Paul J. Maloney, C.P.A, CFP, assistant professor of finance and department chair at Providence College, recently participated in the White House Office of Faith-Based and Community Initiatives' "Compassion in Action" roundtable discussion in Washington, D.C.

The forum, "Financial Literacy and the Role of Faith-Based and Community Organizations," focused on governmental leadership in addressing financial literacy at the federal and state level. It was held at the Dwight D. Eisenhower Executive Office Building.

More than 70 government officials, policymakers, business and education leaders, foundation representatives, and faith-based and community leaders took part in the discussion

In addition to Maloney, two other Rhode Islanders took part in the discussion: Jim Hedemark, executive director of the Rhode Island Jump$tart Coalition, and Justin Bownds, financial advisor for Banc of America Investment Services.

Maloney said the Rhode Island delegation was invited because of the strong relationship the state has developed with the United States Department of the Treasury and in recognition of financial literacy efforts in the state. He is the president of the Rhode Island Jump$tart Coalition, an association of organizations, government agencies, financial institutions, and corporations dedicated to improving the personal financial literacy of Rhode Island's youths.

According to a national financial literacy survey released in 2008, Rhode Island high school seniors answered just 48 percent of the questions correctly, which is in keeping with the national average; the lowest national average in the 12-year history of the study.

Along with his work at Providence College and with Jump$tart, Maloney is a board member of the Financial Planning Association of Rhode Island and has served as a member of the Rhode Island General Assembly's Special Legislative Commission to Study Youth Financial Education.

In addition to engaging in important topical discussions throughout the day, the roundtable provided a good opportunity to develop relationships, said Maloney.

"As a participant in this roundtable discussion, my role was to share what we have learned in Rhode Island and also seek ways in which the various stakeholders in Rhode Island can work more closely to address financial literacy needs," Maloney said.

Opportunity to meet with national financial leaders
While in Washington, Maloney attended a meeting of the President's Advisory Council on Financial Literacy, which is chaired by Charles Schwab of the Charles Schwab Corporation and is charged with working with the private and public sectors to help increase financial education efforts for youths and adults.

The three-member Rhode Island contingent also met with U.S. Sen. Jack Reed, D-R.I., and Adam Brand, chief of staff to U.S. Rep. Patrick J. Kennedy's, D-R.I., to discuss the current state of financial literacy initiatives.

"Dedicated Rhode Islanders have spent considerable time and energy examining this issue at the state level and it is encouraging to see the same issues discussed at the highest national levels," Maloney said.