Fed chief urges better education for consumers

WASHINGTON -- Federal Reserve Chairman Alan Greenspan told Congress today that Americans must be better educated on managing their finances in the face of a proliferation of ever-more-complicated investment choices.

Testifying before the Senate Banking Committee, Greenspan said the rapidly changing financial sector has heightened competition, which he said would provide Americans with more choices at lower cost.

But he said that it is critically important that investors receive timely information on which to make decisions.

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