The President's Advisory Council on Financial Capability (PACFC) was created by Executive Order 13530, signed by President Barack Obama on January 29, 2010. Its charter is to advise the President on promoting and enhancing financial literacy and capability among the American people. While the PACFC cannot by federal statute become operational, it is charged with providing financial capability policy recommendations for the nation to the President of the United States. The Partnerships Subcommittee and the Subcommittee on the Underserved and Community Empowerment encourage public- and private-sector collaboration to strengthen the financial capability of Americans in communities throughout the country. One priority of the PACFC is to encourage the creation of state, tribal and local financial capability initiatives to build financial security for individuals and economic well-being for their communities at large.