Nashville Mayor Freddie O'Connell has announced the creation of the Mayor’s Office of Financial Empowerment (OFE), supported by a grant from the Cities for Financial Empowerment Fund (CFE Fund).
According to the official Nashville government website, the OFE will work with the Metro Council’s Budget and Finance Committee, led by Council Member Kyonzté Toombs. Toombs stated that the office aims to provide residents with tools such as one-on-one financial counseling and banking services to help reduce debt and increase savings. The city plans to hire a manager to lead the initiative, pending Metro Council approval of the grant during a scheduled vote.
This new office builds on the work of Nashville’s existing Financial Empowerment Center, which partners with United Way to offer financial counseling services. These services remain available to all residents through the United Way website.
The two-year Financial Empowerment Cities grant, along with matching funds from the Community Foundation of Middle Tennessee, will provide just over $280,000 for the OFE. According to Jonathan Mintz, President and CEO of the CFE Fund, local governments play an important role in promoting financial stability.
The new office aims to integrate financial empowerment efforts into Metro Nashville’s broader programs and policies.
