[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H. Res. 172 Introduced in House (IH)]

113th CONGRESS
  1st Session
H. RES. 172

    Supporting the goals and ideals of ``Financial Literacy Month''.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 23, 2013

  Mr. Hinojosa (for himself, Mr. Stivers, Ms. Sewell of Alabama, Mr. 
   Cartwright, and Ms. Eddie Bernice Johnson of Texas) 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 personal financial literacy is essential to ensure that individuals are 
        prepared to make informed financial choices so that they can become 
        successful heads of household, investors, entrepreneurs, and business 
        leaders;
Whereas financial education is the first line of defense against financial fraud 
        and securing a prosperous future;
Whereas according to the Federal Deposit Insurance Corporation, at least 28.3 
        percent of households in the United States, or close to 33,000,000 
        households with approximately 66,000,000 adults, are unbanked or 
        underbanked and, subsequently, have missed opportunities for savings, 
        lending, and basic financial services;
Whereas almost 55.3 percent of Black households, and 48.7 percent of Hispanic 
        households are either unbanked or underbanked;
Whereas according to the 2012 Consumer Financial Literacy Survey Final Report of 
        the National Foundation for Credit Counseling, 42 percent of adults in 
        the United States, gave themselves a grade of C, D, or F on their 
        knowledge of personal finance;
Whereas according to the United States courts figures on bankruptcy filings, 
        personal bankruptcy filings reached over 1,500,000 in 2010, the highest 
        number since 2005, more than 1,400,000 in 2011, and more than 1,200,000 
        in 2012;
Whereas the 2012 Retirement Confidence Survey conducted by the Employee Benefit 
        Research Institute found that only 14 percent of workers were ``very 
        confident'' about having enough money for a comfortable retirement, up 
        only 1 percent point from the previous year, a sharp decline in worker 
        confidence from the 27 percent of workers who were ``very confident'' in 
        2007;
Whereas according to the 2012 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 2012 ``Flow of Funds'' report by the Board of Governors 
        of the Federal Reserve System, household debt stood at 
        $12,800,000,000,000 at the end of the fourth quarter of 2012;
Whereas according to the 2012 Consumer Financial Literacy Survey Final Report of 
        the National Foundation for Credit Counseling, 33 percent, or more than 
        77,000,000 adults, admit to not paying all of their bills on time, a 
        dramatic increase from 28 percent or 64,000,000 adults in 2011;
Whereas according to the 2012 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 22 percent of adults 
        do not know how much they spend on food, housing, and entertainment, and 
        do not monitor their overall spending;
Whereas according to the 2012 Consumer Financial Literacy Survey Final Report of 
        the National Foundation for Credit Counseling, 39 percent of adults in 
        the United States, report that they have no savings, and only 2 in 5 
        adults are saying they are saving less in 2012 than the year before, the 
        proportion of adults who have savings has declined from 67 percent in 
        2010 to 64 percent in 2011 down to 59 percent in 2012;
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 2013 Girl Scout Research Institute's report, ``Having 
        It All: Girls & Financial Literacy'', 90 percent of girls say it is 
        important to learn how to manage money but just 12 percent say they feel 
        confident in making financial decisions;
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, 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.
                                 <all>