[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[S. Res. 409 Agreed to Senate (ATS)]

112th CONGRESS
  2d Session
S. RES. 409

        Designating April 2012 as ``Financial Literacy Month''.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             March 28, 2012

 Mr. Akaka (for himself, Mr. Enzi, Mr. Baucus, Mr. Blunt, Mr. Cardin, 
Mr. Carper, Mr. Cochran, Mr. Coons, Mr. Crapo, Mr. Durbin, Mrs. Hagan, 
 Mr. Inouye, Mr. Johnson of South Dakota, Mr. Kohl, Ms. Landrieu, Mr. 
  Lautenberg, Mr. Menendez, Mrs. Murray, Mr. Wicker, and Mr. Brown of 
  Ohio) submitted the following resolution; which was considered and 
                               agreed to

_______________________________________________________________________

                               RESOLUTION


 
        Designating April 2012 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 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 Senate--
            (1) designates April 2012 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.
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