[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[S. Res. 423 Agreed to Senate (ATS)]

113th CONGRESS
  2d Session
S. RES. 423

        Designating April 2014 as ``Financial Literacy Month''.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             April 11, 2014

Mr. Reed (for himself, Mr. Enzi, Mrs. Murray, Mr. Barrasso, Mr. Coons, 
    Mr. Crapo, Mr. Durbin, Mr. Blunt, Ms. Heitkamp, Mr. Wicker, Mr. 
  Merkley, Mr. Cochran, Mr. Warner, Mr. Begich, Mr. Carper, Mr. King, 
  Mrs. Hagan, Mr. Johnson of Wisconsin, and Mr. Cardin) submitted the 
        following resolution; which was considered and agreed to

_______________________________________________________________________

                               RESOLUTION


 
        Designating April 2014 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 2013 Consumer Financial Literacy Survey Final Report of 
        the National Foundation for Credit Counseling--

    (1) approximately 40 percent of adults in the United States gave 
themselves a grade of C, D, or F on their knowledge of personal finance, 
and 78 percent of adults acknowledged that they could benefit from 
additional advice and answers to everyday financial questions from a 
professional;

    (2) 26 percent of adults in the United States, or approximately 
61,000,000 individuals, admitted to not paying their bills on time;

    (3) only 40 percent of adults in the United States reported keeping 
close track of their spending, a percentage that has held steady since 
2007; and

    (4) more than 40 percent of adults in the United States, or over 
100,000,000 individuals, said not having enough ``rainy day'' savings for 
an emergency is their greatest financial concern, while a slightly lower 
percentage said that their greatest financial concern is not having enough 
money set aside for retirement;

Whereas the 2013 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, 
        which is a sharp decline in worker confidence from the 27 percent of 
        workers who were ``very confident'' in 2007, while approximately 54 
        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 2014 ``Flow of Funds'' report by the Board of Governors 
        of the Federal Reserve System, outstanding household debt in the United 
        States was $13,100,000,000,000 at the end of the fourth quarter of 2013;
Whereas according to the 2014 Survey of the States: Economic and Personal 
        Finance Education in Our Nation's Schools, a biennial report by the 
        Council for Economic Education--

    (1) only 24 States require students to take an economics course as a 
high school graduation requirement;

    (2) only 22 States require testing student knowledge of economics; and

    (3) only 17 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 
        52.3 percent of students in the United States have money in a bank or 
        credit union account;
Whereas expanding access to the safe, 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 2014 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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