Banking committee to hold hearing on financial literacy

WASHINGTON-Senate Banking Committee Chairman Paul Sarbanes (D-Md.) announced a hearing last week regarding the value of financial literacy among college students. The hearing was scheduled for the morning of Thursday, September 5. “Beginning at first-year orientation, many college students receive credit card solicitations and over half acquire their first credit card during their first year of school. However, college students often lack the financial knowledge that is necessary for a smooth entry into the financial system,” Sarbanes’ announcement read. “Consequently, many students mishandle their finances and accrue a large amount of credit card debt. The hearing will explore ways to address this problem.” Included on the witness list are: * Ellen Frishberg, Director of Student Financial Services, Johns Hopkins University; * Natalo “Tally” Hart, Director of Financial Aid, The Ohio State University; * Dr. Robert Manning, Caroline Werner Gannett Professor of Humanities, Rochester Institute of Technology; * Jonathan Miller, Treasurer, State of Kentucky; and * Dr. Michael Staten, Director of the Credit Research Center, Georgetown University.