[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H. Res. 357 Engrossed in House (EH)]

H. Res. 357

                In the House of Representatives, U. S.,

                                                        April 29, 2009.
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, making it all the more important to support 
        youth financial education;
Whereas a 2008 survey of high school seniors conducted by the Jump$tart 
        Coalition for Personal Financial Literacy revealed that students in 2008 
        answered correctly only 48.3 percent of the survey's questions, a 
        decline from those posted by students in 2006, who correctly answered 
        52.4 percent of the questions;
Whereas 84 percent of undergraduates had at least one credit card in 2008, up 
        from 76 percent in 2004, with the average number of cards increasing to 
        4.6 according to Sallie Mae's National Study of Usage Rates and Trends 
        2009 entitled ``How Undergraduate Students Use Credit Cards'';
Whereas personal saving as a percentage of disposable personal income was 4.2 
        percent in February, compared with 4.4 percent in January, and up from a 
        12-month average of 1.7 percent in 2008, according to the Bureau of 
        Economic Analysis;
Whereas the average baby boomer has only $50,000 in savings apart from equity in 
        their homes, according to the Federal Reserve Board's Survey of Consumer 
        Finances for 2007;
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 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 financial 
        counseling for individuals;
Whereas bankers across the United States taught savings skills to young people 
        on April 21, 2009, during Teach Children to Save Day, which was started 
        by the American Bankers Association Education Foundation in April of 
        1997 and has now helped more than 72,000 bankers teach savings skills to 
        nearly 3,200,000 young people;
Whereas staff from America's credit unions are making 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, April 19-25, 2009;
Whereas more than 100 Federal agencies have collaborated on a website, 
        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 (FELC) 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, collaborate with the private sector, and nonprofit and 
        community-based organizations, and organize and promote financial 
        literacy legislation, seminars, and events, such as ``Financial Literacy 
        Month'' in April, 2009, and the annual ``Financial Literacy Day Fair'' 
        on April 30, 2009; 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.
            Attest:

                                                                          Clerk.