Ottawa, November 30, 2011
The Honourable Jim Flaherty, Minister of Finance, as committed to in Budget 2011, today introduced the Financial Literacy Leader Act, to provide for the appointment of a Financial Literacy Leader who will exercise national leadership to strengthen the financial literacy of Canadians.
“Ensuring that Canadians have the tools and knowledge to make responsible financial decisions is important for their personal well-being and for the strength and stability of our financial system as a whole,” said Minister Flaherty. “The appointment of a Financial Literacy Leader will mark an important step toward that goal.”
Earlier this year, the Government received the recommendations of the Task Force on Financial Literacy. Today’s legislation represents the first step in moving forward on the recommendations of the Task Force. The Act would also expand the responsibilities of the Financial Consumer Agency of Canada to include collaborating and coordinating with stakeholders to contribute to and support initiatives that strengthen the financial literacy of Canadians. It also sets out the duties, powers and functions of the Financial Literacy Leader, enabling him or her to carry out activities in support of strengthening financial literacy.
“The Government will be able to name the Financial Literacy Leader soon after this legislation has been passed,” said Minister Flaherty. “We also applaud and support the efforts of the Member from Edmonton–Leduc, James Rajotte, in championing financial literacy in Parliament through his Private Member’s Motion M-269.”
For further information, media may contact:
Mary Ann Dewey-Plante
Office of the Minister of Finance
Department of Finance
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