Global Economic Leaders Gather in Chicago to Advance Financial Literacy

Chicago Fed and Visa Inc. Host Financial Literacy Summit Featuring U.S. Sen. Akaka, Canadian Finance Minister Flaherty and Head of the Banking, Securities and Savings Unit of the Mexican Ministry of Finance & Public Credit Guillermo Zamarripa Escamilla

Chicago, Illinois.- The Federal Reserve Bank of Chicago and Visa Inc. convened a global summit today on financial literacy, bringing together government leaders from multiple countries to explore ways to promote lasting economic stability through improvements in individual money management.

Speakers at the third annual Financial Literacy and Education Summit focused on three imperatives: recognition of financial literacy as a critical life skill; all entities involved in the global financial system doing their part to find solutions; and the necessity of cross-border and cross-industry collaboration. Featured speakers included: U.S. Sen. Daniel Akaka, Canadian Finance Minister James Flaherty, Head of the Banking, Securities and Savings Unit of the Mexican Ministry of Finance and Public Credit Guillermo Zamarripa Escamilla and Illinois Treasurer Alexi Giannoulias.

“Given the current environment, it has never been more important to ensure that people have the opportunity to make informed financial decisions,” said Joe Carberry, Global Head of Public Affairs, Visa Inc. “By forging partnerships across organizations and across geographies we can achieve a common goal: A world in which all consumers have the skills and knowledge to manage their money effectively.”

“The Federal Reserve Bank of Chicago is pleased to team up with Visa once again to host this summit on an issue of critical importance to sustaining both the short-term and long-term financial health of individuals, families and communities,” said Charles Evans, President and Chief Executive Officer, Federal Reserve Bank of Chicago. “Today’s discussion and events like ”Money Smart Week“ help keep all of us focus on the actions we can take, as leaders, to help promote more and better financial education, not just in the U.S., but globally.”

“We are living in an increasingly complex financial world of investment and credit products whose characteristics and risks have become much more difficult to comprehend,” said Minister Flaherty. “Today’s financial world cries out for improved financial literacy--it will be a necessary ingredient in restoring confidence, and ensuring long-term prosperity.”

An online replay of the summit can be viewed online beginning today at 9:00 a.m. Central at: www.practicalmoneyskills.com/summit2009.

Summit participants included:

* The Honorable Ben Bernanke: Chairman, Board of Governors of the Federal Reserve System (from Washington, D.C.)
* The Honorable Daniel Akaka: U.S. Senator (HI)
* Charles Evans: President and Chief Executive Officer, Federal Reserve Bank of Chicago
* The Honorable James Flaherty: Minister of Finance, Canadian Department of Finance
* The Honorable Guillermo Zamarripa Escamilla: Head of the Banking, Securities and Savings Unit, Mexican Ministry of Finance and Public Credit
* The Honorable Alexi Giannoulias: Illinois State Treasurer
* Sarah Rosen Wartell: Executive Vice President, Center for American Progress
* Joe Carberry: Global Head of Public Affairs, Visa Inc.
* Jean Chatzky: Personal finance expert and best-selling author

At the summit, Visa announced that it would be providing the City of Chicago a free financial literacy program for all 35,000 municipal employees. Done in conjunction with Chicago Treasurer Stephanie Neely, the “Chicago Practical Money Skills” program will be rolled out to City employees in May.

About the Federal Reserve Bank of Chicago

The Federal Reserve Bank of Chicago is one of 12 regional Reserve Banks that, along with the Board of Governors in Washington, DC, make up the nation’s central bank. The Chicago Reserve Bank serves the Seventh Federal Reserve District, which encompasses the northern portions of Illinois and Indiana, southern Wisconsin, the Lower Peninsula of Michigan, and the state of Iowa. In addition to participation in the formulation of monetary policy, each Reserve Bank supervises member banks and bank holding companies, provides financial services to depository institutions and the U.S. government, and monitors economic conditions in its District.