[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H. Res. 1079 Introduced in House (IH)]







110th CONGRESS
  2d Session
H. RES. 1079

 Supporting the goals and ideals of Financial Literacy Month 2008, and 
                          for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 3, 2008

  Mr. Hinojosa (for himself and Mrs. Biggert) submitted the following 
 resolution; which was referred to the Committee on Financial Services

_______________________________________________________________________

                               RESOLUTION


 
 Supporting the goals and ideals of Financial Literacy Month 2008, and 
                          for other purposes.

Whereas personal financial literacy is essential to ensure that individuals are 
        prepared to make informed financial choices, as well as manage money, 
        credit, debt, and risk and become responsible workers, heads of 
        households, investors, entrepreneurs, business leaders, and citizens;
Whereas personal financial management skills and lifelong habits begin to 
        develop during childhood;
Whereas a study completed in 2006 by the Jump$tart Coalition for Personal 
        Financial Literacy found that high school seniors know less about 
        principles of basic personal finance than did high school seniors 7 
        years earlier, and the average scores in both years were failing grades;
Whereas the 2007 Survey of the States by the National Council on Economic 
        Education found that 49 States include the subject of economics and 40 
        States include the subject of personal finance in their elementary and 
        secondary education standards, up from 48 and 31 States, respectively, 
        in 2002;
Whereas 55 percent of college students acquire their first credit card during 
        their first year in college, and 92 percent of college students acquire 
        at least 1 credit card by their second year in college, yet only 26 
        percent of people between the ages of 13 and 21 reported that their 
        parents actively taught them how to manage money;
Whereas the personal savings rate in the United States was zero percent at the 
        end of the fourth quarter of 2007, which puts it among the lowest since 
        the government began collecting the data in 1959;
Whereas although more than 42,000,000 people in the United States participate in 
        qualified cash or deferred arrangements described in section 401(k) of 
        the Internal Revenue Code of 1986 (commonly referred to as ``401(k) 
        plans''), a Retirement Confidence Survey conducted in 2004 found that 
        only 42 percent of workers surveyed have calculated how much money they 
        will need to save for retirement and 37 percent of workers say that they 
        are not currently saving for retirement;
Whereas the average baby boomer has only $50,000 in savings apart from equity in 
        their homes;
Whereas a study by the American Institute of Certified Public Accountants found 
        that 55 percent of people between the ages of 25 and 34 maintain an 
        interest-bearing account or other savings instrument, a decrease of 10 
        percent since 1985;
Whereas the April 2007 National Foundation for Credit Counseling consumer 
        financial literacy survey found that only 39 percent of American 
        consumers keep close track of their expenses; less than half have 
        ordered their credit report; and one-third do not know where to go for 
        financial advice;
Whereas studies show that as many as 10,000,000 households in the United States 
        are ``unbanked'' or are without access to mainstream financial products 
        and services;
Whereas expanding access to the mainstream financial system provides individuals 
        with lower-cost and safer options for managing finances and building 
        wealth and is likely to lead to increased economic activity and growth;
Whereas public, community-based, and private sector organizations throughout the 
        United States are working to increase financial literacy rates for 
        Americans of all ages and walks of life through a range of outreach 
        efforts, including media campaigns, websites, and one-on-one counseling 
        for individuals;
Whereas at least 6,500 bankers will teach savings skills to young people on 
        April 29, 2008, during Teach Children to Save Day, which was started by 
        the American Bankers Association Education Foundation in April of 1997 
        and has helped more than 45,000 bankers teach savings skills to nearly 
        2,300,000 young people;
Whereas staff from America's credit unions will make presentations to young 
        people at local schools on financial topics such as student loans, 
        balancing a checkbook, and auto loans during National Credit Union Youth 
        Week, which will be held April 20-26, 2008;
Whereas Members of the United States House of Representatives established the 
        Financial and Economic Literacy Caucus (FELC) in February 2005 to (1) 
        provide a forum for interested Members of Congress to review, discuss 
        and recommend financial and economic literacy policies, legislation, and 
        programs, (2) collaborate with the private sector, and nonprofit and 
        community-based organizations, and (3) organize and promote financial 
        literacy legislation, seminars, and events, such as ``Financial Literacy 
        Month'' in April, 2008, and the annual ``Financial Literacy Day'' fair 
        on April 28, 2008; and
Whereas the National Council on Economic Education, its State Councils and 
        Centers for Economic Education, the Jump$tart Coalition for Personal 
        Financial Literacy, its State affiliates, and its partner organizations, 
        and JA Worldwide have designated April as Financial Literacy Month to 
        educate the public about the need for increased financial literacy for 
        youth and adults in the United States: Now, therefore, be it
    Resolved, That the House of Representatives--
            (1) supports the goals and ideals of Financial Literacy 
        Month, including raising public awareness about financial 
        education;
            (2) recognizes the importance of managing personal 
        finances, increasing personal savings and reducing indebtedness 
        in the United States; and
            (3) requests that the President issue a proclamation 
        calling on the Federal Government, States, localities, schools, 
        nonprofit organizations, businesses, other entities, and the 
        people of the United States to observe the month with 
        appropriate programs and activities with the goal of increasing 
        financial literacy rates for individuals of all ages and walks 
        of life.
                                 <all>