[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[S. Res. 105 Agreed to Senate (ATS)]

113th CONGRESS
  1st Session
S. RES. 105

        Designating April 2013 as ``Financial Literacy Month''.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             April 23, 2013

Mr. Reed (for himself, Mr. Enzi, Mr. Merkley, Mr. Crapo, Mr. Johnson of 
 South Dakota, Mr. Barrasso, Mrs. Murray, Mr. Cochran, Mr. Cardin, Mr. 
Wicker, Mrs. Hagan, Mr. Blunt, Mr. Durbin, Ms. Warren, Mr. Franken, Mr. 
Coons, Mr. Baucus, Mr. Johnson of Wisconsin, Mr. Brown, Mr. Lautenberg, 
Mr. Warner, and Ms. Landrieu) submitted the following resolution; which 
                      was considered and agreed to

_______________________________________________________________________

                               RESOLUTION


 
        Designating April 2013 as ``Financial Literacy Month''.

Whereas, according to the Federal Deposit Insurance Corporation (referred to in 
        this preamble as the ``FDIC''), at least 28.3 percent of households in 
        the United States, or nearly 34,000,000 households with approximately 
        67,888,000 adults, are unbanked or underbanked and therefore have not 
        had the opportunity to access savings, lending, and other basic 
        financial services;
Whereas, according to the FDIC, approximately 30 percent of banks reported in 
        2011 that consumers lacked understanding of the financial products and 
        services banks offered;
Whereas, according to the 2012 Consumer Financial Literacy Survey Final Report 
        of the National Foundation for Credit Counseling--

    (1) approximately 42 percent of, or nearly 98,000,000, adults in the 
United States gave themselves a grade of C, D, or F on their knowledge of 
personal finance, and 4 out of every 5 adults admitted that they could 
benefit from additional advice and answers to everyday financial questions 
from a professional;

    (2) the number of adults in the United States who admit to not paying 
their bills on time has increased from 28 percent in 2011 to 33 percent, or 
nearly 77,000,000, in 2012;

    (3) only 43 percent of adults in the United States keep close track of 
their spending, and more than 13,000,000 adults do not know how much they 
spend on food, housing, and entertainment, and do not monitor their overall 
spending; and

    (4) 2 out of every 5 adults in the United States, or more than 
93,000,000, are saving less than they did in 2011, and approximately 39 
percent of adults report that they have no non-retirement savings;

Whereas the 2012 Retirement Confidence Survey conducted by the Employee Benefit 
        Research Institute found that--

    (1) only 14 percent of workers were ``very confident'' about having 
enough money for a comfortable retirement, which is a sharp decline in 
worker confidence from the 27 percent of workers who were ``very 
confident'' in 2007; and

    (2) approximately 56 percent of workers say they or their spouses have 
not calculated the amount of money 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, aggregate household debt in the United 
        States was $12,800,000,000 at the end of the fourth quarter of 2012;
Whereas, according to the Survey of the States 2011: Economic, Personal Finance, 
        and Entrepreneurship Education in Our Nation's Schools, a biennial 
        report by the Council for Economic Education--

    (1) only 22 States require students to take an economics course as a 
high school graduation requirement;

    (2) only 16 States require testing student knowledge of economics; and

    (3) 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, only 
        54 percent of students in the United States have money in a bank or 
        credit union account;
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 household, 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 determined that coordinating Federal financial 
        literacy efforts and formulating a national strategy is important; and
Whereas, in light of that determination, 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 2013 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 Financial Literacy Month with 
        appropriate programs and activities.
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