BILL NUMBER:  AB 2457
  VETOED	DATE: 09/24/2010




To the Members of the California State Assembly:

I am returning Assembly Bill 2457 without my signature.

This bill would establish the California Financial Literacy Fund
(Fund) in the State Treasury for the purpose of supporting
partnerships with the financial services community and governmental
and nongovernmental stakeholders to improve Californians' financial
literacy.  AB 2457 requires the State Controller to administer the
Fund, authorizing him to deposit private donations into the fund from
entities.
?
I agree that the goal of financial independence and literacy are
critical for California residents, which is why I created Bank on
California in 2008.? Since that time, Bank on California has
partnered with organizations like United Way, Wells Fargo, Bank of
America, the FDIC, Financial Education Network of San Francisco, The
State Library System and others to?provide financial education and
resources.

These resources have provided assistance to consumers to get out of
debt, increase their credit scores and set up pre-paid debit and
credit cards.? Bank on California has received charitable
contributions from over 10 major banks and financial institutions and
continues to expand this successful campaign.

As a result of these efforts and the success of Bank on California, I
believe that this bill is duplicative and unnecessary.

For these reasons I am unable to sign this bill.

Sincerely,



Arnold Schwarzenegger