Bessent pitches US-backed financial literacy competition to world’s largest economies
ASHEVILLE, N.C. (AP) — Driven in part by his own experience with poverty as a child, Treasury Secretary Scott Bessent is pitching a financial literacy campaign to leaders of the world’s largest economies and suggesting an…
Treasury Secretary Scott Bessent is advocating for a financial literacy campaign backed by the United States during the G20 Finance Ministerial in Asheville, N.C. Bessent, who personally experienced poverty as a child, suggests that an investment account program initiated under the Trump administration could serve as a model for the new initiative.
The competition called the "Financial Literacy Solutions Sprint" aims to identify and promote "innovative technology- and data-enabled solutions" developed by countries within the G20 to enhance financial literacy. The top two teams will be celebrated at the World Bank and International Monetary Fund's annual meetings in October in Bangkok.
The U.S. has already enrolled 7 million children in the Trump Accounts program, which provides $1,000 investment accounts to babies born during Trump's second term, with 86% of participants coming from families earning less than $200,000 annually. Bessent frequently discusses his origins in rural South Carolina, where he started working at the age of 9, and his family's financial decline due to overleveraging.
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- Bessent pitches US-backed financial literacy competition to world’s largest economies winnipegfreepress.com
