[Congressional Record Volume 153, Number 60 (Monday, April 16, 2007)]
[House]
[Pages H3379-H3387]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




      SUPPORTING THE GOALS AND IDEALS OF FINANCIAL LITERACY MONTH

  Ms. WATSON. Mr. Speaker, I move to suspend the rules and agree to the 
resolution (H. Res. 273) supporting the goals and ideals of Financial 
Literacy Month, and for other purposes.
  The Clerk read the title of the resolution.
  The text of the resolution is as follows:

                              H. Res. 273

       Whereas personal financial literacy is essential to ensure 
     that individuals are prepared to manage money, credit, and 
     debt, and become responsible workers, heads of households, 
     investors, entrepreneurs, business leaders, and citizens;
       Whereas personal financial management skills and lifelong 
     habits develop during childhood;
       Whereas a study completed in 2006 by the Jump$tart 
     Coalition for Personal Financial Literacy found that high 
     school seniors know less about principles of basic personal 
     finance than did high school seniors 7 years earlier, and the 
     average scores in both years were failing grades;
       Whereas in recent years, the Congress, State legislatures 
     and Governors around the country have increasingly recognized 
     the importance and effectiveness of financial education, and, 
     as a result, an increasing number of States now require 
     financial education during high school, including Alabama, 
     Georgia, Idaho, Illinois, Kansas, Kentucky, Louisiana, 
     Missouri, New York, North Carolina, Ohio, South Carolina, 
     Texas, Utah, Virginia, and West Virginia;
       Whereas 55 percent of college students acquire their first 
     credit card during their first year in college, and 92 
     percent of college students acquire at least 1 credit card by 
     their second year in college, yet only 26 percent of people 
     between the ages of 13 and 21 reported that their parents 
     actively taught them how to manage money;
       Whereas United States consumer debt totaled 
     $2,400,000,000,000 in 2006, of which credit card debt alone 
     exceeded $825,000,000,000;
       Whereas personal savings as a percentage of income dropped 
     to negative 1 percent in 2006, the lowest since the Great 
     Depression;
       Whereas, although more than 42,000,000 people in the United 
     States participate in qualified cash or deferred arrangements 
     described in section 401(k) of the Internal Revenue Code of 
     1986 (commonly referred to as ``401(k) plans''), a Retirement 
     Confidence Survey conducted in 2004 found that only 42 
     percent of workers surveyed have calculated how much money 
     they will need to save for retirement and 37 percent of 
     workers say that they are not currently saving for 
     retirement;
       Whereas the average baby boomer has only $50,000 in savings 
     apart from equity in their homes;

[[Page H3380]]

       Whereas a study by the American Institute of Certified 
     Public Accountants found that 55 percent of people between 
     the ages of 25 and 34 maintain an interest-bearing account or 
     other savings instrument, a decrease of 10 percent since 
     1985;
       Whereas studies show that as many as 10,000,000 households 
     in the United States are ``unbanked'' or are without access 
     to mainstream financial products and services;
       Whereas expanding access to the mainstream financial system 
     provides individuals with lower-cost and safer options for 
     managing finances and building wealth and is likely to lead 
     to increased economic activity and growth;
       Whereas public, consumer, community-based, and private 
     sector organizations throughout the United States are working 
     to increase financial literacy rates for Americans of all 
     ages and walks of life through a range of outreach efforts, 
     including media campaigns, websites, and one-on-one 
     counseling for individuals;
       Whereas Members of the United States House of 
     Representatives established the Financial and Economic 
     Literacy Caucus (FELC) in February 2005 to (1) provide a 
     forum for interested Members of Congress to review, discuss 
     and recommend financial and economic literacy policies, 
     legislation, and programs, (2) collaborate with the private 
     sector, nonprofits, and community-based organizations, and 
     (3) organize and promote financial literacy legislation, 
     seminars, and events, such as ``Financial Literacy Month'' in 
     April 2007 and the annual ``Financial Literacy Day'' fair on 
     April 24, 2007; and
       Whereas the National Council on Economic Education, its 
     State Councils and Centers for Economic Education, the 
     Jump$tart Coalition for Personal Financial Literacy, its 
     State affiliates, and its partner organizations, and JA 
     Worldwide have designated April as Financial Literacy Month 
     to educate the public about the need for increased financial 
     literacy for youth and adults in the United States: Now, 
     therefore, be it
       Resolved,  That the House of Representatives--
       (1) supports the goals and ideals of Financial Literacy 
     Month, including raising public awareness about the 
     importance of financial education in the United States and 
     the serious consequences that have resulted from a lack of 
     understanding about personal finances; and
       (2) requests that the President issue a proclamation 
     calling on the Federal Government, States, localities, 
     schools, nonprofit organizations, businesses, other entities, 
     and the people of the United States to observe the month with 
     appropriate programs and activities with the goal of 
     increasing financial literacy rates for individuals of all 
     ages and walks of life.

  The SPEAKER pro tempore. Pursuant to the rule, the gentlewoman from 
California (Ms. Watson) and the gentlewoman from North Carolina (Ms. 
Foxx) each will control 20 minutes.
  The Chair recognizes the gentlewoman from California.


                             General Leave

  Ms. WATSON. Mr. Speaker, I ask unanimous consent that all Members may 
have 5 legislative days in which to revise and extend their remarks.
  The SPEAKER pro tempore. Is there objection to the request of the 
gentlewoman from California?
  There was no objection.
  Ms. WATSON. Mr. Speaker, the importance of financial and fiscal 
responsibility cannot be overstated. Personal financial literacy is 
essential to ensure that individuals are prepared to manage money, 
credit and debt and become responsible workers, heads of households, 
investors, entrepreneurs, business leaders and citizens. That is why I 
am pleased to support H. Res. 273.
  Personal savings as a percentage of personal income decreased from 
7.5 percent in the early 1980s to a negative 0.2 percent in the last 
quarter of 2005.
  As the resolution notes, 92 percent of college students acquire at 
least one credit card by their second year in college, yet only 26 
percent of people between the ages of 13 and 21 reported that their 
parents actively taught them how to manage money.
  The Jump$tart Coalition for Personal Financial Literacy seeks to 
improve the personal financial literacy of young adults. Jump$tart's 
purpose is to evaluate the financial literacy of young adults and to 
develop, disseminate and encourage the use of financial education 
standards for grades K-12 and promote the teaching of personal finance.
  To that end, Jump$tart has established 12 must-know personal 
financial principles for young people to improve their financial 
future. These 12 principles should be followed by adults as well.
  The 12 financial principles stressed during the Financial Literacy 
Month for Youth are map your financial future;
  Do not expect something for nothing, and high returns equal high 
risk;
  Know your take-home pay, compare interest rates, pay yourself first, 
and money doubles by the rule of 72; to determine how long it would 
take your money to double, divide the interest into 72;
  And your credit past is your credit future;
  Start saving young, stay insured, budget your money, do not borrow 
what you cannot repay, and let me add one more thing, pay all your 
taxes.
  Mr. Speaker, I am pleased to support this resolution supporting the 
goals of Financial Literacy Month and urge all my colleagues to support 
it.
  Mr. Speaker, I reserve the balance of my time.
  Ms. FOXX. Mr. Speaker, I yield myself such time as I may consume.
  Today many Americans do not know how to balance a checkbook, 
intelligently invest their money or financially plan for their 
retirement. Studies have shown that few young adults living in this 
country know how to responsibly use a credit card. This is a time when 
debt is on the rise and savings have dropped to negative 1 percent of 
personal income. It is clear that teaching financial literacy is 
imperative for individuals to learn how to manage their money, credit 
and debt.
  While many States require high schools to teach financial education, 
increased economic education is still necessary. H. Res. 273 recognizes 
the goals and ideals of Financial Literacy Month and raises awareness 
of the importance of financial education. It is our hope that the 
President calls on the government, States and other organizations to 
observe the month with relevant programs and activities supporting 
financial education.
  Learning about saving and investing is especially important for 
today's young generation because of the uncertainty of the future of 
Social Security. More so than ever, private savings play a larger role 
in determining one's retirement. While there may be Social Security 
reform in the coming years, everyone must be able to adequately plan 
their savings for the future.
  Financial education has proven to be very effective. Simple projects 
such as stock market simulations help young people understand how to 
invest in stocks, bonds and mutual funds. It is our hope they will 
retain these skills when they begin investing their own money.
  Organizations such as the Jump$tart Coalition for Personal Finance 
Literacy help spread awareness, especially in school-age children. The 
National Council on Economic Education has established many programs 
which give teachers the tools to teach their students basic economic 
skills and help them apply their knowledge to daily life. These groups 
recognize the need for more widespread financial literacy, but it is 
necessary for Congress to place more emphasis on this idea and 
encourage other organizations to begin to participate in this movement 
as well.
  With a solid background knowledge of financial literacy, we can raise 
America's youth to become responsible employees, heads of households, 
investors, entrepreneurs and business leaders.
  Mr. Speaker, I reserve the balance of my time.
  Ms. WATSON. Mr. Speaker, I yield such time as he may consume to the 
gentleman from Texas (Mr. Hinojosa).
  Mr. HINOJOSA. Mr. Speaker, I rise in strong support of House 
Resolution 273 that the gentlewoman from Illinois (Mrs. Biggert) and I 
introduced earlier this year. The legislation supports the ideas and 
goals of Financial Literacy Month, which falls in April of each year.
  Before I proceed, I want to take this opportunity to thank my good 
friend and colleague, Congresswoman Watson from California, for 
managing time on this resolution for our side of the aisle. I also want 
to take this opportunity to thank all of my Democratic colleagues who 
cosponsored this important resolution this year.
  Together with the tremendous number of cosponsors Congresswoman 
Biggert obtained, we broke our old record of 91 cosponsors and garnered 
the support of 118 Members of Congress for this bill.
  I am very pleased with this development. It shows that an increasing 
number of Members of Congress are beginning to see the light and come 
on board

[[Page H3381]]

the financial literacy cause with me and Congresswoman Biggert.
  It is imperative that we, in Congress, pay more attention to the 
financial literacy rates of our citizens from pre-kindergarten all the 
way to retirement. The sooner that a person begins to learn good saving 
habits, the better off he or she will be in the future.
  I am especially pleased and honored to inform you that 18 cities and 
three counties in my congressional district have issued proclamations 
honoring April 22-28, 2007, as National Financial Literacy Awareness 
Week.
  The cities, in alphabetical order, include the following: Beeville, 
Combes, Cuero, Donna, Edcouch, Edinburg, Falfurrias, Goliad, Harlingen, 
La Feria, La Villa, Mathis, McAllen, Mercedes, Pharr, Primera, Santa 
Rosa, Weslaco. It also includes three counties, which are as follows: 
Duval County, Jim Wells County and Karnes County.

                              {time}  1430

  Mr. Speaker, I also want to take this opportunity to thank several 
State legislatures for realizing the importance of financial literacy 
by taking action to address the diminishing understanding of basic 
finance by U.S. high school students.
  A study completed in 2006 by the Jump$tart Coalition for Personal 
Financial Literacy found that high school seniors know less about 
principles of basic personal finance than high school seniors did 7 
years earlier, and the average scores in both years were failing. Our 
high school seniors are failing basic finance.
  Add to that the fact that 55 percent of college students acquire 
their first credit card during their first year in college, and 92 
percent of college students acquire at least one credit card by their 
second year in college, yet only 26 percent of people between the ages 
of 13 and 21 reported that their parents actively taught them how to 
manage money. Add all that together, and you have got a recipe for 
serious financial troubles down the road for college graduates.
  Luckily, in recent years State legislatures around the country have 
increasingly recognized the importance and effectiveness of financial 
education. As a result, an increasing number of States now require 
financial education during high school. I hope my colleagues and their 
staff are taking note of this because the following States now require 
high school students to pass some form of financial education or 
literacy courses before they can graduate. Those States include the 
following: Alabama, Georgia, Idaho, Illinois, Kansas, Kentucky, 
Louisiana, Missouri, New York, North Carolina, Ohio, South Carolina, my 
great State of Texas, Utah, Virginia, and West Virginia.
  I strongly recommend that my colleagues contact their State 
legislators and encourage them to impose similar requirements.
  Mr. Speaker, every day consumers deal with money from balancing a 
checking account to shopping for a mortgage or auto loan, researching a 
way to pay for a college education, checking credit card statements, 
saving money for retirement, understanding a credit report, or simply 
deciding whether to pay cash or charge a purchase. The list goes on and 
on and on. Many consumers do not really understand their finances.
  Now that we know that high school students are failing basic 
financial literacy exams, it is even more disconcerting to learn that 
adults are not faring much better. High bankruptcy rates, foreclosures 
on homes, increased credit card debt, data security breaches, and 
identity theft make it imperative that all of us take an active role in 
providing financial and economic education during all stages of one's 
life.
  Every year we here in Congress discuss the future insolvency of 
Social Security, Medicare, and Medicaid; and that concerns me 
considerably. But now that I have done some additional research into 
the demographics and financial standing of the baby boomers, I was 
shocked to learn that the personal savings as a percentage of income 
dropped a negative 1 percent in 2006, the lowest since the Great 
Depression. Even worse, the average baby boomer has only $50,000 in 
savings for retirement apart from equity in their homes.
  These are very serious and disturbing facts that we and our State 
counterparts must address, and soon. To address these problems and 
others, I cofounded and currently cochair the Congressional Financial 
and Economic Literacy Caucus with Congresswoman Judy Biggert. The 
caucus seeks to address these issues head on by increasing public 
awareness of poor financial literacy rates and working to find the ways 
and means to improve those rates. The caucus has provided a forum for 
my colleagues to promote policies that advance financial literacy and 
economic education.
  It is my hope that through the Financial and Economic Literacy Caucus 
we can continue to further educate Americans about financial and 
economic topics ranging from the importance of saving, reducing credit 
card debt, obtaining a free annual credit report, avoiding payday 
lenders, check cashers, and especially these days predatory lenders. 
Hopefully the caucus can teach individuals to take care of their 
finances, to lead them down the path to the American Dream of 
homeownership.
  Mr. Speaker, I include for printing in today's Record letters in 
support of this resolution. They include letters from JA Worldwide; 
National Council on Economic Education; Financial Planning Association, 
Independent Bankers Association of Texas; MasterCard; the American 
Institute of Certified Public Accountants; the National Association of 
Mortgage Brokers; Networks Financial Institute; North American 
Securities Administrators Association. It includes HSBC, the 
Independent Community Bankers of America; Housing Assistance Council; 
National Association of Federal Credit Unions. It includes Capital One; 
as well as Visa; Charles Schwab Foundation; Financial Services Forum; 
Financial Services Roundtable, National Association of Realtors; Girls, 
Incorporated; AFSA Education Fund; Countrywide, First Nations Oweesta 
Corporation, Native Americans. It includes National Association of 
Affordable Housing Lenders; America's Community Bankers; Community 
Bankers Association; Consumer Mortgage Coalition; Texas Credit Union 
League; State Farm Insurance Company, Freddie Mac; Wells Fargo; and the 
National Youth Involvement Board.
  Mr. Speaker, several of these groups will be participating in the 
Financial Literacy Day Fair that will take place April 24 from noon to 
4 p.m. here on the Hill at the Cannon Caucus Room. It is my 
understanding that over 50 different groups will present their 
financial literacy products, their programs, and ideas during the fair. 
The last time we hosted the event, over 500 people attended the event 
not only to take advantage of the free financial literacy advice but 
also to enjoy a wonderful buffet. I encourage my colleagues and their 
staff to attend the Financial Literacy Day Fair. Again, I repeat, it 
will be held April 24 from noon to 4 p.m. in the Cannon Caucus Room and 
lunch will be served.
  On the same day, April 24, at 3 p.m. in room 2220 of the Rayburn 
House Office Building, the Financial and Economic Literacy Caucus is 
collaborating with Visa on a different financial literacy event. Visa 
is bringing Jean Chatzky to the Hill to provide some financial advice 
and respond to questions. Both Members and staff are invited to this 
event at 2220 Rayburn from 3:30 to 5 p.m., which I believe will be 
beneficial and a huge success.
  In closing, Mr. Speaker, our country is suffering financially, and 
our constituents are not armed with the tools they need to provide for 
a good future. For these reasons and more, I encourage my colleagues to 
support this resolution.

                                                Junior Achievement


                                       Worldwide Headquarters,

                              Colorado Springs, CO, April 9, 2007.
     Hon. Ruben Hinojosa,
     Rayburn House Office Building, House of Representatives, 
         Washington, DC.
     Hon. Judy Biggert,
     Longworth House Office Building, House of Representatives, 
         Washington, DC.
       Dear Representatives Hinojosa and Biggert: On behalf of JA 
     WorldwideTM and our 1,400 associates and 138,700 
     classroom volunteers around the country, I want to express 
     our full-fledged support for H. Res. 273. This resolution 
     supporting the goals and ideals of Financial Literacy Month 
     once again demonstrates your leadership in promoting 
     financial literacy and economic education.
       With personal bankruptcies and debt continuing to soar, we 
     believe that it is critical

[[Page H3382]]

     that financial literacy education continue to place a high 
     priority on targeting America's youth. According to the 2007 
     JA Worldwide Poll on Personal Finance, more than 75 percent 
     of teens nationwide say they influence their parents' buying 
     decisions, while nearly 29 percent of 18- and 19-year olds 
     say they already own and use their own credit cards. The 
     earlier we can provide youth with tools, tips, and strategies 
     to help them successfully manage their finances, the better 
     off our country will be.
       I also would like to congratulate you both for your 
     continued leadership of the Financial and Economic Literacy 
     Caucus, and for your commitment to events such as this 
     month's Financial Literacy Day on the Hill. As the nation's 
     oldest and largest organization dedicated to promoting 
     economic education and financial literacy, JA Worldwide 
     stands ready to assist you and the caucus in advancing the 
     goals of H. Res. 273.
       Thank you again for your resolve in championing the 
     importance of a financially literate society. We look forward 
     to working with you in the future to advance this critical 
     issue.
           Sincerely,
                                                 David S. Chernow,
     President and CEO, JA Worldwide.
                                  ____

                                               National Council on


                                           Economic Education,

                                                   March 27, 2007.
     Hon. Ruben Hinojosa,
     House of Representatives, Rayburn House Office Building, 
         Washington, DC.
     Hon. Judy Biggert,
     House of Representatives, Longworth House Office Building, 
         Washington, DC.
       Dear Representatives Hinojosa and Biggert: On behalf of the 
     National Council on Economic Education (NCEE) I am writing to 
     express my support for H. Res. 273, a Resolution Supporting 
     the Goals and Ideals of Financial Literacy Month. I want to 
     commend you and your colleagues for once again highlighting 
     the importance of financial and economic education.
       The NCEE believes that our young people deserve to know 
     about the economic system they will be laboring in, 
     contributing to, benefiting from, and ultimately, inheriting. 
     Since our founding, we have learned that economic and 
     financial literacy, taught early, often, and well, is a key 
     factor in our nation's future success in the global economy. 
     Our charge is to ensure that young people have the tools to 
     embrace an ``economic way of thinking'', a critical skill 
     that will help them make informed decisions based on 
     rational, ethical inquiry.
       H. Res. 273 provides an important and timely ``call to 
     action'' from the House of Representatives to improve 
     financial and economic literacy. The first step to address 
     the challenges described in the resolution is to provide our 
     elementary and secondary students with the solid grounding in 
     the fundamentals of economics and personal finance that will 
     lead to sound decisions through life. H. Res. 273 correctly 
     recognizes that ``personal financial management skills and 
     lifelong habits develop during childhood,'' and that it is 
     also essential to increase ``financial literacy rates for 
     individuals of all ages and walks of life.''
       We look forward to continuing to work with both of you, 
     along with the House Financial and Economic Literacy Caucus, 
     and all Members of the House and Senate, to achieve the goals 
     reflected in H. Res. 273.
       Thank you again for your consistent leadership on this 
     critical issue.
           Sincerely,
                                                 Robert F. Duvall,
     President & CEO.
                                  ____


   FPA Commends Representatives Hinojosa and Biggert for Supporting 
                        Financial Literacy Month

       Denver, Apr. 10.--The Financial Planning 
     Association' (FPA') strongly supports 
     the bipartisan congressional resolution (H. Res. 273) 
     designating April as ``Financial Literacy Month'' co-
     sponsored by Representative Ruben Hinojosa (D-Texas) and 
     Representative Judy Biggert (R-III.). This resolution seeks 
     to raise public awareness about the importance of financial 
     education in the U.S. Throughout the month and across the 
     country, FPA has committed to increasing the public's 
     awareness about the importance of financial education and 
     financial planning.
       In observance of Financial Literacy Month, FPA has planned 
     a host of programs and activities to increase financial 
     literacy for individuals of all ages and walks of life. Some 
     of these events include:
       April 5--FPA participated in a financial literacy panel 
     featuring Senator Wayne Allard (R-Colo.) at the University of 
     Colorado in Boulder.
       April 11--FPA panelist will speak to Capitol Hill staff on 
     issues surrounding retirement and Thrift Savings Plans in 
     conjunction with the Savings Coalition.
       April 12--Financial education seminar at the Teen Center in 
     Capital Heights, Md.
       April 13--Reverse mortgages seminar at Point East Senior 
     Condominium in Aventura, Fla.
       April 13--Presentation for soon-to-be law graduates at 
     University of Michigan School of Law.
       April 18--Investing presentation at Wachovia in Richmond, 
     Va.
       April 18--Investing presentation at Nexus in Plymouth, 
     Minn.
       April 18 and May 9--Forging your financial future, 
     budgeting and investing presentations at the Bronx Community 
     College in New York.
       April 19--Tax planning, investment and wealth building 
     seminar for the Black Law Students Association at Yale Law 
     School in New Haven, Conn.
       April 24--Participate in exhibit hall at the Financial 
     Literacy Fair sponsored by Jump$tart Coalition in Washington, 
     D.C.
       April 25--Budgeting presentations for the Greater 
     Washington Jump$tart Coalition in 17 public high schools in 
     the Washington, D.C. public school system.
       April 26--Financial planning 101 presentation at the St. 
     Charles Public Library in St. Charles, Ill.
       FPA highly commends Representative Hinojosa and 
     Representative Biggert for leading the Congressional efforts 
     to encourage financial education.
                                  ____



                                    IBAT Education Foundation,

                                                   April 11, 2007.
     Hon. Ruben Hinojosa,
     Hon. Judy Biggert,
     House of Representatives, Washington, DC.
       Dear Representatives: The Independent Bankers Association 
     of Texas (IBAT), representing over 500 community banks and 
     thrifts, is pleased to wholeheartedly and enthusiastically 
     support House Resolution 273.
       A financially literate populace is of paramount importance 
     to the continued economic prosperity of our country and its 
     citizens. The IBAT Main Street Foundation was created to 
     foster and promote the goals outlined in this resolution, and 
     our membership is committed to delivering financial education 
     in a number of venues.
       We are especially pleased with a new collaborative 
     agreement with Junior Achievement, with a strong focus on 
     financial education.
       We applaud you for your multiple initiatives in this 
     important area, and very much appreciate the support of the 
     many co-sponsors and supporters of this resolution.
       We look forward to working together with you and others who 
     share the passion of enhancing the financial knowledge and 
     expertise of our citizenry.
       Sincerely,
                                                  Mary Lange, CAE,
     President, IBAT Education Foundation.
                                  ____


  AICPA Supports House Resolution on April as Financial Literacy Month

       New York, NY, Apr. 10, 2007.--The American Institute of 
     Certified Public Accountants (AICPA) strongly endorses the 
     bi-partisan Congressional resolution (H.R. 273) supporting 
     April as ``Financial Literacy Month.'' This resolution raises 
     awareness about the critical need for financial education in 
     the United States and encourages government, as well as the 
     private sector, to collaborate on this important public 
     service issue.
       ``The CPA profession is dedicated to improving the 
     financial literacy of all Americans,'' said Barry C. 
     Melancon, AICPA President and CEO. ``The AICPA applauds Reps. 
     Ruben Hinojosa (D-TX) and Judy Biggert (R-IL) and the more 
     than 100 co-sponsors of this resolution for their concern and 
     recognition that a financially educated citizenry is 
     essential to the strength of our country.
       ``Across the nation, our members are volunteering in their 
     communities every day to help educate Americans about 
     managing their personal finances more effectively. By 
     volunteering in America's schools, providing financial 
     management workshops for deployed soldiers and their spouses, 
     helping protect senior citizens from financial abuse, and 
     many other examples, CPAs are sharing their time and 
     expertise to get Americans moving in the right financial 
     direction.''
       The CPA profession is actively committed to improving 
     Americans' financial understanding. In 2004, the AICPA 
     launched 360 Degrees of Financial Literacy 
     (www.360financialliteracy.org) to help Americans understand 
     how financial issues affect them at different life stages. In 
     2006, the Institute debuted a related campaign with the Ad 
     Council, Feed the Pig TM (www.feedthepig.org), for 
     25-34-year-olds. A study commissioned by the AICPA found that 
     Americans in this particular age group have seen their median 
     net worth decline over the past 20 years despite increases in 
     income. Moreover, they seem to be willing to take on greater 
     amounts of unsecured debt.
       The American Institute of Certified Public Accountants 
     (www.aicpa.org) is the national, professional association of 
     CPAs, with approximately 330,000 members, including CPAs in 
     business and industry, public practice, government, and 
     education. It sets ethical standards for the profession and 
     U.S. auditing standards for audits of private companies; 
     federal, state and local governments; and non-profit 
     organizations. It also develops and grades the Uniform CPA 
     Examination. Headquartered in New York, the AICPA also 
     maintains offices in Washington, D.C.; Durham, N.C.; and 
     Lewisville, TX.
                                  ____



                            Capital One Financial Corporation,

                                        McLean, Va, April 9, 2007.
     Hon. Ruben Hinojosa,
     House of Representatives, Rayburn House Office Building, 
         Washington, DC.
     Hon. Judy Biggert,
     House of Representatives, Longworth House Office Building, 
         Washington, DC.
       Dear Representatives Hinojosa and Biggert: On behalf of 
     Capital One, I am writing to express our strong support for 
     H. Res. 273 and its affirmation of the goals and ideals of 
     financial literacy month.

[[Page H3383]]

       The legislation highlights the importance of greater 
     financial literacy skins for all individuals: ``personal 
     financial literacy is essential to ensure that individuals 
     are prepared to manage money, credit, and debt, and become 
     responsible workers, heads of households, investors, 
     entrepreneurs, business leaders, and citizens.'' For several 
     years, Capital One has been a proud supporter of the bill's 
     fundamental principles.
       Capital One has an on-going commitment to bettering 
     financial literacy skills in communities across the country. 
     We are particularly proud of our multi-faceted program to 
     develop and deliver financial education to low- and moderate-
     income populations and others within our local communities 
     and across the country. This program is described below.
       Highlights of Capital One's comprehensive efforts in 
     financial education and its partnerships follow:
       Finance Park. In 2006, Capital One partnered with Junior 
     Achievement Worldwide to create a signature program--Capital 
     One/Junior Achievement Finance Park--to introduce seventh--
     and eighth-grade students to money management basics. This 
     unique, mobile program traveled to select cities to provide 
     students the opportunity to experience a day-in-the-life of 
     an adult. The goal is to prepare students to make wise 
     financial decisions. The mobile unit will travel to a number 
     of additional markets in 2007.
       MoneyWi$e with Consumer Action. More than five years ago, 
     Capital One partnered with Consumer Action to launch 
     MoneyWi$e, a national literacy partnership. It is the first 
     program to combine free, multilingual financial education 
     materials with community training and seminars. Since 2001, 
     regional conferences have delivered training to more than 
     400 CBOs from 27 states. Together with Consumer Action, 
     Capital One has also established a stipend program to help 
     ensure that CBOs have access to the resources they need to 
     conduct financial education programs and outreach in their 
     communities.
       As a result of this partnership, Capital One has been able 
     to facilitate the distribution of more than 1.5 million free 
     financial education brochures in five languages through a 
     network of 7,300 CBOs nationwide. The program addresses 
     financial literacy across both income and ethnic barriers. 
     All information is provided for free.
       Jump$tart Coalition. Together with the Jump$tart Coalition 
     for Personal Finance, Capital One works with local and state 
     governments to include a financial education curriculum in 
     public school systems nationwide. Capital One also played a 
     very active role in helping to form a Coalition in Virginia--
     and Capital One has co-sponsored the Coalition's annual 
     summit for the past two years.
       MoneyWi$e University. To help give students the information 
     they need to become financially responsible, Capital One 
     introduced MoneyWi$e University, a program to teach 
     responsible spending and basic money management skills to 
     college-aged students. Developed in partnership with Visa and 
     first introduced on campuses in 2002, the MoneyWi$e 
     University curriculum educates college students about the 
     fundamental elements of credit and budget management. 
     MoneyWi$e University has provided personal instruction to 
     hundreds of students on five campuses around the country.
       Ongoing Local Efforts. Capital One has an ongoing program 
     through which associates present financial education seminars 
     directly to clients of local community development 
     organizations.
       Through partnerships with leading national non-profit 
     organizations, a grassroots approach to training non-profits 
     to lead Capital One programs on a local level, and direct 
     delivery of financial education to local non-profit 
     organization clients, Capital One has a multi-faceted and 
     comprehensive approach to improving financial literacy. Links 
     to our programs can be found at www.capitalone.com/
 financialeducation.
       Again, we would like to thank you for your introduction of 
     H. Res. 273 and your ongoing leadership with the Financial 
     and Economic Literacy Caucus in Congress.
           Sincerely,
                                                      Larry Stein,
     Senior Vice President, Policy Affairs.
                                  ____



                 National Association of Realtors',

                                   Washington, DC, April 13, 2007.
     Hon. Ruben Hinojosa,
     House of Representatives, Rayburn House Office Building, 
         Washington, DC.
     Hon. Judy Biggert,
     House of Representatives, Longworth House Office Building, 
         Washington, DC.
       Dear Representatives Hinojosa and Biggert, I am writing on 
     behalf of over 1.3 million members of the National 
     Association of REALTORS' to convey our support for 
     H. Res. 273, a resolution supporting the goals and ideals of 
     Financial Literacy Month. We also commend you and your 
     colleagues for your commitment to raising public awareness 
     about the importance of financial education in the United 
     States.
       As you know, our Nation's finance system offers access to 
     capital and credit to consumers of almost every economic 
     condition, which has significantly contributed to the highest 
     homeownership rates in our Nation's history. Homeownership is 
     the primary source of a household's net worth and the 
     fundamental first step toward accumulating personal wealth.
       For most households, purchasing a home is one of the 
     largest financial transactions they will ever make. However, 
     research reports indicate that many Americans lack the 
     financial knowledge that empowers them to make sure their 
     American dream does not turn into a nightmare. For example, 
     Center for Responsible Lending found that an overwhelming 
     majority of consumers can not calculate interest charges on a 
     loan and the Federal Reserve recently reported that almost 
     half of borrowers with adjustable rate mortgages (ARMS) do 
     not know the potential maximum interest rate for their loan.
       REALTORS' believe that financial education is an 
     important defense to helping prevent consumers from getting 
     into abusive mortgages that will undoubtedly be financially 
     destructive. NAR, in partnership with the Center for 
     Responsible Lending, has issued three consumer education 
     brochures, ``How to Avoid Predatory Lending,'' ``Specialty 
     Mortgages: What Are the Risks and Advantages?'' and 
     ``Traditional Mortgages: Understanding Your Options.'' The 
     brochures emphasize how important it is for consumers to make 
     sure they fully understand how traditional non-traditional 
     mortgages work before deciding which is the right choice 
     and how to avoid the pitfalls and entrapments of predatory 
     loans.
       In addition to NAR's consumer education materials, many of 
     our state and local associations have high-profile financial 
     education programs in partnership with cities and community 
     groups. Some examples include:
       In Maryland, a number of local REALTOR' 
     associations, including in Anne Arundel County, Howard 
     County, Prince George's County, and the Greater Baltimore 
     Board of REALTORS' have partnered with Freddie Mac 
     to develop CreditSmart, a credit education workshop. 
     REALTORS' instructors teach the course to renters, 
     homebuyers, students, and others, on how to manage critical 
     money skills. The skills that course participants obtain help 
     point them in the right direction to managing credit and 
     saving to buy a home.
       In 1996, the Illinois Association of REALTORS' 
     organized the Partnership for Home-Ownership, Inc. to help 
     assist low-income rural Illinois residents achieve the dream 
     of homeowners hip. The Partnership has administered several 
     multi-million dollar mortgage programs (in excess of $130 
     million), provided pre-purchase homebuyer counseling to over 
     1,500 Illinois residents, and is a HUD approved housing 
     counseling agency. The Partnership also recently oversaw the 
     development of a high school financial educational Web site 
     that is available both in English and in Spanish.
       In Arkansas, the Fort Smith Board of Realtors' 
     and the city of Forth Smith have teamed up to create a 
     homebuyer assistance program. Participants receive credit 
     counseling and mortgage readiness education. The program also 
     offers a five-week financial fitness course on budgeting, 
     money management, credit and avoiding predatory lending. 
     Since 1997, more than 200 families have purchased a home as a 
     result of the program.
       NAR stands ready to work with you and the members of the 
     Financial and Economic Literacy Caucus to promote the goals 
     of H. Res. 273 and to support a national strategy focused on 
     helping improve the financial education of all Americans.
           Sincerely,
                                                Jerry Giovaniello,
                                            Senior Vice President.

  Ms. FOXX. Mr. Speaker, I yield as much time as she may consume to my 
distinguished colleague from the State of Illinois (Ms. Biggert), the 
cosponsor of this legislation.
  Mrs. BIGGERT. I thank the gentlewoman for yielding.
  Mr. Speaker, I rise today in support of House Resolution 273, to 
designate April as Financial Literacy Month. This will be the fourth 
year that I have had the pleasure of working with my friend and 
colleague and fellow Chair of the House Financial and Economic Literacy 
Caucus, Mr. Hinojosa, to promote the goals and ideals of Financial 
Literacy Month.
  I am amazed at the progress that we have made so far over the last 
few years in raising awareness about the importance of greater 
financial literacy and economic education. Hundreds, if not thousands, 
of public-private sector, nonprofit, and community-based organizations 
across the country have established financial literacy programs. More 
than 50 of them will be on hand in the Cannon Caucus Room on April 24 
to share the benefits of their knowledge and experience at the annual 
Financial Literacy Day Fair, and I encourage all of our colleagues to 
attend and learn more about these important efforts.
  As Mr. Hinojosa mentioned, we have received dozens of letters in 
support of these efforts and this Financial Literacy Month resolution 
from various financial and educational organizations. And I think that 
this year we have set a new standard for unity on this issue, with well 
over 100 Members of Congress co-sponsoring this resolution. In doing 
so, I think we send a clear, unambiguous message that the

[[Page H3384]]

House is committed to addressing one of America's most pressing needs.
  And while we have made great strides in raising awareness, the need 
for improved financial education has never been greater. According to 
the Federal Reserve, consumer debt in America now exceeds $2.4 
trillion. According to the Department of Commerce, the personal savings 
rate in America recently dropped to negative 1.1 percent, a level that 
has not been seen since the Great Depression.
  The fact is that today's marketplace abounds with options for 
managing wealth. Credit and investment opportunities are presented to 
consumers on a daily basis. For instance, by the time they reach their 
second year in school, the vast majority, 92 percent, of American 
college students have at least one credit card, and yet just a small 
fraction of those students have sat down with their parents and learned 
the basic principles of money management, like compound interest and 
supply and demand.
  We have a responsibility to ensure that Americans of all ages have 
access to the tools and resources they need to capitalize on their 
investment choices, succeed in today's sophisticated economic market, 
and enjoy a secure financial future. And the key to this success 
continues to be basic financial education starting early, during grades 
K through 12.
  It is a testament to the progress we are making that 38 States now 
include personal finance education in their curriculum guidelines. But 
we must continue building on this progress if we are to help today's 
students become tomorrow's successful investors, entrepreneurs, and 
business leaders.
  The Financial Literacy and Education Commission established by 
Congress in the Fair and Accurate Credit Transaction Act of 2003 
recently held a national summit to develop better methods of teaching 
money management skills. I look forward to working with my colleagues 
on the Education and Labor Committee to implement and enhance economic 
education initiatives as we work to reauthorize No Child Left Behind in 
the coming year.
  I also look forward to working with my colleagues on legislation that 
will put young Americans on the path to an affordable education and a 
firm financial future.
  At the start of the 110th Congress, I introduced one such bill, H.R. 
87, the 401 Kids Family Savings Act of 2007. This bill will allow 
parents and family members to set aside money in a child's account that 
will accumulate interest tax free and can be used for college tuition, 
a first home, or even retirement.
  Mr. Speaker, it is critically important that families have access to 
effective savings mechanisms like these if they are to secure their 
financial futures. But it is even more important that Americans have 
the know-how and motivation to use them, and that is the goal of the 
Financial Literacy Month and the resolution before us today.
  Mr. Speaker, I would like to take this opportunity to thank my good 
friend and distinguished colleague from Texas (Mr. Hinojosa) for 
introducing this resolution and for his dedication to improving 
financial literacy. I also would like to thank Mr. Hinojosa's staff, 
especially Greg Davis, for all their hard work, diligent work in 
bringing this resolution to the floor. I would also like to thank the 
chairman and ranking member of the Oversight and Government Reform 
Committee, Mr. Waxman and Mr. Tom Davis, for helping to move this 
resolution through their committee in such a timely and bipartisan 
manner. And, finally, I would like to thank the gentlelady from 
California (Ms. Watson) and the gentlelady from North Carolina (Ms. 
Foxx) for their support and for managing this resolution on the floor.
  Mr. Speaker, I strongly support this resolution, and I urge my 
colleagues to do the same.
  Mr. HINOJOSA. Mr. Speaker, I submit the following letters regarding 
H. Res. 273, ``Supporting the Goals and Ideals of Financial Literacy 
Month'':

                                         MasterCard Worldwide,

                                   Washington, DC, April 13, 2007.
     Hon. Ruben Hinojosa,
     House of Representatives, Washington, DC.
     Hon. Judy Biggert,
     House of Representatives, Washington, DC.
       Dear Representatives Hinojosa and Biggert: I am writing to 
     communicate MasterCard Worldwide's strong support for House 
     Resolution 273, which highlights the goals and promotes the 
     spirit of financial literacy month.
       MasterCard Worldwide shares your vision of increasing 
     financial literacy, 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 offering consumers easy-to-understand tips and resources 
     to increase their financial planning efforts, MasterCard's 
     Debt Know How program helps consumers successfully manage 
     debt. The program was developed in conjunction with the 
     University of Minnesota Extension Service and is available in 
     both English and Spanish. Debt Know How is offered in both a 
     ``trainer the trainer'' format for community leaders as well 
     as in a direct-to-consumer format design to reach families 
     currently struggling with debt.
       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 
     more inclined to listen and act upon information coming from 
     their peers than from parents, teachers or counselors. In its 
     eighth year, the Are You Credit Wise? program has reached 
     more than 420,000 students on 58 college and university 
     campuses in the U.S. and Canada.
       We once again applaud your leadership and your tireless 
     efforts to improve the lives of the American people through 
     increased financial literacy.
           Sincerely,


                                                Joshua Peirez,

     Group Executive, Global Public Policy.
                                  ____



                                                         NAMB,

                                   Washington, DC, April 10, 2007.
     Hon. Ruben Hinojosa,
     House of Representatives, Washington, DC.
     Hon. Judy Biggert,
     House of Representatives, Washington, DC.
       Dear Congressman Hinojosa and Congresswoman Biggert: 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 273, supporting 
     the goals of National Financial Literacy Month.
       At a time when home buyers and consumers 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.
       As H.R. 273 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 joins you in our dedication to maintaining the highest 
     commitment to consumer education on mortgage and home-buying 
     issues. Our members work 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 applauds your commitment to this issue and your 
     dedication on behalf of consumers and across the Nation. We 
     salute your efforts to improve the lives and financial 
     futures of hard-working Americans.
           Sincerely,

                                                 Harry Dinham,

                                   President, National Association
     of Mortgage Brokers.
                                  ____



                                 Networks Financial Institute,

                                 Indianapolis, IN, April 10, 2007.
     Hon. Ruben Hinojosa,
     House of Representatives, Washington, DC.
     Hon. Judy Biggert,
     House of Representatives, Washington, DC.
       Dear Representatives Hinojosa and Biggert: On behalf of 
     Networks Financial Institute at Indiana State University 
     (NFI), I am writing to express our strong support for H. Res. 
     273 as well as our appreciation for your leadership on the 
     critical issue of financial literacy.
       In recent years, the need to improve financial literacy has 
     gained a significant amount of attention as Americans save 
     less for their retirement and spend more of their disposable 
     income. In our consumer oriented society, long-term saving 
     and investing for retirement have become overlooked 
     priorities and resulted in unsustainable credit card debt and 
     personal bankruptcies. This trend has the potential for long 
     term negative consequences on the well being of both 
     individual households and our nation's economic stability.
       NFI works diligently to effect positive change in the 
     financial literacy of all Americans through our research, 
     collaboration,

[[Page H3385]]

     and implementation of financial literacy education programs. 
     A deep body of research exists that shows the importance of 
     introducing literacy skills as early in a child's cognitive 
     development as possible. This continuum of learning extends 
     to financial literacy. As such, NFI is committed to providing 
     financial literacy education to all age levels beginning in 
     early childhood. Parents and teachers are in the best 
     position to shape the knowledge and behaviors of future 
     consumers, and to give children the foundation they need to 
     make the best financial literacy choices.
       NFI commends you for the very crucial role you play in the 
     financial education of Americans, and we look forward to 
     continuing to work with you and your colleagues in the House 
     Financial and Economic Literacy Caucus to insure that the 
     goals and ideals of Financial Literacy Month are realized 
     each and every day.
           Sincerely yours,
                                                Elizabeth A. Coit,
     Executive Director.
                                  ____

                                   Washington, DC, April 12, 2007.
     Hon. Ruben Hinojosa,
     House of Representatives, Washington, DC.
     Hon. Judy Biggert,
     House of Representatives, Washington, DC.
       Dear Representatives Hinojosa and Biggert: HSBC-North 
     America strongly supports H. Res. 273, a resolution 
     supporting the goals and ideals of Financial Literacy Month. 
     On behalf of HSBC, I would like to commend you and 
     Congresswoman Biggert for your ongoing efforts to highlight 
     the importance of financial literacy at the national level.
       As an industry leader, HSBC champions several issues 
     important to consumers, including financial education. 
     Through the Center for Consumer Advocacy, a repository of 
     information on financial literacy education, insights, and 
     guidance, HSBC continues its commitment to improving 
     America's financial literacy rates.
       Signature initiatives include:
       YourMoneyCounts.com--HSBC's consumer education website 
     provides information in a broad range of financial and money 
     management topics. There are over 1,900 site visitors per 
     month.
       Adult Financial Literacy Workshops--In partnership with the 
     Center for Neighborhood Enterprise (CNE), HSBC provides 
     financial education workshops at numerous community 
     locations. More than 5,000 families were educated in 2006.
       Financial Education Grant Program--HSBC provides $1 million 
     in grant funding to support consumer financial education, 
     credit management, and home buyer counseling programs. These 
     programs are provided by twelve organizations in nine states, 
     and assisted more than 164,000 families in 2006.
       YourFutureCounts--In partnership with the Society for 
     Financial Education and Professional Development (SFED), HSBC 
     presents credit management and personal financial management 
     seminars in Historically Black Colleges and Universities 
     (HBCU) campuses nationwide. More than 11,000 students have 
     attended seminars since the program's inception in 2005.
       Additionally, during Financial Literacy month, HSBC will 
     host and participate in many financial literacy activities 
     across the nation, including Capitol Hill, that help 
     Americans gain critical information necessary to successfully 
     manage their personal finances. For example, once again this 
     year, HSBC will serve as a lead sponsor of the Federal 
     Reserve Bank's Chicago Money Smart Week from April 30-May 5. 
     We are proud of our involvement in this important program 
     which offers consumers a wealth of information on how to 
     better manage their personal finances through more than 300 
     events ranging in topic from credit to home buying to 
     retirement.
       We, at HSBC, believe financial education empowers consumers 
     to use credit wisely, build assets and accumulate wealth, 
     providing everyone with an opportunity for a secure and 
     comfortable future.
       Your leadership on this issue is essential to raise 
     awareness and to implement a national strategy to improve the 
     money management, credit use, and debt management skills of 
     all individuals. We look forward to continuing to work with 
     you and greatly appreciate your efforts to make financial 
     literacy a nationwide endeavor.
           Sincerely,
                                                 J. Denis O'Toole,
           Senior Vice President, Government Relations HSBC-North 
     America.
                                  ____


          [From the Independent Community Bankers of America]

 ICBA Applauds Reps. Hinojosa and Biggert for Resolution on Financial 
                             Literacy Month

       Washington, DC. (April 4, 2007)--The Independent Community 
     Bankers of America (ICBA) strongly supports the bi-partisan 
     congressional resolution (H. Res. 273) designating April as 
     ``Financial Literacy Month,'' which calls on government, non-
     profit organizations and the private sector to raise public 
     awareness about the importance of financial education in the 
     United States and the serious consequences that can result 
     from a lack of understanding about personal finances.
       ``Managing money wisely is critical to success in life,'' 
     said James P. Ghiglieri, Jr., ICBA chairman and president of 
     Alpha Community Bank, Toluca, Ill. ``Too many Americans lack 
     the skill and knowledge to make appropriate financial 
     decisions. The more consumers and young adults know, the 
     better they are at managing their finances, and the better 
     they manage their finances, the more likely they are to enjoy 
     a secure financial future.''
       ICBA has an on-going commitment to improving financial 
     literacy by encouraging community banks to provide financial 
     education within their communities and by forging government, 
     nonprofit and private-sector partnerships, such as the FDIC 
     Money Smart program, JumpStart Coalition, and Practical Money 
     Skills for Life.
       ``We commend Reps. Ruben Hinojosa (D-Tex.) and Judy Biggert 
     (R-Ill.), along with the more than 100 cosponsors, for 
     introducing a resolution that supports the goals and ideas of 
     Financial Literacy Month,'' said Ghiglieri. ``Financial 
     education is important for today's consumers so that they can 
     understand and make good decisions when faced with the 
     complex array of financial products and services available.''
                                  ____

                                           National Association of


                                        Federal Credit Unions,

                                     Arlington, VA, April 5, 2007.
     Hon. Ruben Hinojosa,
     House of Representatives, Washington, DC.
     Hon. Judy Biggert,
     House of Representatives, Washington, DC.
       Dear Congressman Hinojosa and Congresswoman Biggert: On 
     behalf of the National Association of Federal Credit Unions 
     (NAFCU), the only trade organization that exclusively 
     represents the interests of our nation's federal credit 
     unions, I want to thank you for introducing H. Res. 273, in 
     support of the goals and ideals of Financial Literacy Month.
       As you know America's savings rate has been steadily 
     decreasing for years. While there is no easy solution to the 
     problem, highlighting the most problematic issues and 
     focusing on creating a comprehensive national plan to improve 
     financial literacy is a very important step forward. NAFCU 
     and its membership was particularly pleased to see Congress 
     acknowledge the importance of increasing financial literacy 
     awareness through the strong bi-partisan support of this 
     resolution. With America's savings rate at its lowest point 
     in years and consumer debt continuing to steadily grow, 
     designating April as Financial Literacy Month is an excellent 
     step in raising public awareness on this important issue.
       As I am sure you are already aware, improving financial 
     education and teaching members to invest prudently is a 
     hallmark of the credit union movement. I wanted to take this 
     opportunity to offer NAFCU's expertise in that field should 
     you have any questions regarding the many diverse and unique 
     programs that credit unions offer in this regard. With nearly 
     800 member credit unions, NAFCU and its members have a number 
     of knowledgeable individuals who have helped design and 
     implement numerous financial literacy programs.
       Again, if NAFCU can be of any help to you or the Committee, 
     please contact me or NAFCU Director of Legislative Affairs.
           Sincerely,
                                              Fred R. Becker, Jr.,
     President/CEO.
                                  ____



                                                         VISA.

     Hon. Ruben Hinojosa,
     House of Representatives, Washington, DC.
     Hon. Judy Biggert,
     House of Representatives, Washington, DC.
       Dear Representatives Hinojosa and Biggert: I am writing to 
     commend you for your efforts on behalf of financial 
     education, and for introducing H. Res. 273, a ``Resolution 
     Supporting the Goals of Financial Literacy Month.''
       Visa, through its ``Practical Money Skills for Life'' 
     program, has been working to expand and improve financial 
     literacy for youth in schools, as well as consumers at all 
     stages of life. This award-winning comprehensive educational 
     program includes interactive, computer based activities, as 
     well as plans that can be used by teachers to deliver 
     financial literacy lessons in the classroom.
       Visa developed Practical Money Skills for Life in close 
     consultation with educational and nonprofit financial 
     literacy organizations. These materials are available for 
     free through the Internet at http://
www.practicalmoneyskills.com/.
       Recently, Visa announced its first ever statewide rollout 
     of its ``Financial Football'' program in West Virginia. 
     Financial Football is a popular, interactive computer game 
     that incorporates content from Practical Money Skills for 
     Life, and tests students' knowledge by combining the 
     structure and rules of the NFL with financial education 
     questions.
       This statewide rollout, conducted in partnership with West 
     Virginia State Treasurer John D. Perdue, distributed 
     Financial Football game and curriculum CDs to all high 
     schools in the State.
       Visa is encouraged by your leadership on financial 
     education issues. We look forward to working with you, the 
     House Financial and Economic Literacy Caucus, your House and 
     Senate colleagues, and the Financial Literacy and Education 
     Commission, to advance this very important cause.

[[Page H3386]]

       Thank you again for your dedication to improving financial 
     literacy.
           Sincerely,

                                               Lisa B. Nelson,

                                 Senior Vice President & Director,
     Government Relations.
                                  ____



                            The Financial Services Roundtable,

                                   Washington, DC, April 13, 2007.
     Hon. Ruben Hinojosa,
     House of Representatives,
     Washington, DC.
     Hon. Judy Biggert,
     House of Representatives,
     Washington, DC.
       Dear Congressman Hinjosa and Biggert: The Financial 
     Services Roundtable applauds your leadership in introducing 
     House Resolution 273, recognizing the goals and ideals of 
     Financial Literacy Month. We strongly support your efforts to 
     strengthen Americans' understanding of the financial world.
       The Roundable considers financial literacy integral to 
     Americans in realizing their dreams by preparing them to 
     save, invest, and manage their money. This resolution 
     highlights the positive impact of sound financial literacy on 
     achieving life's goals. Whether you are just entering the 
     workforce, purchasing your first home or nearing retirement 
     age, everyone can benefit from increased financial awareness 
     and education.
       The Roundtable has put in place trusted resources like 
     www.MyMoneyManagement.net and 888-995-HOPE to help consumers. 
     MyMoneyManagement.net is the first industry-wide financial 
     education effort to provide comprehensive information to help 
     Americans with their financial difficulties and direct them 
     to nonprofit credit counselors. 888-995-HOPE is available 24/
     7 to homeowners in America having trouble paying their 
     mortgage. Homeowners receive free foreclosure prevention 
     counseling by expert counselors at HUD approved agencies.
       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 
     $65.8 trillion in managed assets, $1 trillion in revenue, and 
     2.4 millions jobs.
       We thank you for your leadership in recognizing Financial 
     Literacy Month through H. Res. 273. The Roundtable is proud 
     to support this important resolution.
           Best regards,
                                                   Steve Bartlett,
     President and CEO.
                                  ____



                                    AFSA Education Foundation,

                                   Washington, DC, April 12, 2007.
     Hon. Ruben Hinojosa,
     House of Representatives,
     Washington, DC.
     Hon. Judy Biggert,
     House of Representatives,
     Washington, DC.
     Re: Support for House Resolution 273
       Dear Representative Hinojosa and Representative Biggert: 
     The American Financial Services Association Education 
     Foundation (AFSAEF) and AFSA strongly support H. Res. 273--
     the bi-partisan resolution designating April as Financial 
     Literacy Month. Furthermore, we commend your exemplary 
     leadership in championing financial literacy education for 
     youth and adults.
       AFSAEF and AFSA are committed to improving the financial 
     literacy of all Americans and especially our youth through 
     our initiatives. AFSAEF developed and made available free of 
     charge MoneySKILL', an interactive online personal 
     finance curriculum, aimed at the millions of high school 
     students who graduate each year without a basic understanding 
     of money management fundamentals. It is designed to be used 
     as all or part of their grade for courses in economics, math, 
     or social studies. The 34-module curriculum includes the 
     content areas of income, expenses, assets, liabilities and 
     risk management that is targeted at high school students. A 
     life simulation module asks students to project their own 
     life expectancies regarding jobs, neighborhood, cars, 
     education plans, marriage plans and the number of children 
     they plan to have. The simulation allows students to 
     incorporate MoneySKILL' personal finance concepts 
     into their everyday lives. It challenges them to make the 
     concepts their own, providing them with skills that will last 
     a lifetime.
       Since it was introduced, high school teachers in all 50 
     states have been successfully incorporating 
     MoneySKILL' into their course curricula. In fact, 
     in the past two months teachers from 40 states have enrolled 
     more than 9,100 new students to use the course. Teacher-
     training workshops have proven to be the most effective way 
     to reach teachers. Currently we have 21 workshops scheduled 
     for this year; more are being added as conference plans are 
     finalized. In addition to MoneySKILL, AFSAEF provides a 
     comprehensive array of financial brochures and ``how to'' 
     materials for use by adults.
       AFSAEF and AFSA strongly support the goals of the House 
     Financial and Economic Literacy Caucus and especially your 
     unwavering leadership. We encourage the U.S. House of 
     Representatives to pass H.R. 273.
           Sincerely,
                                                  M. Susie Irvine,
     President and CEO, AFSA Education Foundation.
                                  ____



                                   Housing Assistance Council,

                                    Washington, DC, April 4, 2007.
     Hon. Ruben Hinojosa,
     House of Representatives,
     Washington, DC.
     Hon. Judy Biggert,
     House of Representatives,
     Washington, DC.
       Dear Congressman Hinojosa and Congresswoman Biggert: 
     Congratulations on your introduction of H. Res. 273, the 
     resolution designating April as Financial Literacy Month. 
     Congratulations also on your outstanding leadership on this 
     vitally important issue. The Housing Assistance Council 
     strongly supports your efforts through your caucus and this 
     resolution to increase awareness about the importance of 
     financial education and economic literacy in our nation.
       HAC sees on a regular basis the consequences that can 
     result from a lack of understanding about personal finances. 
     The local housing development nonprofits that HAC assists 
     often have a difficult time qualifying potential homebuyers 
     because of financial and credit problems. In addition, some 
     families that become homeowners may suffer if they do not 
     budget carefully or unwisely borrow against the equity in 
     their homes. These and other problems likely could be avoided 
     if the families and individuals involved learned better 
     personal financial literacy at a younger age, or in pre- and 
     post-purchase counseling.
       Please let us know if we can be of any help in your 
     admirable and essential work.
           Sincerely,
                                                      Moises Loza,
     Executive Director.
                                  ____

                                                   April 11, 2007.
     Hon. Ruben Hinojosa,
     House of Representatives,
     Washington, DC.
     Hon. Judy Biggert,
     House of Representatives,
     Washington, DC.
       Dear Representatives Hinojosa and Biggert: On behalf of the 
     Charles Schwab Foundation, I offer my congratulations on your 
     reappointment as Co-Chairs of the Financial and Economic 
     Literacy Caucus for the 110th Congress. I also want to thank 
     you for introducing H. Res. 273, which designates April as 
     ``Financial Literacy Month,'' and for attracting a bipartisan 
     group of more than 100 co-sponsors of the resolution. At 
     Schwab, we share your belief that increasing financial 
     literacy is critically important to ensuring that Americans 
     save more, spend responsibly, and plan for their futures.
       As you know, Schwab partners with the Boys & Girls Clubs of 
     America to offer a financial education program, ``Money 
     Matters: Make It Count,'' in teen Clubs around the country. 
     This program of fun, interactive lessons teaches teenagers 
     everything from the basics of opening a savings account and 
     writing checks to managing a budget, getting financial aid 
     for college and even the basics of investing and 
     entrepreneurship. This highly successful program has helped 
     provide financial confidence to more than 40,000 teens in the 
     first two years it was offered. It has also provided a great 
     opportunity for Schwab employees to offer their expertise as 
     teachers, both in the Clubs and in local schools.
       The need for improved financial education, particularly for 
     teens, was underscored by the results of Teens & Money, an 
     annual survey released last month by Schwab. We found that 
     teens have lofty expectations about their futures, estimating 
     that they will be earning an average salary of $145,500, 
     despite the fact that only 5 percent of the U.S. population 
     currently earns a six-figure income, and the average national 
     wages are about $40,000. And while 62 percent of teens say 
     that they are prepared to deal with the adult financial world 
     after high school, further probing finds gaps that do not 
     correspond with this confidence. Only 41 percent say they are 
     knowledgeable about how to budget, just 26 percent understand 
     how credit card fees and interest work, and only 24 percent 
     know whether a check-cashing service is a good thing to use. 
     The credit card issue is of particular concern, because our 
     survey found that almost a third (29 percent) of teens have 
     already incurred debt.
       The positive news from the survey is that teenagers want to 
     learn more about personal finance. Nearly 90 percent want to 
     learn how to make their money grow, and 60 percent say that 
     learning about money management is a top priority. But teens 
     are not getting the education they need. Just 28 percent are 
     being taught about budgeting, spending and saving by their 
     parents or guardians. Only 24 percent say that their parents 
     have taught them how to use a credit card responsibly. 
     Interestingly, two-thirds of the teens surveyed say they 
     would prefer to learn through experience rather than in the 
     classroom.
       To help address these issues, Schwab is launching this 
     month Schwab MoneyWiseTM, a comprehensive cross-
     generational package of financial education materials, 
     including a web site, which will offer tools for parents who 
     would like to help their teens learn more about money.
       We believe that programs like our partnership with the Boys 
     & Girls Clubs of America and our new MoneyWise initiative are 
     important ways to reach young people, and there are numerous 
     other programs sponsored by other companies and organizations 
     that are

[[Page H3387]]

     focused on the same goal. We also believe that there needs to 
     be a concerted national effort to raise awareness about the 
     importance of financial literacy. Every level of government, 
     our schools, our private sector companies, our non-profit 
     organizations, and, perhaps most importantly, our parents all 
     have an important role to play. We need to continue to work 
     together to find creative solutions and encourage a national 
     discussion of the basics of financial education. Efforts like 
     designating April as ``Financial Literacy Month'' and the 
     April 24th Financial Literacy Day on Capitol Hill are 
     important parts of this effort, and we are very pleased to 
     support both.
       Thank you very much for your leadership on this important 
     issue.
           Sincerely,
                                          Carrie Schwab Pomerantz,
                             President, Charles Schwab Foundation.

                              {time}  1445

  Ms. WATSON. I have no further speakers, Mr. Speaker, and I yield back 
the balance of my time.
  Ms. FOXX. Mr. Speaker, I yield back the balance of my time also.
  The SPEAKER pro tempore. The question is on the motion offered by the 
gentlewoman from California (Ms. Watson) that the House suspend the 
rules and agree to the resolution, H. Res. 273.
  The question was taken.
  The SPEAKER pro tempore. In the opinion of the Chair, two-thirds 
being in the affirmative, the ayes have it.
  Ms. WATSON. Mr. Speaker, on that I demand the yeas and nays.
  The yeas and nays were ordered.
  The SPEAKER pro tempore. Pursuant to clause 8 of rule XX and the 
Chair's prior announcement, further proceedings on this question will 
be postponed.

                          ____________________