[Congressional Record Volume 152, Number 125 (Friday, September 29, 2006)]
[Extensions of Remarks]
[Page E1985]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                  RECOGNIZING FINANCIAL PLANNING WEEK

                                 ______
                                 

                               speech of

                          HON. BETTY McCOLLUM

                              of minnesota

                    in the house of representatives

                      Thursday, September 28, 2006

  Ms. McCOLLUM of Minnesota. Mr. Speaker, today I rise in strong 
support for House Resolution 973--recognizing Financial Planning Week. 
Now more than ever, working families need the tools and resources to 
make sound financial decisions.
  American families are struggling with financial burdens--from growing 
student loan and credit card debts to increasing interest rates. 
Flattened wages and negative savings rates mean that too may families 
have to choose between sending their children to college and saving for 
retirement.
  The financial situation for most American families is grim. In fact 
in 2005--for the first time since the Great Depression--the personal 
savings rate of Americans was negative. Americans have depleted their 
savings to pay off debt and to simply make ends meet. This is a 
dangerous trend for Americans that must be reversed.
  That is why financial planning is more critical than ever. Americans 
need the tools and resources to know how to save for a variety of life 
opportunities and situations--including retirement, college, starting a 
new business, and buying a first home. Many families simply need 
assistance with budgeting for everyday needs. I commend the financial 
institutions that have included in their business models financial 
planning assistance for their customers. These institutions help to 
strengthen the economic situation for our communities and families.
  What is unfortunate is that this Republican Congress has done little 
to provide relief to struggling families. Instead, families are being 
squeezed--flat wages, increased costs of health care, skyrocketing 
prices at the gas pump, and double digit college tuition increases. In 
nearly every aspect of life, American families are faced with financial 
burdens and tough budget decisions.
  Congress could benefit from better financial planning--America 
deserves a Government that knows how to model good budget decisions. 
Unfortunately, this Republican Congress has led our Government into a 
negative savings rate--spending and borrowing more than our Nation can 
afford--while passing budgets that benefit the Nation's wealthiest 
while shortchanging hardworking, middle class families.
  Today, I rise to support this important resolution. I will continue 
to work to support legislation that will encourage working families to 
save for their futures and to ensure that working families have the 
resources to make sound budget decisions.

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