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Lack of financial know-how wreaks havoc; Legislators renew calls to bolster financial literacy.(News)

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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