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Lack of financial know-how wreaks havoc; Legislators renew calls to bolster financial literacy.(News)
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Investment News
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April 21, 2008
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Copyright informationCOPYRIGHT 2008 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Sara Hansard
Poor financial literacy is partly to blame for the nation's economic woes, Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee, said last week.
"It was hard to get traction for public attention for a while,'' he said at a hearing on financial literacy. "But we are now in a financial downturn in our economy in which a lack of financial literacy is a contributing factor. And so we hope now to seize the potential we've gotten to engage people in this effort.''
Mr. Frank called on financial services companies to encourage lower-income people to become customers of banks and credit unions. "People who stay outside the ...
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