[Congressional Record Volume 149, Number 158 (Tuesday, November 4, 2003)]
[House]
[Pages H10247-H10248]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
RECOGNIZING AND SUPPORTING FINANCIAL PLANNING WEEK
Mr. TURNER of Ohio. Mr. Speaker, I move to suspend the rules and
agree to the concurrent resolution (H. Con. Res. 176) supporting the
goals and ideals of Financial Planning Week, recognizing the
significant impact of sound financial planning on achieving life's
goals, and honoring American families and the financial planning
profession for their adherence and dedication to the financial planning
process.
The Clerk read as follows:
H. Con. Res. 176
Whereas the financial planning process can play a vital
role in helping American workers achieve financial
independence by empowering them to identify and manage
realistic financial objectives and negotiate the financial
challenges that arise at every stage of life;
Whereas all Americans can improve their quality of life by
securing competent, objective, and comprehensive financial
advice to assist them in attaining their financial goals;
Whereas, in the past year, proclamations have been issued
in numerous States and the District of Columbia recognizing
the importance of the financial planning process in meeting
the goal of financial independence and other long-term
financial objectives;
Whereas widespread adherence to a financial planning
process can help reduce the burdens and obligations of the
public and private sectors in providing a financial safety
net for less fortunate Americans; and
Whereas the Financial Planning Association has designated
the week beginning October 6, 2003, as ``Financial Planning
Week'': Now, therefore, be it
Resolved by the House of Representatives (the Senate
concurring), That Congress--
(1) supports the goals and ideals of ``Financial Planning
Week'';
(2) recognizes the significant impact that sound financial
planning can have on securing financial independence and
achieving life's goals and dreams;
(3) acknowledges and commends the millions of American
families across the United States, as well as the financial
planning profession, for their adherence and dedication to
the financial planning process; and
(4) encourages the American people to observe ``Financial
Planning week'' with appropriate programs and activities.
The SPEAKER pro tempore. Pursuant to the rule, the gentleman from
Ohio (Mr. Turner) and the gentleman from Illinois (Mr. Davis) each will
control 20 minutes.
The Chair recognizes the gentleman from Ohio (Mr. Turner).
General Leave
Mr. TURNER of Ohio. Mr. Speaker, I ask unanimous consent that all
Members may have 5 legislative days within which to revise and extend
their remarks on the concurrent resolution under consideration.
The SPEAKER pro tempore. Is there objection to the request of the
gentleman from Ohio?
There was no objection.
Mr. TURNER of Ohio. Mr. Speaker, I yield myself such time as I may
consume.
Mr. Speaker, House Concurrent Resolution 176 supports the goals and
ideals of Financial Planning Week. This resolution, introduced by the
gentleman from Pennsylvania (Mr. Platts), the chairman of the Committee
on Government Reform Subcommittee on Government Efficiency and
Financial Management, aims to make all Americans aware of the
importance of effective financial planning to prepare for all stages of
life.
Mr. Speaker, all Americans were happy to learn last week that the
gross domestic product for the third quarter of fiscal year 2003 grew
at a rate of 7.2 percent, the highest rate since the 1980s. Clearly,
that is good news about the direction our economy is headed and,
hopefully, that will translate into increased job growth and more
income for all Americans.
However, smart financial planning is a timeless and invaluable way
for all of us to help ensure a secure financial future. American
families are working harder today than perhaps at any other time in our
Nation's history, but it is imperative that we all accompany our hard
work with thoughtful, personal financial planning.
I want to cite the third resolved clause of the resolution that
states that ``Congress acknowledges and commends the millions of
American families across the United States for their adherence and
dedication to the financial planning process.'' No one takes time out
to recognize the millions of Americans who are working, spending
wisely, and prudently saving for their own and their family's future.
This resolution attempts to acknowledge these people.
Mr. Speaker, I commend the chairman of the Subcommittee on Government
Efficiency and Financial Management for introducing this important
legislation, and I support the adoption of House Concurrent Resolution
176.
Mr. Speaker, I reserve the balance of my time.
Mr. DAVIS of Illinois. Mr. Speaker, I yield myself such time as I may
consume.
Mr. Speaker, as a young child, I was taught that he or she who fails
to plan, plans to fail. Therefore, Mr. Speaker, this resolution is very
timely, given the sluggish economy and loss of jobs.
H. Con. Res. 176 supports the goals and ideals of Financial Planning
Week. The financial planning process allows individuals to achieve
their dreams by empowering themselves to identify and manage realistic
financial goals, and to negotiate the financial barriers that arise at
every stage of life.
Everyone can benefit from knowing about the value of financial
planning and where to turn for objective financial advice. The
Financial Planning Association designated the week beginning October 6,
2003 as Financial Planning Week, and with good reason.
Saving money has steadily declined in this country over the past 50
years, while borrowing has increased. In 1950, savings averaged 12.3
percent of national output. By the 1960s, it was down to 8.5 percent.
By the 1980s it was down to 4.7 percent. In the early 1990s, it was
only 2.4 percent. Americans need to work to achieve financial
independence, and financial planning is crucial to that process.
Determining what you have, determining what resources you need for
living, and setting goals are all part of the financial planning
process. Experts suggest setting aside a goal to pay ourselves first,
to plan and to manage our spending so that we will be able to save. We
then should gradually increase the percentage of our income that we
save. Over time, Americans should try to set aside enough savings to
meet each of the following needs: Day-to-day living expenses, including
debt repayment; common emergencies; large recurrent expenses; short-
term goals; long-term goals; and special opportunities that would
require substantial sums in the future.
We as individuals are responsible for becoming well-informed and for
making thoughtful decisions that improve our prospects for financial
security. H. Con. Res. 176 serves as a reminder of how important it is
for us to save and to have a financial plan, so that we can improve not
only our individual quality of life, but so that we can have a better
outlook for our Nation and improve the quality of life for all
Americans.
Mr. Speaker, I have no further requests for time, and I yield back
the balance of my time.
Mr. TURNER of Ohio. Mr. Speaker, I strongly support the adoption of
House Concurrent Resolution 176, and I yield back the balance of my
time.
The SPEAKER pro tempore. The question is on the motion offered by the
gentleman from Ohio (Mr. Turner) that the House suspend the rules and
agree to the concurrent resolution, H. Con. Res. 176.
[[Page H10248]]
The question was taken.
The SPEAKER pro tempore. In the opinion of the Chair, two-thirds of
those present have voted in the affirmative.
Mr. TURNER of Ohio. Mr. Speaker, on that I demand the yeas and nays.
The yeas and nays were ordered.
The SPEAKER pro tempore. Pursuant to clause 8 of rule XX and the
Chair's prior announcement, further proceedings on this motion will be
postponed.
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