By Carolyn Merryweather
July 12, 2004

At the Plenary Session of the 72nd Annual United States Conference of Mayors Meeting, Detroit Mayor Kwame M. Kilpatrick, Chair of the Council for the New American City, formally announced the creation of "The Mayors' National Dollar Wise Campaign: Financial Education for America," the first financial literacy initiative to be launched by the United States Conference of Mayors. The ongoing campaign, which was created in partnership with the Council for the New American City members and the Federal Reserve Board, will focus on saving, credit card management, education, and home ownership.

The campaign will include "Dollar Wise Week" from September 27-October 1, in which mayors will be encouraged to publicize their financial literacy programs. "Financial literacy touches every American — whether they are investing in their communities by buying a home, starting a business, saving for college, or retirement," said Kilpatrick.

To illustrate the projects currently underway for the campaign, Kilpatrick described how the InCharge Education Foundation is planning a survey to measure financial literacy in Detroit before and after a series of financial education classes. Countrywide Financial is working with the Conference to develop an awards program to highlight and expand exceptional financial literacy initiatives in cities that participate in the campaign. "The campaign is wonderful opportunity for mayors and cities to work together and promote tailored financial literacy programs that focus on the specific needs of their constituents, and we-re very excited to be part of it," said Jimmie Williams, First Vice President of Legislative and Regulatory Affairs for Countrywide.

Additionally, other Council members have begun working with cities on financial literacy-related projects. In partnership with Dearborn Mayor Michael A. Guido, the Mortgage Bankers Association has translated its Stop Mortgage Fraud program into Arabic, opening the program up to many Arabic'speakers in the Dearborn area. Fort Collins (CO) Mayor Ray Martinez and the National Association of Realtors launched a new program to create Individual Development Accounts to help low-income residents save money for a downpayment on their first home. Additionally, last January, Fannie Mae published the HOME Guide to educate mayors about Employer Assisted Housing opportunities in their cities. This guide was accompanied by a "Metro Strategies" piece detailing how mayors can use the guide to help create EAH programs in their cities.

In the area of economic development, Kilpatrick highlighted the 50 mayors who took part in the International Council of Shopping Centers Spring Convention in Las Vegas, and the mayors who nominated companies for the Initiative for a Competitive Inner City-Inc. Magazine Inner City 100. Kilpatrick also told the mayors about the newest member of the Council, New Markets Advisors, and their work to help mayors use the New Markets Tax Credit to bring investment to their cities.

"As you can see, in the areas of financial literacy, business development, and keeping cities competitive, the Council for the New American City is working to help you attract business and investment to your cities," said Kilpatrick in closing.For more information about the Council and the Dollar Wi$e Campaign, please visit www.dollarwiseonline.org.