[Congressional Record Volume 151, Number 33 (Thursday, March 17, 2005)]
[Senate]
[Pages S3067-S3069]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




   SENATE RESOLUTION 86--DESIGNATING AUGUST 16, 2005, AS ``NATIONAL 
                             AIRBORNE DAY''

  Mr. HAGEL (for himself, Mr. Bingaman, Ms. Cantwell, Mr. Burns, Mr. 
Inouye, Mr. Johnson, Mrs. Dole, Mrs. Boxer, Ms. Landrieu, Mr. 
Alexander, Ms. Snowe, Mrs. Clinton, Mr. Reid, Mr. Cochran, Mr. Gregg, 
Mr. Burr, Mr. Isakson, Mr. Hatch, and Mr. Reed) submitted the following 
resolution; which was referred to the Committee on the Judiciary:

                               S. Res. 86

       Whereas the airborne forces of the United States Armed 
     Forces have a long and honorable history as units of 
     adventuresome, hardy, and fierce warriors who, for the 
     national security of the United States and the defense of 
     freedom and peace, project the effective ground combat power 
     of the United States by Air Force air transport to the far 
     reaches of the battle area and, indeed, to the far corners of 
     the world;
       Whereas August 16, 2005, marks the anniversary of the first 
     official validation of the innovative concept of inserting 
     United States ground combat forces behind the battle line by 
     means of a parachute;
       Whereas the United States experiment of airborne infantry 
     attack began on June 25, 1940, when the Army Parachute Test 
     Platoon was first authorized by the United States Department 
     of War, and was launched when 48 volunteers began training in 
     July of 1940;
       Whereas the Parachute Test Platoon performed the first 
     official Army parachute jump on August 16, 1940;
       Whereas the success of the Parachute Test Platoon in the 
     days immediately preceding the entry of the United States 
     into World War II led to the formation of a formidable force 
     of airborne units that, since then, have served with 
     distinction and repeated success in armed hostilities;
       Whereas among those units are the former 11th, 13th, and 
     17th Airborne Divisions, the venerable 82nd Airborne 
     Division, the versatile 101st Airborne Division (Air 
     Assault), and the airborne regiments and battalions (some as 
     components of those divisions, some as separate units) that 
     achieved distinction as the elite 75th Ranger Regiment, the 
     173rd Airborne Brigade, the 187th Infantry (Airborne) 
     Regiment, the 503rd,

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     507th, 508th, 517th, 541st, and 542nd Parachute Infantry 
     Regiments, the 88th Glider Infantry Regiment, the 509th, 
     551st, and 555th Parachute Infantry Battalions, and the 550th 
     Airborne Infantry Battalion;
       Whereas the achievements of the airborne forces during 
     World War II provided a basis of evolution into a diversified 
     force of parachute and air assault units that, over the 
     years, have fought in Korea, Vietnam, Grenada, Panama, the 
     Persian Gulf Region, and Somalia, and have engaged in 
     peacekeeping operations in Lebanon, the Sinai Peninsula, the 
     Dominican Republic, Haiti, Bosnia, and Kosovo;
       Whereas the modern-day airborne force that has evolved from 
     those World War II beginnings is an agile, powerful force 
     that, in large part, is composed of the 82nd Airborne 
     Division, the 101st Airborne Division (Air Assault), and the 
     75th Ranger Regiment which, together with other units, 
     comprise the quick reaction force of the Army's XVIII 
     Airborne Corps when not operating separately under a regional 
     combatant commander;
       Whereas that modern-day airborne force also includes other 
     elite forces composed entirely of airborne trained and 
     qualified special operations warriors, including Army Special 
     Forces, Marine Corps Reconnaissance units, Navy SEALs, Air 
     Force combat control teams, all or most of which comprise the 
     forces of the United States Special Operations Command;
       Whereas in the aftermath of the terrorist attacks on the 
     United States on September 11, 2001, the 75th Ranger 
     Regiment, special forces units, and units of the 82nd 
     Airborne Division and the 101st Airborne Division (Air 
     Assault), together with other units of the Armed Forces, have 
     been prosecuting the war against terrorism by carrying out 
     combat operations in Afghanistan, training operations in the 
     Philippines, and other operations elsewhere;
       Whereas in the aftermath of the President's announcement of 
     Operation Iraqi Freedom in March 2003, the 75th Ranger 
     Regiment, special forces units, and units of the 82nd 
     Airborne Division, the 101st Airborne Division (Air Assault) 
     and the 173rd Airborne Brigade, together with other units of 
     the Armed Forces, have been prosecuting the war against 
     terrorism, carrying out combat operations, conducting civil 
     affair missions, and assisting in establishing democracy in 
     Iraq.
       Whereas the airborne forces are and will continue to be at 
     the ready and the forefront until the Global War on Terrorism 
     is concluded;
       Whereas of the members and former members of the United 
     States combat airborne forces, all have achieved distinction 
     by earning the right to wear the airborne's ``Silver Wings of 
     Courage'', thousands have achieved the distinction of making 
     combat jumps, 69 have earned the Medal of Honor, and hundreds 
     have earned the Distinguished-Service Cross, Silver Star, or 
     other decorations and awards for displays of such traits as 
     heroism, gallantry, intrepidity, and valor;
       Whereas the members and former members of the United States 
     combat airborne forces are members of a proud and honorable 
     fraternity of the profession of arms that is made exclusive 
     by those distinctions which, together with their special 
     skills and achievements, distinguish them as intrepid combat 
     parachutists, special operation forces, and (in former days) 
     glider troops; and
       Whereas the history and achievements of the members and 
     former members of the airborne forces of the United States 
     Armed Forces warrant special expressions of the gratitude of 
     the American people as the airborne community celebrates 
     August 16, 2005, as the 65th anniversary of the first 
     official jump by the Army Parachute Test Platoon: Now, 
     therefore, be it
       Resolved, That the Senate--
       (1) designates August 16, 2005, as ``National Airborne 
     Day''; and
       (2) requests that the President issue a proclamation 
     calling on Federal, State, and local administrators and the 
     people of the United States to observe ``National Airborne 
     Day'' with appropriate programs, ceremonies, and activities.
  Mr. HAGEL. Mr. President, on behalf of Senators Bingaman, Cantwell, 
Burns, Inouye, Johnson, Dole, Boxer, Landrieu, Alexander, Snowe, 
Clinton, Reid, Cochran, Burr, Isakson, Hatch and Reed, I am proud to 
submit this Senate Resolution which designates August 16, 2005 as 
``National Airborne Day.'' This date marks the 65th anniversary of the 
first official jump by the Army Parachute Test Platoon.
  On June 25, 1940, the War Department authorized the Parachute Test 
Platoon to experiment with the potential use of airborne troops. The 
Parachute Test Platoon, which was composed of 48 volunteers, performed 
the first official Army parachute jump on August 16, 1940.
  The success of the Platoon led to the formation of a large and 
successful airborne contingent that has served from World War II until 
the present. The 11th, 13th, 17th, 82nd, and 101st Airborne Divisions 
and numerous other regimental and battalion size airborne units were 
also organized following the success of the Parachute Test Platoon.
  In the last 65 years, these airborne forces have performed in 
important military and peace-keeping operations all over the world, 
including Operation Iraqi Freedom, and it is only appropriate that we 
designate a day to salute the contributions they have made to our 
Nation.
  Through passage of ``National Airborne Day,'' the Senate will 
reaffirm our support for the members of the airborne community.
  I would like to thank Airborne veterans and Airborne units for their 
tireless commitment to our Nation's defense and for the ideals of duty, 
honor, country they embody. Airborne!
  Mr. AKAKA. Mr. President, I rise today to submit a resolution 
designating April 2005, as Financial Literacy Month. As in previous 
years, this is a bipartisan effort, and I thank several of my 
colleagues for standing with me in advancing financial and economic 
literacy for our citizens.
  We must raise public awareness about the importance of financial 
education in the U.S. and the serious consequences that may be 
associated with a lack of understanding about personal finances. 
Efforts to combat financial illiteracy are taking place in our school 
systems, across communities, in the business and banking sectors, and 
in Federal, State, and local government agencies, and I commend 
everyone in those areas for what they are doing.
  For example, the School District of Philadelphia, PA, has implemented 
a financial literacy and financial independence curriculum for all 
grades. Hundreds of high school seniors in South Dakota will be getting 
a course in credit cards before they head off to college or start their 
first job. The National Black Caucus of States Institute recently 
launched a new financial literacy campaign to promote savings within 
the African American community in support of the expansion of financial 
education for African Americans. In my home State, the Hawaii Council 
on Economic Education continues to accomplish much in increasing the 
awareness of economic and financial literacy and pooling resources to 
combat economic and financial illiteracy. Entities like the HCEE are 
being assisted in their efforts for K through 12 education by funding 
through the Excellence in Economic Education Act. At the Federal 
Government level, I continue to work closely with the Financial 
Literacy and Education Commission, and Office of Financial Education in 
the Department of the Treasury, as they continue to develop a national 
strategy and work to improve and expand economic and financial literacy 
tools and resources to people in this country.
  Furthermore in education, a 2004 survey of States by the National 
Council on Economic Education found that 49 States include economics, 
and 38 States include personal finance, in their elementary and 
secondary education standards. This is an increase from 48 States and 
31 States, respectively, in 2002. In addition, a 2004 study by the 
Jump$tart Coalition for Personal Financial Literacy found an increase 
since 1997 in high school seniors' scores on an exam about credit 
cards, retirement funds, insurance, and other personal finance basics. 
While progress needs to be recognized, much more needs to be done. 
Although the NCEE survey found that more States have standards in 
place, only 26 States measure progress in economic education and 9 
States in personal finance education through testing. And for the 
Jump$tart study, 65 percent of students still earned failing grades. 
These figures do not bode well for the first National Assessment of 
Educational Progress in economics, which will have several questions 
based in personal finance and will be conducted in 2006.
  There are other signs that we can do even more in economic and 
financial literacy. Credit is readily and abundantly available in the 
form of many different products with a multitude of features. Marketing 
campaigns by financial institutions, finance companies, and other 
credit extending businesses are aggressively pursuing consumers and 
marketing available credit as the answer to instant gratification, to 
take that dream vacation, to buy that plasma television, or satisfy 
some other indulgence, without fully understanding the financial 
ramifications of their actions. These successful marketing initiatives 
have led to unprecedented levels of borrowing. In addition,

[[Page S3069]]

marketing campaigns are in place to promote the use of credit cards for 
small ticket, everyday items. Last year, Americans charged more than 
$35 billion in purchases of less than $10, up from $23.7 billion in 
2003. Credit or debit card sales of transactions of $5 or less grew 
from $10.8 billion in 2003 to $13.5 billion in 2004. According to the 
Federal Reserve, consumer debt levels have more than doubled in the 
last 10 years. A U.S. Public Interest Research Group and Consumer 
Federation of America analysis of Federal Reserve data indicates that 
the average household with debt carries approximately $10,000 to 
$12,000 in total revolving debt. Debt payments eat up more and more 
disposable income, while certain members of the financial industry 
encourage the use of more and more debt. Through financial literacy 
efforts, consumers are becoming aware of the pitfalls associated with 
excessive leverage and enter into debt relationships understanding the 
impact of additional debt on their current and future financial 
position. However, we must do more to enhance our efforts in this area.

  Current statistics confirm that consumer debt remains more popular 
than ever. The present level of consumer debt, coupled with the lack of 
consumer savings, is indicative of the need to continue to support 
financial literacy in this country in an effort to get people to better 
understand the ramifications of their financial decisions. Part of the 
problem is that many people do not understand fully how consumer debt 
can overtake them. According to the Federal Reserve, as of year end 
2004, there was over $2.1 trillion in consumer credit and $10.1 
trillion in mortgage debt outstanding. Consumer credit increased 4.5 
percent from its 2003 level. Of the total outstanding consumer debt, 
approximately $791 billion is revolving debt. Meanwhile, consumers paid 
out $24 billion in credit card fees last year, an 18 percent increase 
from 2003.
  Compounding the debt pressures consumers are facing is the fact that 
they have cashed out an estimated $480 billion in home equity during 
the refinancing boom of 2001-2004. According to Freddie Mac, in hard-
dollar terms, American homeowners converted $41 billion in real estate 
equity into spendable cash in the third quarter of 2004 alone. 
According to the Federal Reserve, as of June 30, 2004, Americans owed 
$766.2 billion on home equity loans and lines of credit, more than 
twice as much as in 1998. Lenders have reduced settlement fees and 
streamlined the closing process for loans dramatically, increasing the 
consumer friendliness and speed at which loans are originated. The days 
of using your home as a nest egg for life changing events, such as job 
loss, medical emergencies or divorce, are over. The home has become a 
catch all financing option, while increasing individual consumers' debt 
burdens. Meanwhile, consumer savings is at one of the lowest levels in 
history, 0.2 percent.
  The combination of increasing debt burdens and marginal savings in 
America has created a catalyst for bankruptcy. Through November 2004, 
nearly 1.9 million individuals filed for bankruptcy in the U.S., 
modestly below last year's record level, but at a level that continues 
to merit concern. In considering that statistic, it is important to 
remember that this number consists of affected individuals. When you 
add in non-filing spouses and children, the number of people impacted 
by bankruptcy can more than double. In reviewing these numbers, I 
believe it is readily apparent that increased financial literacy is 
needed to offset unchecked consumer exuberance and aggressive marketing 
practices.

  Beyond the statistics I just quoted, financial illiteracy is creating 
roadblocks to achieving part of the American dream, home ownership. 
Fannie Mae's 2003 National Housing Survey found that a significant 
roadblock to home ownership is lacking accurate information about the 
homebuying process. For the unhoused to become housed, a banking or 
financial relationship is part of the process. However, for the nation 
as a whole, approximately 10 percent of individual households remain 
``unbanked.'' The unbanked are those who forego a relationship with a 
financial institution. By not participating in the financial 
mainstream, the unbanked miss out on the convenience, security, 
efficiency, and wealth-building opportunities that financial 
institutions offer. I think we can all agree that wealth-building and 
saving for the future are vital to the future economic success of the 
U.S. Extending financial literacy initiatives to all, from the 
unbanked, to students, to debt-burdened adults, is in all of our best 
interests.
  We must be committed to providing people of all ages with the 
financial skills and insight to help them achieve financial 
independence and to make good choices when spending money and taking on 
additional debt. Prevention remains key, and education lies at the 
heart of prevention. I think my colleagues would agree that as society 
moves more and more toward an ``ownership society'' with the advent of 
health savings accounts and private accounts as currently proposed in 
the President's Social Security reform plan, the need for improving the 
financial literacy of this country is now, and the delivery and content 
of these literacy and economic programs needs to broaden and expand to 
all Americans, no matter the age.
  I encourage my colleagues in the Senate to join me in commemorating 
efforts to forward financial and economic literacy in this country by 
recognizing April 2005 as Financial Literacy Month. But more than that, 
I hope that each of my colleagues becomes a champion of economic and 
financial literacy education so that all citizens in this country are 
prepared to contribute and participate in our evolving asset ownership 
society. I once again thank my colleagues from both sides of the aisle 
for cosponsoring this resolution, and I urge the support of our other 
colleagues as well.

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