---
kind: "section"
citation: "20 U.S.C. § 9702"
title: "20"
title_heading: "Education"
number: "9702"
heading: "Establishment of Financial Literacy and Education Commission"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/20/9702"
units:
  - "Chapter 77 — Financial Literacy and Education Improvement"
---

# §9702. Establishment of Financial Literacy and Education Commission

- (a) **In general—** There is established a [commission](/usc/20/9701.md?p=2) to be known as the “Financial Literacy and Education [Commission](/usc/20/9701.md?p=2)”.
- (b) **Purpose—** The [Commission](/usc/20/9701.md?p=2) shall serve to improve the financial literacy and education of persons in the United States through development of a national strategy to promote financial literacy and education.
- (c) **Membership—**
  - (1) **Composition—** The [Commission](/usc/20/9701.md?p=2) shall be composed of—
    - (A) the [Secretary](/usc/20/1221.md?p=c-4) of the Treasury;
    - (B) the respective head of each of the Federal banking agencies (as defined in [section 1813 of title 12](/usc/12/1813.md)), the National Credit Union Administration, the Securities and Exchange [Commission](/usc/20/9701.md?p=2), each of the [Departments](/usc/20/1221.md?p=c-3) of Education, Agriculture, Defense, Health and Human Services, Housing and Urban Development, Labor, and Veterans Affairs, the Federal Trade [Commission](/usc/20/9701.md?p=2), the General Services Administration, the Small Business Administration, the Social Security Administration, the Commodity Futures Trading [Commission](/usc/20/9701.md?p=2), and the Office of Personnel Management;
    - (C) the Director of the Bureau of Consumer Financial Protection; and
    - (D) at the discretion of the President, not more than 5 individuals appointed by the President from among the administrative heads of any other Federal agencies, [departments](/usc/20/1221.md?p=c-3), or other Federal Government entities, whom the President determines to be engaged in a serious effort to improve financial literacy and education.
  - (2) **Alternates—** Each member of the [Commission](/usc/20/9701.md?p=2) may designate an alternate if the member is unable to attend a meeting of the [Commission](/usc/20/9701.md?p=2). Such alternate shall be an individual who exercises significant decisionmaking authority.
- (d) **Chairperson—** The [Secretary](/usc/20/1221.md?p=c-4) of the Treasury shall serve as the [Chairperson](/usc/20/9701.md?p=1). The Director of the Bureau of Consumer Financial Protection shall serve as the Vice Chairman.
- (e) **Meetings—** The [Commission](/usc/20/9701.md?p=2) shall hold, at the call of the [Chairperson](/usc/20/9701.md?p=1), at least 1 meeting every 4 months. All such meetings shall be open to the public. The [Commission](/usc/20/9701.md?p=2) may hold, at the call of the [Chairperson](/usc/20/9701.md?p=1), such other meetings as the [Chairperson](/usc/20/9701.md?p=1) sees fit to carry out this chapter.
- (f) **Quorum—** A majority of the members of the [Commission](/usc/20/9701.md?p=2) shall constitute a quorum, but a lesser number of members may hold hearings.
- (g) **Initial meeting—** The [Commission](/usc/20/9701.md?p=2) shall hold its first meeting not later than 60 days after December 4, 2003.

## Source credit

(Pub. L. 108–159, title V, § 513, Dec. 4, 2003, 117 Stat. 2003; Pub. L. 111–203, title X, § 1013(d)(5), (6), July 21, 2010, 124 Stat. 1971.)

## Notes

### Editorial Notes

### Amendments

2010—Subsec. (c)(1)(C), (D). Pub. L. 111–203, § 1013(d)(5), added subpar. (C) and redesignated former subpar. (C) as (D).

Subsec. (d). Pub. L. 111–203, § 1013(d)(6), inserted at end “The Director of the Bureau of Consumer Financial Protection shall serve as the Vice Chairman.”

### Statutory Notes and Related Subsidiaries

### Effective Date

Section subject to joint regulations establishing effective dates as prescribed by Federal Reserve Board and Federal Trade Commission, except as otherwise provided, see section 3 of Pub. L. 108–159, set out as an Effective Date of 2003 Amendment note under section 1681 of Title 15, Commerce and Trade.