[Congressional Record Volume 152, Number 124 (Thursday, September 28, 2006)]
[House]
[Pages H7891-H7894]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
RECOGNIZING FINANCIAL PLANNING WEEK
Mr. MARCHANT. Mr. Speaker, I move to suspend the rules and agree to
the resolution (H. Res. 973) recognizing Financial Planning Week,
recognizing the significant impact of sound financial planning on
achieving life's goals, and honoring families and the financial
planning profession for their adherence and dedication to the financial
planning process, as amended.
The Clerk read as follows
H. Res. 973
Whereas the financial planning process can play a vital
role in helping workers achieve financial independence by
empowering them to identify and manage realistic financial
objectives and meet the financial challenges that arise at
every stage of life;
Whereas all individuals in the United States can improve
their quality of life by securing competent, objective, and
comprehensive financial advice to assist them in attaining
their financial goals;
Whereas 2 surveys released in 2006 by the Consumer
Federation of America and the Financial Planning Association
revealed that
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77 percent of financial planners think it is very important
for Americans to understand what net personal wealth is, but
only 49 percent of Americans know what constitutes this
wealth--financial assets plus home equity and other tangible
assets minus consumer debts;
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; and
Whereas the Financial Planning Association has designated
the week beginning October 2, 2006, as ``Financial Planning
Week'': Now, therefore, be it
Resolved, That the House of Representatives--
(1) encourages Americans to observe ``Financial Planning
Week'' with appropriate programs and activities;
(2) supports the goals and ideals of ``Financial Planning
Week'';
(3) recognizes the significant impact that sound financial
planning can have on securing financial independence and
achieving life's goals and dreams; and
(4) acknowledges and commends the millions of families
across the United States, as well as the financial planning
profession, for their adherence and dedication to the
financial planning process.
The SPEAKER pro tempore. Pursuant to the rule, the gentleman from
Texas (Mr. Marchant) and the gentleman from Illinois (Mr. Davis) each
will control 20 minutes.
The Chair recognizes the gentleman from Texas.
General Leave
Mr. MARCHANT. Mr. Speaker, I ask unanimous consent that all Members
may have 5 legislative days within which to revise and extend their
remarks and include extraneous material on the bill under
consideration.
The SPEAKER pro tempore. Is there objection to the request of the
gentleman from Texas?
There was no objection.
Mr. MARCHANT. Mr. Speaker, I yield myself such time as I may consume.
Mr. Speaker, there is no question that a sound financial foundation
can provide people with more opportunities and a better quality of
life. H. Res. 973, as amended, recognizes the importance of thorough
planning to the achievement of financial aspirations, and it commends
the millions of Americans who are already working and planning to
achieve their personal goals.
In the past year, proclamations have been made in several States, as
well as the District of Columbia, recognizing this fact, and I am
pleased to support H. Res. 973 designating the week of October 2, 2006,
as National Financial Planning Week.
Mr. Speaker, I reserve the balance of my time.
Mr. DAVIS of Illinois. Mr. Speaker, I yield myself such time as I
might consume.
Mr. Speaker, my father used to tell us that he or she who fails to
plan, plans to fail. Of course, the same is true when it comes to money
management and handling one's finances. This resolution makes all of us
aware and reminds us that financial planning is essential to financial
security.
I am pleased to join in support of this resolution setting aside and
recognizing Financial Planning Week. I urge its passage
Mrs. BIGGERT. Mr. Speaker, I rise today to urge my colleagues to
support House Resolution 973, which supports the goals and ideals of
designating the week of October 2-8, 2006 Financial Planning Week.
I want to thank my friend and colleague, the gentleman from Texas,
Mr. Hinojosa, for introducing this resolution. I want to commend him
for his leadership on the important issue of financial education.
In addition to serving together on the Financial Services Committee,
Congressman Hinojosa and I co-chair the Financial and Economic Literacy
Caucus, which now has 79 members. His commitment to improving financial
literacy levels among all Americans is unwavering. I am honored to co-
chair the caucus with him and to be the lead co-sponsor of this
resolution.
I also want to thank the gentleman from Virginia, Chairman Tom Davis,
for expeditiously moving this resolution through the Committee on
Government Reform.
Mr. Speaker, House Resolution 973 calls on the Nation to observe the
week of October 2-8, 2006, as ``Financial Planning Week.'' The
Financial Planning Association, along with many states and
municipalities across the country, have designated October 2-8, 2006,
as ``Financial Planning Week.'' Our collective goal for the week is to
make Americans aware of their financial planning needs, and encourage
them to take the actions necessary to achieve financial security for
their families.
Mr. Speaker, proper financial planning is an essential part of
achieving one's life goals. Whether saving for a child's education,
planning for retirement, or purchasing a first home, virtually every
major decision that we make requires comprehensive financial planning.
Financial Planning Week will provide a good opportunity to talk to
your kids about their personal finances, to remind your friends and
loved ones of the need to plan for retirement, or to seek help with
your own financial situation, if need be.
In the last quarter of 2005, the personal savings rate dropped to
negative-point-two-percent--one of the lowest since the Great
Depression. Studies show that as many as 10 million households in the
United States are `un-banked.' They don't even have a bank or credit
union account. In addition, 37 percent of workers are not currently
saving for retirement. This has to change, and the best way for it to
change is for us as Americans to get educated about properly managing
our finances.
This October, during ``Financial Planning Week,'' I will join my
colleagues, and financial literacy advocates nationwide, to encourage
Americans to seek out information about the benefits of properly
managing their personal finances.
I ask my colleagues to join me and support the goals and ideals of
designating October 2-8, 2006, as Financial Planning Week.
Mr. HINOJOSA. Mr. Speaker, I rise today in strong support of H. Res.
973, recognizing ``Financial Planning Week,'' October 2nd through the
8th of this year. I was very pleased that my colleague and good friend
from Illinois, Congresswoman Judy Biggert, joined me in introducing
this important and timely resolution.
I want to take this opportunity to thank Congresswoman Biggert,
Congressman Kanjorski and his staff, Congresswoman Maloney and her
staff, Tania Shand with Government Reform, and Jerry Hartz and Catlin
O'Neill with the Minority Leader's office for the assistance they
provided me in bringing this resolution to the floor today.
As Co-Founder and Co-Chair of the Financial and Economic Literacy
Caucus, I decided to introduce this resolution to place the spotlight
on yet another important piece of the financial and economic literacy
puzzle that we must all put together during our lives: financial
planning. Financial planning plays a key role in meeting the goal of
the Caucus to improve financial literacy rates for individuals during
all stages of their lives.
Mr. Speaker, at this point, I ask unanimous consent to insert into
the record the following letters in support of H. Res. 973: letters
from the Financial Planning Association, the Financial Services
Roundtable, the U.S. Hispanic Chamber of Commerce, Cross Financial
Services Corporation, MasterCard and Citigroup.
Despite daily challenges of balancing work, family, and personal
matters, it's important--now more than ever--that all Americans take
time to increase their financial knowledge and plan for a secure
future. Like most people, we all have hopes and dreams and life goals
for ourselves and our families. These might include buying a home or
business . . . saving for college education for our children . . .
taking a dream vacation . . . reducing taxes . . . or retiring
comfortably.
Managing your personal finances is ultimately your responsibility.
However, you don't have to do it alone.
There are community centers, non-profits, community-based
organizations, financial counseling organizations as well as private
sector financial groups and associations that can help you make
decisions that make the most of your financial resources. Certified
Financial Planners are among those groups. This advice is available in
many languages.
All these entities can help you set realistic financial and personal
goals. They can assess your current financial health by examining your
assets, liabilities, income, insurance, taxes, investments and estate
plan. These same groups can help you develop a realistic, comprehensive
plan to meet your financial goals by addressing financial weaknesses
and building on financial strengths. They can help you put your plan
into action and monitor its progress.
Furthermore, they can help you stay on track to meet changing goals.
. . changing personal circumstances. . . changing stages of your life.
. . changing products, markets and tax laws.
Research has shown that people with a financial plan tend to save
more money, feel better about their progress, and make more appropriate
decisions--no matter what their income.
Moreover, a written financial plan is far more effective than a
mental one. Seeing your plan in writing helps to remind you about what
actions are necessary to reach your goals, and it helps you to check
your progress more easily than relying on memory alone.
Following the financial plan is the biggest challenge for most
people. The pay-off for
[[Page H7893]]
meeting this challenge will be increased family financial security and
satisfaction.
Many people are amazed to see how much of their money is spent on
take-out lunches, morning coffees, and other expenses that can add up
over time. It is up to all of us to decide whether these ``extras'' are
really worth the trade- off. Are these everyday ``extras'' worth giving
up money for current expenses and future goals?
The reality is that your everyday spending decisions have a greater
impact on your long-term financial well-being than all of your
investment decisions combined.
Next week, I hope that all of you will focus on mapping out your
financial future.
I would like to commend the financial planners who will be
volunteering their services on October 4th, financial planning day in
room 430 of Senate Dirksen Office Building from noon to 3pm. Over a
dozen financial planners will be available to answer any financial
questions from you or your staff. More than likely, just your staff
will be able to attend the event, but I encourage them to do so.
Mr. Speaker, if there is one thing I would like my colleagues and the
public to understand today is that it is never too late to take control
of your finances.
Whether you are a youth learning the fundamentals of savings and
checking or an older person concerned that you haven't planned for your
golden years, it is never too late to start. So, why not start today!
Again, I rise in strong support of this resolution and urge my
colleagues to vote in favor of it.
The Financial Planning Association,
Washington, DC, September 8, 2006.
Hon. Ruben Hinojosa,
House of Representatives, Rayburn House Office Building,
Washington, DC.
Dear Congressman Hinojosa: As the leading membership
organization for the financial planning community, the
Financial Planning Association (FPA) would like to thank you
for introducing H.R. 973, in recognition of Financial
Planning Week. This resolution will help expand our goal of
increasing financial literacy and as a result, help the
national savings rate.
In a few weeks, our efforts to promote the benefits of wise
personal financial planning will be extended to Capitol Hill.
We would like to personally invite you to attend our sixth
annual Financial Planning Day on Capitol Hill on October 4,
in the Senate Dirksen Building, room 430, from 12 p.m. to 3
p.m. Over a dozen financial planners will be available to
answer any financial questions from you or your staff. I
would also like to use that opportunity to personally express
my gratitude for your efforts in support of sound financial
planning for all Americans.
FPA connects those who need, support and deliver financial
planning. Our 28,000 members work with a variety of clients,
including individuals and small businesses, to support and
deliver objective financial planning advice from a competent,
ethical financial planner. Our members demonstrate and
support a professional commitment to education and a client-
centered financial planning process.
Sincerely,
Daniel B. Moisand,
President, FPA.
____
The Financial Services
Roundtable,
Washington, DC, September 25, 2006.
Hon. Ruben Hinojosa,
House of Representatives,
Washington, DC.
Dear Congressman Hinojosa: We write to applaud your
leadership in introducing House Resolution 973, recognizing
Financial Planning Week. The Roundtable believes the
financial planning process allows Americans to achieve their
dreams by empowering them to identify and manage realistic
financial goals.
This resolution highlights the impact of sound financial
planning on achieving life's goals, and honoring families and
the financial planning profession for the adherence and
dedication to the financial planning process. Everyone can
benefit from knowing the value of financial planning and
knowing where to turn for objective financial advice.
The Financial Services Roundtable represents 100 of the
largest integrated financial services companies providing
banking, insurance, and investment products and services to
the American consumer. Member companies participate through
the Chief Executive Officer and other senior executives
nominated by the CEO.
Roundtable member companies provide fuel for America's
economic engine, accounting directly for $50.5 trillion in
managed assets, $1.1 trillion in revenue, and 2.4 million
jobs.
We thank you for your leadership in recognizing Financial
Planning Week through H. Res. 973. The Roundtable is proud to
support this important resolution.
Best regards,
Steve Bartlett,
President and CEO.
____
United States Hispanic
Chamber of Commerce,
Washington, DC, September 7, 2006.
Dear Representative: On behalf of the U.S. Hispanic Chamber
of Commerce, the largest and most influential advocate for
the nation's 2 million Hispanic-owned businesses, I would
like to express our support for H. Res. 973, a legislative
efforts to recognize October 2-8, 2006 as Financial Planning
Week.
Indeed, all families, especially in the Latino community,
must further their reliance on competent and ethical
financial planners to help make smart financial decisions,
open businesses, and plan for the future. Acknowledging the
importance of sound financial planning can help inform
consumers on how to maximize their and their family's
potential to improve their quality of life. Latino families
would benefit from planned Financial Planning Week activities
that will include toll free hotlines in both English and
Spanish for individuals to call a financial planner with
questions about their finances.
All families and businesses are well served by using the
services of financial planners to plan for college, prepare
for retirement, invest in financial products and life
insurance to help get through times of need and estate
planning. 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 long-
term financial objectives and achieving the goal of financial
independence.
We urge you to cosponsor H. Res. 973 so that we may help
educate families on how to best prepare and improve their
financial lives.
Please contact me or David Ferreira, Director of Government
Affairs, at 202.842.1212 if we can be of further service in
advancing this worthwhile goal.
Sincerely,
Michael L. Barrera,
President and CEO.
____
Cross Financial Services
Corporation,
September 11, 2006.
Hon. Ruben Hinojosa,
House of Representatives, Rayburn House Office Building,
Washington, DC.
Dear Congressman Hinojosa: As a member of FPA, I would
like to thank you for introducing H.R. 973, in recognition of
Financial Planning Week. I would also like to personally
express my gratitude for your efforts for increasing
financial literacy. On a daily basis, I see the need and
importance for increasing financial literacy as a nation.
Financial Planning Week serves as an opportunity to help the
American public realize the importance of sound financial
planning in their personal lives.
Many Americans seem to have not been taught the lessons
their forefathers learned during the depression about debt
and cash reserves nor have had the basic understanding of
financial knowledge passed on to them from the previous
generation. It is imperative that they receive that
information. Today, financial planners, like myself, deliver
objective advice to help individuals and families as they
make their financial decisions. I work with a variety of
clients, including individuals and small businesses, to
support and deliver objective financial planning advice.
Thank you for your efforts to support sound financial
planning for all Americans.
Sincerely,
Kirk W. Francis,
Government Relations Director, San Antonio-South Texas
Chapter, The Financial Planning Association.
____
MasterCard International,
Law Department,
Purchase, NY, September 27, 2006.
Hon. Judy Biggert,
Hon. Ruben Hinojosa,
Washington, DC.
Dear Representatives Biggert and Hinojosa: I am writing to
communicate MasterCard Worldwide's strong support for House
Resolution 973, which recognizes October 2-8 as Financial
Planning Week and honors financial planning professionals for
their devotion and commitment to promoting the financial
planning process.
MasterCard Worldwide shares your goal of increasing
financial planning, illustrated by our various consumer
education programs. Specifically, MasterCard has developed
two programs called Debt Know How and Are You Credit Wise?
which target consumers at different stages of their financial
lives and aims to increase successful financial planning.
By working with community leaders to offer consumers easy-
to-understand tips and resources to increase their financial
planning efforts, MasterCard's Debt Know How program helps
consumers successfully manage financial debt. The program was
developed in conjunction with the University of Minnesota
Extension Service and is available in both English and
Spanish.
Are You Credit Wise? is MasterCard's consumer education
program which aims to increase financial literacy rates among
America's college students by teaching successful financial
planning skills. The program employs a peer-to-peer teaching
model to maximize its effectiveness, as college students are
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more included to listen and act upon information coming from
their peers than from parents, teachers or counselors.
We once again applaud your leadership and your tireless
efforts to improve the lives of the American people through
increased financial literacy and planning.
Sincerely,
Joshua Peirez.
____
Hon. Judy Biggert,
Hon. Ruben Hinojosa,
U.S. House of Representatives,
Washington, DC.
Dear Representatives Biggert and Hinojosa: On behalf of
Citigroup's Office of Financial Education, I am writing in
support of H. Res. 973, which recognizes Financial Planning
Week and encourages Americans to become engaged in the
financial planning process in order to achieve their
financial goals. Financial literacy is a critical skill that
people need to master if they are to function in our global
economy.
Citigroup is strongly committed to promoting financial
education as evidenced by our ten-year, $200 million dollar
commitment and our multi-lingual curriculum designed for
consumers of all ages.
We applaud the work of the Financial Literacy Caucus and
thank you both for your continued efforts to improve the
lives of Americans in this area.
Sincerely,
Dara Duguay,
Director,
Citigroup's Office of
Financial Education.
Mr. DAVIS of Illinois. Mr. Speaker, I yield back the balance of my
time.
Mr. MARCHANT. Mr. Speaker, I urge all Members to support the adoption
of H. Res. 973, as amended, and I yield back the balance of my time.
The SPEAKER pro tempore. The question is on the motion offered by the
gentleman from Texas (Mr. Marchant) that the House suspend the rules
and agree to the resolution, H. Res. 973, as amended.
The question was taken; and (two-thirds having voted in favor
thereof) the rules were suspended and the resolution, as amended, was
agreed to.
A motion to reconsider was laid on the table.
____________________