[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. Res. 168 Agreed to Senate (ATS)]

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116th CONGRESS
  1st Session
S. RES. 168

        Designating April 2019 as ``Financial Literacy Month''.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             April 11, 2019

  Mr. Reed (for himself, Mr. Scott of South Carolina, Mr. Jones, Mr. 
   Barrasso, Mr. Booker, Mr. Boozman, Mr. Braun, Ms. Cantwell, Mrs. 
Capito, Mr. Cardin, Mr. Carper, Mr. Cassidy, Mr. Coons, Mr. Cramer, Mr. 
  Crapo, Mr. Durbin, Mr. Enzi, Ms. Ernst, Mrs. Feinstein, Ms. Hassan, 
 Mrs. Hyde-Smith, Mr. Manchin, Mr. Menendez, Mrs. Murray, Mr. Peters, 
  Mr. Roberts, Ms. Rosen, Mr. Tester, Mr. Tillis, Mr. Whitehouse, Mr. 
Wicker, Mr. Young, and Mr. Perdue) submitted the following resolution; 
                   which was considered and agreed to

_______________________________________________________________________

                               RESOLUTION


 
        Designating April 2019 as ``Financial Literacy Month''.

Whereas, according to the report entitled ``Economic Well-Being of U.S. 
        Households'' by the Board of Governors of the Federal Reserve System, 40 
        percent of adults in the United States cannot cover an unexpected 
        expense of $400;
Whereas, according to the report entitled ``2017 National Survey of Unbanked and 
        Underbanked Households'' by the Federal Deposit Insurance Corporation, 
        approximately 25 percent of households in the United States are unbanked 
        or underbanked and therefore have limited or no access to savings, 
        lending, and other basic financial services;
Whereas, according to the 2018 Consumer Financial Literacy Survey final report 
        of the National Foundation for Credit Counseling--

    (1) a majority (61 percent) of adults in the United States had credit 
card debt during the 1-year period ending on the date of publication of the 
report;

    (2) nearly \2/5\ (38 percent) of adults in the United States carry 
credit card debt from month to month; and

    (3) approximately 41 percent of adults in the United States maintain a 
budget;

Whereas, according to the statistical release of the Board of Governors of the 
        Federal Reserve System for the fourth quarter of 2018 entitled 
        ``Household Debt and Credit''--

    (1) outstanding household debt in the United States was 
$869,000,000,000 higher than the previous peak of $12,680,000,000,000 in 
the third quarter of 2008; and

    (2) outstanding student loan balances have more than doubled in the 
last decade to approximately $1,500,000,000,000;

Whereas, according to the 2018 report entitled ``Survey of the States: Economic 
        and Personal Finance Education in Our Nation's Schools'', the most 
        recent biennial report of that name by the Council for Economic 
        Education--

    (1) only 22 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 57 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--

    (1) empowers individuals to make wise financial decisions; and

    (2) 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 2019 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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