[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[S. Res. 588 Introduced in Senate (IS)]

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117th CONGRESS
  2d Session
S. RES. 588

        Designating April 2022 as ``Financial Literacy Month''.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             April 7, 2022

  Mr. Reed (for himself, Mr. Scott of South Carolina, Mr. Durbin, Ms. 
Lummis, Ms. Ernst, Mr. Casey, Ms. Hassan, Mr. Peters, Mr. Barrasso, Mr. 
   Braun, Mr. Coons, Mr. Marshall, Mr. Van Hollen, Mrs. Murray, Mr. 
Hagerty, Mr. Risch, Mrs. Blackburn, Mr. Crapo, Mr. Daines, Mr. Boozman, 
   Mr. Cruz, Mr. Rubio, Mr. Tillis, Mr. Warnock, Mrs. Feinstein, Mr. 
Rounds, Mrs. Capito, Ms. Klobuchar, Ms. Collins, Mr. Wyden, Mr. Warner, 
Mr. Young, Mr. Cardin, Mr. Lujan, Mr. Whitehouse, Ms. Cortez Masto, Mr. 
 Manchin, Mr. Cassidy, Ms. Rosen, and Mr. Scott of Florida) submitted 
 the following resolution; which was referred to the Committee on the 
                               Judiciary

_______________________________________________________________________

                               RESOLUTION


 
        Designating April 2022 as ``Financial Literacy Month''.

Whereas, according to the 2020 report entitled ``Economic Well-Being of U.S. 
        Households'' by the Board of Governors of the Federal Reserve System, 
        economic distress from the COVID-19 pandemic was evident when analyzing 
        the self-assessments of individuals with respect to their financial 
        trajectories over the past year;
Whereas, according to the 2019 report entitled ``How America Banks: Household 
        Use of Banking and Financial Services'' by the Federal Deposit Insurance 
        Corporation, approximately 5.4 percent of households in the United 
        States are unbanked and, therefore, have limited or no access to 
        savings, lending, and other basic financial services;
Whereas, according to the 2021 Consumer Financial Literacy and Preparedness 
        Survey of the National Foundation for Credit Counseling and Wells 
        Fargo--

    (1) 47 percent of the general population in the United States report 
having credit card debt;

    (2) 38 percent of adults in the United States report carrying credit 
card balances from month-to-month; and

    (3) 44 percent of the general population in the United States have a 
budget and keep close track of expenses, such as food, housing, and 
entertainment;

Whereas, according to a report entitled ``Financial Capability of Adults with 
        Disabilities'' by the National Disability Institute and the Financial 
        Industry Regulatory Authority, people with disabilities were more likely 
        to struggle with the key components of financial capability, which are 
        making ends meet, planning ahead, managing financial products, and 
        financial knowledge and decision making, and could benefit from targeted 
        financial education;
Whereas, according to the statistical release of the Board of Governors of the 
        Federal Reserve System for the fourth quarter of 2021 entitled 
        ``Household Debt and Credit''--

    (1) outstanding household debt in the United States has been increasing 
steadily since 2013 and was $414,000,000,000 higher than at the end of 
2019; and

    (2) outstanding student loan balances have more than doubled in the 
last decade to approximately $1,560,000,000,000;

Whereas, according to the 2022 report entitled ``Survey of the States: Economic 
        and Personal Finance Education in Our Nation's Schools'', by the Council 
        for Economic Education--

    (1) only 25 States require students to take an economics course as a 
high school graduation requirement; and

    (2) only 23 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 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 make sound money management decisions about credit, debt, 
insurance, financial transactions, and planning for the future; and

    (2) to become responsible workers, heads of household, investors, 
entrepreneurs, business leaders, and citizens;

Whereas financial education in schools in the United States is critical to a 
        long-term financial inclusion strategy to reach students who are not 
        able to get sufficient personal finance guidance at home;
Whereas, according to the 2021 report entitled ``Game Changer: The Evaluation of 
        the Jump$tart Financial Foundations for Educators Professional 
        Development Program'' by the Financial Literacy Group, teacher training 
        regarding financial education improves student outcomes significantly, 
        especially among historically underserved students;
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 2022 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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