[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[S. Res. 427 Agreed to Senate (ATS)]

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114th CONGRESS
  2d Session
S. RES. 427

        Designating April 2016 as ``Financial Literacy Month''.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             April 14, 2016

 Mr. Reed (for himself, Mr. Scott, Mr. Donnelly, Mr. Kirk, Mr. Durbin, 
   Mr. Cotton, Mr. Cochran, Mr. Enzi, Ms. Klobuchar, Mr. Blunt, Mr. 
 Barrasso, Mr. Brown, Mr. Franken, Mr. Cardin, Mr. Carper, Mr. Crapo, 
 Mr. Moran, Mrs. Murray, Mrs. Feinstein, Mr. Boozman, Mrs. Boxer, Ms. 
Heitkamp, Mr. Peters, Mr. Daines, Mr. Inhofe, Mr. Schatz, Mr. Menendez, 
 Mr. Wicker, and Mr. Coons) submitted the following resolution; which 
                      was considered and agreed to

_______________________________________________________________________

                               RESOLUTION


 
        Designating April 2016 as ``Financial Literacy Month''.

Whereas according to the Federal Deposit Insurance Corporation (referred to in 
        this preamble as the ``FDIC''), at least 27.7 percent of households in 
        the United States, or nearly 34,400,000 households with approximately 
        67,600,000 adults, are unbanked or underbanked and therefore have not 
        had an 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 an understanding of the financial products 
        and services banks offered;
Whereas according to the 2015 Consumer Financial Literacy Survey final report of 
        the National Foundation for Credit Counseling--

    (1) approximately 41 percent of adults in the United States gave 
themselves a grade of ``C'', ``D'', or ``F'' on their knowledge of personal 
finance;

    (2) 75 percent of adults in the United States acknowledged that they 
could benefit from additional advice and answers to everyday financial 
questions from a professional;

    (3) 24 percent of adults in the United States, or approximately 
56,300,000 individuals, admitted to not paying bills on time;

    (4) 1 in 3 households reported carrying credit card debt from month to 
month;

    (5) only 39 percent of adults in the United States reported keeping 
close track of their spending, a percentage that held steady since 2007; 
and

    (6) 13 percent of adults in the United States identified not having 
enough ``rainy day'' savings for an emergency, and 15 percent of adults in 
the United States identified not having enough money set aside for 
retirement, as the most worrisome area of personal finance;

Whereas the 2015 Retirement Confidence Survey conducted by the Employee Benefit 
        Research Institute found that 24 percent of workers were ``not at all 
        confident'' that they had enough money to retire;
Whereas according to the statistical release of the Board of Governors of the 
        Federal Reserve System for the fourth quarter of 2015 entitled 
        ``Financial Accounts of the United States: Flow of Funds, Balance 
        Sheets, and Integrated Macroeconomic Accounts'', outstanding household 
        debt in the United States was $14,200,000,000,000 at the end of the 
        fourth quarter of 2015;
Whereas according to the 2016 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 20 States require students to take an economics course as a 
high school graduation requirement; and

    (2) only 17 States require students to take a personal finance course 
as a high school graduation requirement, either independently or as part of 
an economics course;

Whereas according to the Gallup-HOPE Index, only 52 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--

    (1) to manage money, credit, and debt; and

    (2) 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; and
Whereas, in 2003, Congress--

    (1) determined that coordinating Federal financial literacy efforts and 
formulating a national strategy is important; and

    (2) in light of that determination, 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 2016 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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