[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H. Res. 247 Introduced in House (IH)]
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115th CONGRESS
1st Session
H. RES. 247
Supporting the goals and ideals of Financial Literacy Month.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
April 4, 2017
Mr. Meeks (for himself, Mr. Gonzalez of Texas, Mr. Pallone, Ms.
Jayapal, Mr. Carson of Indiana, Mr. Grijalva, Ms. Clarke of New York,
and Mr. Vargas) 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 according to the 2015 Household Survey of the Federal Deposit Insurance
Corporation, 26.9 percent of households in the United States, or close
to 31,500,000 households with approximately 83,000,000 adults, are
unbanked or underbanked and, subsequently, have missed opportunities for
savings, lending, and basic financial services;
Whereas according to the 2016 Consumer Financial Literacy Survey of the National
Foundation for Credit Counseling, 44 percent of adults in the United
States, or more than 110,000,000 adults living in the United States,
gave themselves a grade of C, D, or F on their knowledge of personal
finance;
Whereas the 2016 Retirement Confidence Survey conducted by the Employee Benefit
Research Institute found that only 21 percent of workers were ``very
confident'' about having enough money for a comfortable retirement,
reflecting a continuing discrepancy with pre-crisis confidence levels;
Whereas according to the 2016 Retirement Confidence Survey conducted by the
Employee Benefit Research Institute, less than half of workers and/or
their spouse (48 percent) in the United States have tried to calculate
how much they need to save for retirement;
Whereas according to the February 2017 Quarterly Report on Household Debt and
Credit by the Federal Reserve Bank of New York, household debt stood at
$12,680,000,000,000 at the end of the fourth quarter of 2016, reflecting
a 1.8 percent increase compared to the third quarter of 2016;
Whereas according to the 2016 Consumer Financial Literacy Survey of the National
Foundation for Credit Counseling, 22 percent, or nearly 55,000,000
adults, admit to not paying all of their bills on time;
Whereas according to the 2016 Consumer Financial Literacy Survey of the National
Foundation for Credit Counseling, only 40 percent of adults have a
budget and keep close track of their spending;
Whereas according to the 2016 Consumer Financial Literacy Survey of the National
Foundation for Credit Counseling, 1 in 3 adults (34 percent) in the
United States, or 85,000,000 adults, report that they have no savings,
and only 26 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 Council for Economic Education biennial Survey of the
States 2016: Economic, Personal Finance, and Entrepreneurship Education
in Our Nation's Schools, only 20 States require students to take an
economics course as a high school graduation requirement, two fewer than
in 2014;
Whereas according to the Council for Economic Education biennial Survey of the
States 2016: Economic, Personal Finance, and Entrepreneurship Education
in Our Nation's Schools, 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 former Federal Reserve Bank Chairman Ben Bernanke in 2011 stressed,
before a Senate Subcommittee on Oversight of Government Management, the
Federal Workforce, and the District of Columbia, the importance of
making financial education a life-long pursuit, considering that well-
informed consumers are a solid defense against the spread of financial
products and services that are ``unsuitable, unnecessarily costly, or
abusive'';
Whereas according to a 2014 study by Annamaria Lusardi from George Washington
University and Olivia S. Mitchell from the University of Pennsylvania,
econometric models and experiments are confirming the causal effect of
financial literacy on economic decision making, separating financial
literacy from other factors, such as education and cognitive ability;
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 and 2011, Congress found it important to coordinate Federal
financial literacy efforts and formulate a national strategy; and
Whereas in 2003, 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 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.
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