WASHINGTON-Improved financial literacy can and should play a role in aiding the economy's recovery, according to David W. Mooney, CEO of Chicago-based Alliant CU, who offered his perspective as a speaker at the first Global Financial Literacy Summit here. The summit, headlined by Federal Reserve Chairman Ben Bernanke, was sponsored by Operation HOPE, the social investment banking and financial literacy empowerment organization. Mooney's comments focused on the benefits of financially literate consumers, as not only "better" borrowers and savers, but also as a means to temper business and credit cycles, specifically reducing excessive consumer borrowing, defaults and bankruptcies.
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