[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[S. Res. 485 Agreed to Senate (ATS)]

111th CONGRESS
  2d Session
S. RES. 485

        Designating April 2010 as ``Financial Literacy Month''.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             April 15, 2010

     Mr. Akaka (for himself and Mr. Enzi) submitted the following 
             resolution; which was considered and agreed to

_______________________________________________________________________

                               RESOLUTION


 
        Designating April 2010 as ``Financial Literacy Month''.

Whereas according to the Federal Deposit Insurance Corporation, at least 25.6 
        percent of households in the United States, or close to 30,000,000 
        households with approximately 60,000,000 adults, are unbanked or 
        underbanked and, subsequently, have missed opportunities for savings, 
        lending, and basic financial services;
Whereas according to the 2009 Consumer Financial Literacy Survey Final Report of 
        the National Foundation for Credit Counseling, 41 percent of adults in 
        the United States, or more than 92,000,000 adults living in the United 
        States, gave themselves a grade of C, D, or F on their knowledge of 
        personal finance;
Whereas according to the National Bankruptcy Research Center, the number of 
        personal bankruptcy filings reached 1,410,000 in 2009, a 32 percent 
        increase from 2008 and the highest number since 2005;
Whereas the 2009 Retirement Confidence Survey conducted by the Employee Benefit 
        Research Institute found that the percentage of workers who were ``very 
        confident'' about having enough money for a comfortable retirement 
        decreased sharply, from 27 percent in 2007 to 18 percent in 2008 to 13 
        percent in 2009, the lowest since the question was first asked in the 
        survey in 1993, and representing a 50 percent decline in worker 
        confidence since 2007;
Whereas according to a 2009 ``Flow of Funds'' report by the Federal Reserve, 
        household debt stood at $13,600,000,000,000;
Whereas according to the Department of Labor, only 43 percent of people in the 
        United States have calculated how much they need to save for retirement;
Whereas according to the 2009 Consumer Financial Literacy Survey Final Report of 
        the National Foundation for Credit Counseling, 26 percent, or more than 
        58,000,000 adults, admit to not paying all of their bills on time;
Whereas according to the 2009 Consumer Financial Literacy Survey Final Report of 
        the National Foundation for Credit Counseling, \1/3\ of adults in the 
        United States, approximately 72,000,000 adults, report that they have no 
        savings and only 23 percent of adults in the United States are now 
        saving more than they did a year ago because of the current economic 
        climate;
Whereas according to the 2009 Consumer Financial Literacy Survey Final Report of 
        the National Foundation for Credit Counseling, less than \1/2\ of adults 
        keep close track of their spending, and nearly 16,000,000 adults do not 
        know how much they spend on food, housing, and entertainment, and do not 
        monitor their overall spending;
Whereas the number of adults keeping close track of their spending has not 
        improved since 2007;
Whereas according to the sixth Survey of the States 2009: Economic, Personal 
        Finance, and Entrepreneurship Education in Our Nation's Schools, 
        conducted by the Council for Economic Education, only 21 States require 
        students to take an economics course as a high school graduation 
        requirement, and only 19 States require the testing of student knowledge 
        in economics;
Whereas according to the sixth Survey of the States 2009: Economic, Personal 
        Finance, and Entrepreneurship Education in Our Nation's Schools, 
        conducted by the Council for Economic Education, only 13 States require 
        students to take a personal finance course either independently or as 
        part of an economics course as a high school graduation requirement;
Whereas expanding access to the mainstream financial system will provide 
        individuals with less expensive and more secure options for managing 
        finances and building wealth;
Whereas quality personal financial education is essential to ensure that 
        individuals are prepared to manage money, credit, and debt, and to 
        become responsible workers, heads of households, investors, 
        entrepreneurs, business leaders, and citizens;
Whereas increased financial literacy empowers individuals to make wise financial 
        decisions and reduces the confusion caused by an increasingly complex 
        economy;
Whereas a greater understanding of, and familiarity with, financial markets and 
        institutions will lead to increased economic activity and growth;
Whereas, in 2003, Congress found it important to coordinate Federal financial 
        literacy efforts and formulate a national strategy; and
Whereas, in light of that finding, Congress passed the Financial Literacy and 
        Education Improvement Act of 2003 (Public Law 108-159; 117 Stat. 2003) 
        establishing the Financial Literacy and Education Commission and 
        designating the Office of Financial Education of the Department of the 
        Treasury to provide support for the Commission: Now, therefore, be it
    Resolved, That the Senate--
            (1) designates April 2010 as ``Financial Literacy Month'' 
        to raise public awareness about--
                    (A) the importance of personal financial education 
                in the United States; and
                    (B) the serious consequences that may result from a 
                lack of understanding about personal finances; and
            (2) calls on the Federal Government, States, localities, 
        schools, nonprofit organizations, businesses, and the people of 
        the United States to observe the month with appropriate 
        programs and activities.
                                 <all>