Volume 4 Number 26
June 29, 2007

BANKER OBDULIO PIEDRA ELECTED CHAIR OF FINANCIAL LITERACY COUNCIL

Florida Chief Financial Officer Alex Sink announced the election of Obdulio Piedra as chair of the Financial Literacy Council. As Market President of Great Florida Bank in Miami, Piedra has extensive experience in financial matters and is focused on helping Floridians make better financial decisions.

“Obdulio Piedra will serve the people of Florida well as chairman of the state’s Financial Literacy Council,” said CFO Sink who oversees the Department of Financial Services. “His experience as bank president will assist the council in identifying ways in which the state can better inform and assist Floridians about their finances.”

The Financial Literacy Council held its first meeting in Tallahassee on June 25, 2007. Authorized in 2006 by House Bill 825, the council was created to study the financial problems that affect consumers, particularly young people, seniors, working adults and small business owners, which arise from a lack of basic knowledge of financial issues. The council will also develop recommendations and raise funds to develop programs and resources aimed at increasing financial literacy among Floridians.

CFO Sink will use the Financial Literacy Council to help educate Floridians about important financial issues, such as avoiding excessive debt, the importance of saving, making sound investment decisions and planning for retirement. Recent news reports illustrate that American consumers are living paycheck to paycheck and spending every dollar they earn. In fact, the U.S. government recently calculated consumer savings at the lowest levels since the Great Depression. In essence, too many consumers are spending more than they earn.

For more information on the Financial Literacy Council, please visit www.myfloridamoney.com.