise awareness of the many financial literacy initiatives at the national level,” said Ursula Menke, FCAC Commissioner. “This leadership, along with the additional resources allocated to support this work, will mean a better coordination of effort from all partners in the public, private and non-government sectors who are working to help Canadians increase their financial decision-making ability. It will allow the Government to broaden its efforts and help Canadians make informed choices for themselves and their families.”
“Financial decision-making is made even more complex by the variety of financial services and tools currently available to Canadian families. Our Government is committed to ensuring that Canadians across the country have access to clear and transparent information to make informed financial decisions,” said Minister Menzies.
The Government will begin the task of recruiting the Financial Literacy Leader in the coming weeks.