[Congressional Record Volume 153, Number 61 (Tuesday, April 17, 2007)]
[Extensions of Remarks]
[Page E748]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




      SUPPORTING THE GOALS AND IDEALS OF FINANCIAL LITERACY MONTH

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                               speech of

                           HON. DAVID DREIER

                             of california

                    in the house of representatives

                         Monday, April 16, 2007

  Mr. DREIER. Mr. Speaker, I would like to thank my colleagues Mr. 
Hinojosa and the Mrs. Biggert, for introducing H. Res. 273, a 
resolution supporting the goals and ideals of Financial Literacy Month. 
As a member of the Financial and Economic Literacy Caucus and a 
cosponsor of this resolution, I am proud to support this measure.
  In this 21st century economy, more Americans have access to financial 
services and products than ever before. With the click of a button, 
consumers can perform a variety of financial activities over the 
Internet, from paying bills to managing investments. Increased 
availability of credit allows more people to enjoy the benefits of easy 
access to capital and enhanced purchasing power. Today, half of all 
American households own stocks. This growing number of ``investor 
class'' Americans are participating in financial markets through 
retirement plans, investment vehicles or Internet trading accounts.
  Yet, as this resolution recognizes, we must do more to ensure that 
American citizens not only have access to these important financial 
services, but are equipped with the knowledge to make critical 
financial decisions as they plan for the future. Whether it is buying a 
home, paying for college, starting a small business or planning for 
retirement, it is imperative that we help individuals develop a solid 
foundation in personal finance.
  We must also continue efforts to ensure that individuals are equipped 
with the proper tools to make smart financial decisions from an early 
age. Reading, writing and math, the traditional cornerstones of our 
education system, need to be supplemented with a curriculum that will 
equip America's youth to meet the real-life demands of the 21st 
century. In the fast-paced and increasingly complex world in which we 
live, teaching our students about personal finance issues, from basic 
spending decisions to investing and saving for retirement, is critical. 
The efforts of organizations like Visa USA, Citigroup, the Credit Union 
National Association, the American Bankers Association and the 
Securities Industry Association have helped to bring financial literacy 
programs to our Nation's youth in classrooms, after-school programs and 
libraries. I am proud that in my own district, Bonita High School, the 
Boys and Girls Club of the Foothills and the Glendora Public Library 
have had the opportunity to benefit from these programs.
  It is also important to note that efforts to enhance financial 
literacy should not just be confined to our own country. As we strive 
for expanded trade and investment with our global partners, the 
financial ups and downs in world markets have a greater impact on our 
local economies. Helping to spread financial and economic literacy to 
emerging markets is critically important to establishing stability in 
developing nations. For example, in 2004 Citigroup and the Citigroup 
Foundation provided more than $22 million in support of financial 
education programs in activities that reached millions of people in 
more than 40 countries. These activities included community development 
projects to support the expansion of thrift and credit-based 
cooperative groups in India and the development of a micro-finance 
industry in China.
  Ultimately, expanding access to the financial system and knowledge of 
its workings provides individuals with greater choice when managing 
finances, building wealth and making investments. These activities in 
turn lead to increases in economic activity and growth that benefits 
our entire Nation. I urge my colleagues to recognize the importance of 
financial literacy and support this measure.

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