By Dustin Tyler Joyce
February 1, 2010

DollarWI$E, The United States Conference of Mayors' financial education campaign, awarded its annual Innovation Grants to the cities of Denver and Providence (RI). The awards were presented to Denver Mayor John Hickenlooper and Providence Mayor David Cicilline on January 22 during the 78th Winter Meeting of The U.S. Conference of Mayors in Washington (DC).

Denver and Providence each received a $20,000 grant to expand local programs that further residents' financial literacy and promote wise personal money management. The recipients were chosen from among over 30 applicants and ten finalists. Other finalists were Bridgeport (CT), Charleston (SC), Cincinnati, Evansville (IN), Indianapolis, Newark (NJ), Norwalk (CT), and Turlock (CA).

"These cities all demonstrate how America's mayors are leading the way on financial literacy," said Conference President Burnsville (MN) Mayor Elizabeth B. Kautz. "We believe that these awardees represent some of the best and most innovative financial education programs to be found anywhere in America. They also show the key role mayors can and do play in financial education, especially as our country turns to financial education to aid in economic recovery and to bring long-term financial stability to our nation's families."

Denver's grant will support the launch of Bank on Denver, an effort to help those who do not have bank accounts acquire them. "We are delighted to have these resources," Hickenlooper stated as he accepted his city's award. "This whole notion is how do you get people away from predatory lenders and from payroll cashers who charge usurious—sometimes 40 and 50 percent—interest rates."

Bank on Denver grew out of the work of the Denver Economic Prosperity Task Force. This group of citizens, policymakers, business representatives, and community leaders was convened by Hickenlooper and other city officials in 2008 and charged with developing recommendations on how to help all of Denver's residents share in the city's growing economic prosperity. A primary recommendation of the group was an increased focus on financial education. "The bottom line is that we're not just getting people bank accounts but also getting them the education they need," Hickenlooper stated.

Providence's grant will support a number of efforts initiated by Cicilline to promote financial education among specific target audiences. "It's a wonderful honor to receive this award from this great organization," Cicilline commented. "This came out of the poverty work and opportunity task force recommendations that I took back to my own city of Providence."

Cicilline continued, "That morphed into the Pathways to Opportunity Office that has as part of it the Bank on Providence initiative, the [prisoner] reentry initiative, the summer youth employment program—all of it with financial literacy deeply imbedded in it. So this will allow us to continue that work and continue with some new innovations."

The grants are funded by Bank of America, which sponsors DollarWI$E. "We believe that a strong foundation in financial literacy basics is a critical skill for future economic success, said Bank of America Charitable Foundation President Kerry Sullivan. "We are pleased to support the DollarWI$E program and the work of the USCM in improving financial literacy for residents across the U.S."

The DollarWI$E Innovation Grants award cities that participate in DollarWI$E and demonstrate innovative, sustained financial literacy programs for their citizens. The next application period for DollarWI$E Innovation Grants is expected to open in the fall 2010, with grants awarded in January 2011.

"The continuing economic crisis has given us a stark reminder that financial education is more important than ever. This was a reality that America's mayors recognized long before the nation's and financial woes started making headlines," said Mayor Kautz, noting that DollarWI$E was launched in 2004, before the current economic crisis began.