[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H. Res. 1257 Introduced in House (IH)]

111th CONGRESS
  2d Session
H. RES. 1257

 Supporting the goals and ideals of National Financial Literacy Month, 
                     2010, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 15, 2010

 Mr. Hinojosa (for himself, Mrs. Biggert, Ms. Eddie Bernice Johnson of 
  Texas, Mr. Moore of Kansas, Mr. Castle, Mr. Manzullo, Mr. Scott of 
 Georgia, Mr. Himes, Mr. Pomeroy, Mrs. McCarthy of New York, Mr. Baca, 
  Mr. Johnson of Illinois, Ms. Jenkins, Mr. Loebsack, Ms. Clarke, Ms. 
 Hirono, Mr. Walz, Mr. Cleaver, Ms. Speier, Mr. Polis of Colorado, Mr. 
 Lee of New York, Mr. Paulsen, and Mr. Lance) submitted the following 
 resolution; which was referred to the Committee on Financial Services

_______________________________________________________________________

                               RESOLUTION


 
 Supporting the goals and ideals of National Financial Literacy Month, 
                     2010, and for other purposes.

Whereas personal financial literacy is essential to ensure that individuals are 
        prepared to make informed financial choices so that they can become 
        successful heads of households, investors, entrepreneurs, and business 
        leaders;
Whereas financially informed individuals are better able to take control of 
        their circumstances, improve their quality of life, and plan for their 
        financial future;
Whereas personal financial management skills and lifelong habits begin to 
        develop during childhood, making it all the more important to support 
        youth financial education;
Whereas financial education is the first line of defense against financial 
        fraud;
Whereas the results of the National Foundation for Credit Counseling's fourth 
        annual Consumer Financial Literacy Survey suggest that while many United 
        States adults are improving how they manage their money, and more 
        consumers now have a budget and nonretirement savings, many Americans 
        continue to struggle with their finances, especially young adults and 
        minorities;
Whereas the Federal Deposit Insurance Corporation's ``National Survey of 
        Unbanked and Underbanked Households, December 2009'' found that 
        approximately 60,000,000 people in the United States are either unbanked 
        or underbanked;
Whereas almost 54 percent of Black households, 44.5 percent of American Indian/
        Alaskan households, and 43.3 percent of Hispanic households are either 
        unbanked or underbanked;
Whereas personal saving as a percentage of disposable personal income was 3.1 
        percent in February 2010, compared with 3.4 percent in January 2010, and 
        a reduction from a 12-month average of 4.1 percent in 2009, according to 
        the Bureau of Economic Analysis;
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, Web sites, and one-on-one financial 
        counseling for individuals;
Whereas the National Endowment for Financial Education provides consumers with 
        the tools necessary to manage their money wisely and empower them to 
        turn their financial education into action;
Whereas bankers across the United States will teach savings skills to young 
        people on April 27, 2010, during ``Teach Children to Save Day'', which 
        was launched by the American Bankers Association Education Foundation in 
        April 1997 and has now helped more than 80,000 bankers teach savings 
        skills to more than 3,200,000 young people;
Whereas staff from America's credit unions will focus on the financial needs of 
        young people, provide financial literacy education, and teach youth 
        under the age of 18 the benefits of saving and goal setting during 
        ``National Credit Union Youth Week'', April 18-24, 2010;
Whereas more than 100 Federal agencies have collaborated on a Web site, 
        www.consumer.gov, which helps consumers shop for a mortgage or auto 
        loan, understand and reconcile credit card statements and utility bills, 
        choose savings and retirement plans, compare health insurance policies, 
        and understand their credit report and how it affects their ability to 
        get credit and on what terms;
Whereas Members of the United States House of Representatives established the 
        Financial and Economic Literacy Caucus in February 2005 to provide a 
        forum for interested Members of Congress to review, discuss and 
        recommend financial and economic literacy policies, legislation, and 
        programs; to collaborate with the private sector, and nonprofit and 
        community-based organizations; and to organize and promote financial 
        literacy resolutions, legislation, seminars, and events, such as 
        ``Financial Literacy Month'' in April 2010, and the annual ``Financial 
        Literacy Day Fair'' on April 27, 2010; and
Whereas the Council for 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 personal 
        debt 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>