[Congressional Record Volume 152, Number 125 (Friday, September 29, 2006)]
[Extensions of Remarks]
[Pages E1961-E1962]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                  RECOGNIZING FINANCIAL PLANNING WEEK

                                 ______
                                 

                               speech of

                          HON. LORETTA SANCHEZ

                             of california

                    in the house of representatives

                      Thursday, September 28, 2006

  Ms. LORETTA SANCHEZ of California. Mr. Speaker, I rise today in 
strong support of H. Res. 973, and the goals and the ideals of 
Financial Planning Month. I am proud to say that I am an original co-
sponsor of this bill, and a member of the Financial Literacy Education 
Caucus.
  I would first like to start by thanking my colleagues Mrs. Biggert 
and Mr. Hinojosa for their leadership on this issue.
  Mr. Speaker, we need to be paying more attention to financial 
literacy in this country, and to making sure our constituents have the 
tools to be responsible consumers, good savers and savvy investors.
  An estimated 40 percent of Americans say they know only some, a 
little or not much, about how to manage their finances and only 10 
percent of college students have had financial education in high 
school.
  And yet, everyday life requires an increasing knowledge of banking 
and finance. The average American family spends $200,000 to raise a 
child to the age of 18, but the overall savings in this country barely 
breaks above 1 percent.
  Prices for basic essentials--for health care, housing, schooling--are 
all skyrocketing. How are our families going to pay for it all if they 
aren't saving?
  I am pleased that the Congress is voting to pass this financial 
planning awareness resolution at this time. Next week, I will be 
hosting the banking and finance portion of the Congressional Hispanic 
Caucus Institute Summit.
  Financial literacy education is such an important topic that I have 
chosen to make it the focus of our summit. During our discussion, we 
will talk about ``best practices'' in financial literacy education.
  It is essential that our citizens develop the tools of good financial 
management. These are the tools that will allow them to build wealth to 
enrich their families and communities.
  They are also the tools that will protect them from fraud and 
exploitation, and help them be more responsible with their finances. 
This is not just important for individuals and their families, it is 
important to our nation as a whole. Less debt, more savings and more 
investment will be the foundation of our future economic success.
  Once again I thank my colleagues for bringing H. Res. 973 to the 
floor and urge its passage.

[[Page E1962]]



                          ____________________