[Congressional Record Volume 152, Number 47 (Wednesday, April 26, 2006)]
[Extensions of Remarks]
[Page E625]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




      SUPPORTING THE GOALS AND IDEALS OF FINANCIAL LITERACY MONTH

                                 ______
                                 

                               speech of

                          HON. RUBEN HINOJOSA

                                of texas

                    in the house of representatives

                        Wednesday, April 5, 2006

  Mr. HINOJOSA. Mr. Speaker, I would like to submit for the Record the 
following letters in support of H. Res. 737, a bill ``Recognizing the 
Goals and Ideals of Financial Literacy Month'' that falls in April of 
each year. The bill was reported to the House favorably by the 
Committee on Government Reform and passed the House on April 6, 2006 by 
a recorded vote of 423-1. The documents I am submitting include letters 
of support for the bill from the Texas Credit Union League, the Texas 
State Securities Board, the Credit Union National Association, and the 
National Association of Mortgage Brokers.

                                    Texas Credit Union League,

                                       Dallas, TX, April 10, 2006.
     Hon. Ruben Hinojosa,
     House of Representatives,
     Washington, DC.
       Dear Congressman Hinojosa: On behalf of the Texas Credit 
     Union League, I would like to thank you for your work to pass 
     H. Res. 737 and your commitment to improving financial 
     literacy in our country. Credit Unions see financial 
     education as a cornerstone of financial independence. 
     Knowledge of financial products, with their benefits along 
     with their disadvantages, allows consumers to make better 
     decisions and improve their lives and the lives of their 
     families.
       Recognizing Financial Literacy month helps in the effort to 
     educate our citizens about financial products and services. 
     We look forward to working with you on this important issue 
     in the future and applaud your leadership in bringing it to 
     the forefront of the Congressional agenda.
           Respectfully,

                                                Dick Ensweiler

                                                President and CEO,
     Texas Credit Union League.
                                  ____



                                 Texas State Securities Board,

                                       Austin, TX, April 13, 2006.
     Re House Resolution 737.

     Hon. Ruben Hinojosa,
     Congressman,
     Washington, DC.
       Dear Congressman Hinojosa: Congratulations on being awarded 
     the Federal Legislator Award from the Jump$tart Coalition for 
     Personal Financial Literacy. Texas investors are fortunate to 
     have someone in Washington who understands the need for 
     financial education and awareness and works so hard to help 
     address that need.
       I also want to thank you for cosponsoring H. Res. 737, 
     which supports the goals and ideals of Financial Literacy 
     Month. As the Resolution details, the need for financial 
     education in the United States has never been greater. By 
     teaching our state's investors about personal finance, we can 
     encourage Texans to focus on saving, investing, and home 
     ownership and help them avoid investment fraud.
       The Texas State Securities Board will join. in celebrating 
     ``Financial Literacy Month'' by reaching out to Texans of all 
     ages. As you know, it is important to make individuals more 
     knowledgeable about personal finance, the capital markets, 
     investment choices and fraud. Our staff continues to make 
     presentations throughout the state to help educate Texans 
     about investing and preparing for retirement.
       Enclosed are brochures both in English and Spanish that 
     exemplify our investor education initiatives. We look forward 
     to working with you in the future regarding this and other 
     important securities-related issues.
           Very truly yours,
                                            Denise Voigt Crawford,
     Securities Commissioner.
                                  ____



                            Credit Union National Association,

                                    Washington, DC, April 3, 2006.
     Hon. Ruben Hinojosa,
     Washington, DC.
       Dear Representative Hinojosa: On behalf of the Credit Union 
     National Association (CUNA), which represents 87 million 
     credit union members, I would to thank you for your 
     introduction of H. Res. 737, which supports the goals and 
     ideals of Financial Literacy Month.
       CUNA strongly supports H. Res. 737 which supports financial 
     literacy initiatives by calling on schools, nonprofit 
     organizations, businesses, government entities on the 
     federal, state, and local levels, and citizens to observe the 
     month with appropriate programs and activities.
       To aid in this endeavor, CUNA establishes a yearly National 
     Credit Union Youth Week, this year scheduled to take place 
     April 23rd-29th. To date, 278 credit unions have committed to 
     participating in CUNA's Youth Savings Challenge for that 
     week, and are estimating to tally 50,000 youth deposits 
     valued at $3.6 million.
       CUNA provides financial literacy resources to credit unions 
     year-round to assist young people and help them manage their 
     own money wisely, and has partnered with the National 
     Endowment for Financial Education (NEFE) and the Cooperative 
     Extension Service to provide schools with free workbooks on 
     financial literacy that can easily fit into an existing 
     curriculum. Many credit unions have volunteered their time to 
     teach the materials to better prepare students for college, 
     covering issues such a credit cards, interest, minimum 
     payments, and checking accounts. Additionally, CUNA recently 
     developed a program called ``Thrive by Five'' which offers 
     free materials on our website for parents to work with pre-
     school, aged children on basic financial concepts such as 
     spending and saving.
       Again, CUNA and its member credit unions strongly support 
     H. Res. 737, as well as your leadership with the 
     Congressional Caucus on Financial and Economic Literacy. We 
     look forward to working with you and greatly appreciate your 
     efforts to bring financial literacy to students nationwide.
           Sincerely.
                                                   Daniel A. Mica,
     President & CEO.
                                  ____

                                           National Association of


                                             Mortgage Brokers,

                                        McLean, VA, April 7, 2006.
     Rep. Ruben Hinojosa,
     House of Representatives,
     Washington, DC.
       Representative Hinojosa: On behalf of the 27,000 members of 
     the National Association of Mortgage Brokers (NAMB), I would 
     like to thank you and your colleagues for your work on House 
     Resolution 737, supporting the goals of National Financial 
     Literacy Month.
       At a time when home buyers and consumers in general face 
     the hurdles of a complicated marketplace and predatory 
     lenders, your work educating consumers is invaluable. As you 
     know, an educated consumer is a protected consumer.
       Too often, home buyers and other consumers are neither 
     educated nor protected when it comes to making sound 
     financial decisions. As H. Res. 737 makes clear, smart 
     financial management is the result of a lifetime of sound 
     spending habits and financial education. Encouraging 
     consumers to develop these good habits is essential to 
     ensuring strong credit and a healthy financial outlook. NAMB 
     is dedicated to maintaining the highest commitment to 
     consumer education on mortgage and home-buying issues.
       NAMB works to improve the financial understanding of 
     consumers across the country in a variety of ways. First, our 
     work with Freddie Mac's CreditSmart and CreditSmart Espanol 
     has helped lower-income workers and families better manage 
     their financial futures. Second, we inspire a commitment to 
     consumer education in the next generation of mortgage brokers 
     through our work with Delta Epsilon Chi (DECA). DECA is an 
     international association of high school and college students 
     studying business and entrepreneurship.
       NAMB also works closely with the financial services 
     industry as part of its on-going commitment to consumer 
     education, and to helping all Americans realize the American 
     dream of homeownership. For example, NAMB has created the 
     Industry Partners Program to make it easier for a wide range 
     of financial professionals to collaborate with mortgage 
     brokers and bring greater professionalism to the industry.
       NAMB applauds your commitment to this issue and your 
     dedication on behalf of consumers in Texas and across the 
     nation. We salute your efforts to improve the lives and 
     financial futures of hard-working Americans.
           Sincerely,

                                          Jim Nabors II, CRMS,

                                                        President,
                         National Association of Mortgage Brokers.




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