Remarks by Secretary of the Treasury Scott Bessent Before the Financial Literacy and Education Commission

As prepared for delivery

Good morning, everyone. And thank you for joining us today and for your commitment to financial literacy.

On the dawn of our great nation's 250^th anniversary, President Trump is unleashing a new economic Golden Age. Our Administration is committed to delivering the benefits to all citizens. We want every American to dream big, and learning to save, invest, and build wealth will unlock new opportunities as we continue to grow our economy. It is my firm belief that expanding financial literacy among our citizens will fundamentally shape future generations. Financially responsible citizens will demand financially responsible leaders. And many of them will become those leaders themselves one day. This will help put our country back on a financially sustainable path.

That is why the work we do on the Financial Literacy and Education Commission is so important. And it is why I am enthusiastic about the Trump Accounts established in the One Big Beautiful Bill that the President shepherded through Congress.

Starting next year, Trump Accounts will begin to build a strong foundation for young Americans' financial futures. These accounts are an opportunity for children to learn how to invest and grow their money through real-world experience, giving the next generation a jumpstart in establishing financial security.

As we work to expand financial security, we must also recognize the threats that stand in the way.

Unfortunately, scams and fraud are evolving and expanding faster than ever, putting many families at risk. Law enforcement and anti-money laundering tools can help thwart criminals, often based overseas, from perpetrating crimes against hardworking Americans. The agencies represented on the FLEC also play a key role by warning Americans of risks and teaching them how to avoid scams.

The FLEC meeting today is focused on payment fraud, which, as we will hear more about from our panelists, is a growing threat to our nation's financial security. One way the Trump Administration is addressing this threat is by working to modernize America's payments. By ending the federal government's use of paper checks, except in limited situations, and by accelerating the transition to electronic payments, we can help reduce fraud, theft, and delays that prevent hardworking Americans from receiving their payments.

Across the government, federal agencies have led the way towards modernizing federal payments by updating their business practices and reaching out to payees to make the transition effective, and secure. We are also leveraging the opportunity to provide all Americans with information on the immediate and growing fraud risks associated with paper checks, as well as the knowledge and tools to use electronic payments that are safer, faster, and more convenient.

The federal government is leading the charge to phase out paper checks across America. But this is just one of many ways that we must adapt to an increasingly digital and complex financial world. Each year, this body conducts a review of the National Strategy for Financial Literacy, which establishes our unified priorities to promote financial literacy and security. The strategy was last updated in 2020, and it is time for a refresh.

I will therefore close by calling on the commission to engage with our public and private partners to put forward a renewed national strategy that addresses financial challenges and opportunities facing Americans today.

With that, I will hand it over to Mark Calabria, who is acting for the Vice Chair of the FLEC.

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