[Congressional Record Volume 150, Number 61 (Wednesday, May 5, 2004)]
[Extensions of Remarks]
[Page E742]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




      SUPPORTING THE GOALS AND IDEALS OF FINANCIAL LITERACY MONTH

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                               speech of

                             HON. JOE BACA

                             of california

                    in the house of representatives

                        Tuesday, April 27, 2004

  Mr. BACA. Mr. Speaker, I rise in support of H. Res. 578, a resolution 
supporting the goals and ideals of Financial Literacy Month. This bill, 
introduced by my colleagues Congresswoman Judy Biggert and Congressman 
Ruben Hinojosa, supports the goals and ideals of Financial Literacy 
Month and requests that the President issue a proclamation calling on 
the Federal Government, States, schools, businesses, and others to 
observe the month with appropriate programs and activities.
  Our financial services industry benefits millions of people, allowing 
individuals and families to build homes, buy cars, finance educations, 
and start businesses. Financial literacy is particularly important for 
the Hispanic and minority communities. It empowers individuals to make 
wise financial decisions in an increasingly complex economy. Despite 
the importance of financial literacy, the numbers show that our work is 
just getting started.
  Recent studies have found that high school seniors know less about 
principles of basic personal finance than did high school seniors 5 
years ago. Between 25 and 56 million people over the age of 18 do not 
use mainstream, insured financial institutions and are considered 
``unbanked.'' Over one-third of Hispanic families do not have bank 
accounts. Despite these figures, fewer and fewer States include 
personal finance in education standards for students in kindergarten 
through high school.
  That is why the National Council on Economic Education, the Jump$tart 
Coalition for Personal Financial Literacy, and its partner 
organizations have designated April as ``Financial Literacy Month.'' 
Our goal is to educate the public about the need for increased 
financial literacy for youth in the United States. In today's world, we 
must continue to expand access to mainstream financial institutions and 
provide all Americans the tools they need to become productive members 
of our society.

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