[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H. Res. 633 Introduced in House (IH)]
112th CONGRESS
2d Session
H. RES. 633
Supporting the goals and ideals of ``Financial Literacy Month''.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
April 25, 2012
Mr. Meeks (for himself, Mr. Hinojosa, and Mrs. Biggert) submitted the
following resolution; which was referred to the Committee on Oversight
and Government Reform
_______________________________________________________________________
RESOLUTION
Supporting the goals and ideals of ``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 2011 Consumer Financial Literacy Survey Final Report of
the National Foundation for Credit Counseling, 41 percent of adults in
the United States, or more than 77,000,000 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 1,500,000 in 2010, the highest
number since 2005, and in 2011, the percentage of total consumer filings
increased from 2010;
Whereas the 2011 Retirement Confidence Survey conducted by the Employee Benefit
Research Institute found that only 13 percent of workers were ``very
confident'' about having enough money for a comfortable retirement, a
sharp decline in worker confidence from the 27 percent of workers who
were ``very confident'' in 2007;
Whereas according to the 2011 Retirement Confidence Survey conducted by the
Employee Benefit Research Institute, less than half of workers (42
percent) in the United States have tried to calculate how much they need
to save for retirement;
Whereas according to a 2011 ``Flow of Funds'' report by the Board of Governors
of the Federal Reserve System, household debt stood at
$13,200,000,000,000 at the end of the third quarter of 2010;
Whereas according to the 2011 Consumer Financial Literacy Survey Final Report of
the National Foundation for Credit Counseling, 28 percent, or nearly
64,000,000 adults, admit to not paying all of their bills on time;
Whereas according to the 2011 Consumer Financial Literacy Survey Final Report of
the National Foundation for Credit Counseling, only 43 percent of adults
keep close track of their spending, and more than 128,400,000 adults do
not know how much they spend on food, housing, and entertainment, and do
not monitor their overall spending;
Whereas according to the 2011 Consumer Financial Literacy Survey Final Report of
the National Foundation for Credit Counseling, 1 in 3 adults in the
United States, or more than 75,600,000 individuals, report that they
have no savings, and only 22 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 seventh Council for Economic Education biennial Survey
of the States 2011: Economic, Personal Finance, and Entrepreneurship
Education in Our Nation's Schools, only 22 States require students to
take an economics course as a high school graduation requirement, and
only 16 States require the testing of student knowledge in economics;
Whereas according to the seventh Council for Economic Education biennial Survey
of the States 2011: Economic, Personal Finance, and Entrepreneurship
Education in Our Nation's Schools, only 12 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 according to the Gallup-Operation HOPE Financial Literacy Index, while
69 percent of American students strongly believe that the best time to
save money is now, only 57 percent believe that their parents are saving
money for the future;
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 (20 U.S.C. 9701 et seq.), establishing the
Financial Literacy and Education Commission: Now, therefore, be it
Resolved, That the House of Representatives--
(1) supports the goals and ideals of ``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 support the goals and ideals of
``Financial Literacy Month'' with appropriate programs and
activities.
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