Section 917 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act) directs the SEC to conduct a study of retail investors’ financial literacy and submit its findings to Congress by July 21, 2012. Among other things, Section 917 states that the study must identify “the most effective existing private and public efforts to educate investors.”
Accordingly, the SEC today announced that it is seeking public comment “to better understand the details and effectiveness of current programs, and help ensure that the study includes all relevant programs.” Commented Lori J. Schock, Director of the SEC’s Office of Investor Education and Advocacy: “We want to know more about what’s out there and what’s working in the world of investor education.”
The public comment period will remain open for 60 days following publication of the request in the Federal Register.
As part of its investor education effort, the SEC recently upgraded its Investor.gov website devoted exclusively to investor education. The site has been redesigned and expanded with more information about a variety of topics including how to research investments and investment professionals, understand fees, and prepare for life events. The updated Investor.gov also includes materials targeted to such specific groups as members of the military, teachers, and retirees. Videos, interactive quizzes, and additional investor education resources are expected to be added to the website in coming months, according to the SEC.Comments to the SEC can be submitted here.