OTTAWA –  Leon Benoit, Member of Parliament for Vegreville-Wainwright, is pleased to announce that recently the Conservative Government introduced the Financial Literacy Leader Act, a commitment made in the 2011 Budget. This Act provides for the appointment of a Financial Literacy Leader whose purpose is to exercise national leadership in order to strengthen the financial literacy of all 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 economy as a whole,” explained Mr. Benoit. “The appointment of a Financial Literacy Leader will mark an important step toward that goal.”

This step has been taken after recommendations by the Task Force on Financial Literacy were put forward to the Government. The creation of a Financial Literacy Leader is the first step in moving forward on the recommendations provided by 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 them to carry out activities in support of strengthening financial literacy. The Leader will be named soon after the legislation has passed.

“This Act is part of the commitment our Government has made to strengthen the financial literacy of all Canadians. We have also taken action on financial literacy through MP James Rajotte’s private member’s motion M-269,” explains Mr. Benoit.

For more information on the Financial Literacy Leader Act, please visit http://www.fin.gc.ca/n11/11-125-eng.asp .