[Congressional Record Volume 153, Number 61 (Tuesday, April 17, 2007)]
[Extensions of Remarks]
[Pages E752-E753]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




      SUPPORTING THE GOALS AND IDEALS OF FINANCIAL LITERACY MONTH

                                 ______
                                 

                               speech of

                          HON. RUBEN HINOJOSA

                                of texas

                    in the house of representatives

                         Monday, April 16, 2007

  Mr. HINOJOSA. Mr. Speaker, I submit the following letters regarding 
H. Res. 273, Supporting the Goals and Ideals of Financial Literacy 
Month.


                                                  Freddie Mac,

                                       McLean, VA, April 16, 2007.
     Hon. Ruben Hinojosa,
     House of Representatives,
     Washington, DC.
       Dear Congressman Hinojosa: On behalf of Freddie Mac, I am 
     writing to express our support for the bi-partisan 
     Congressional resolution (H.R. 273) supporting April as 
     ``Financial Literacy Month,'' cosponsored by 115 Members of 
     the House of Representatives.
       As a secondary mortgage market entity, Freddie Mac has made 
     home possible for one in six home buyers and more than four 
     million renters in America. We greatly understand the 
     important role financial literacy plays in obtaining and 
     maintaining good credit. Credit records affect everything 
     from renting an apartment to buying a home, paying for a 
     college education to purchasing a car. Poor credit histories 
     limit the ability of many consumers to attain financial 
     security, particularly those in under-served communities--
     including low-income consumers, minorities and immigrants. 
     Without good credit, it's difficult to save money, become a 
     homeowner, and accumulate wealth.
       In response to the need to increase financial literacy and 
     awareness, Freddie Mac developed the CreditSmart', 
     and CreditSmart' Espanol consumer education 
     curricula. CreditSmart is designed to help consumers 
     understand, build, and maintain good credit. Since its launch 
     in 2000, the CreditSmart program has reached in excess of one 
     million people through its outreach network of Community 
     Based organizations, conventions, initiatives and web access. 
     (www.freddiemac.com/creditsmart)
       CreditSmart is used in numerous communities across America 
     and is taught to consumers by college instructors, nonprofit 
     counseling agency staff, consumer and community group staff, 
     police officers, employers, lenders, real estate 
     professionals and mortgage brokers. Just two months ago, 
     Freddie Mac launched CreditSmart Asian a new three-part 
     series of multilingual guidebooks focused on helping Asian 
     Americans become more informed consumers. This program will 
     be available in Chinese, Korean, Vietnamese, and English.
       Freddie Mac has also been a leader in sponsoring a 
     successful consumer awareness campaign to help consumers 
     avoid predatory lending practices. Don't Borrow 
     Trouble', is a national award-winning campaign 
     that combines public education and counseling services to 
     help homeowners avoid lending practices that strip away their 
     home's equity. Pioneered in Boston by Mayor Thomas M. Menino 
     and the Massachusetts Community & Banking Council (MCBC), 
     Freddie Mac has expanded the campaign to communities 
     nationwide to almost 50 cities and states throughout the 
     country. These campaigns have helped inform more than 100,000 
     consumers across the U.S.
       Freddie Mac commends you for your bringing this resolution 
     to the House of Representatives to continue to draw awareness 
     to the need for financial literacy and we are grateful for 
     your leadership of the Financial Literacy Caucus.
           Sincerely,
                                             Kirsten Johnson-Obey,
     Director, Congressional Relations.
                                  ____


Statement by Forum CEO Donald L. Evans on Financial Literacy Resolution

       Washington, DC.--Financial Services Forum CEO Donald L. 
     Evans issued the following statement on H. Res. 273, a 
     resolution supporting Financial Literacy Month:
       ``Financial assets--stock, bonds, mutual finds, and 
     insurance products--are powerful tools for building wealth 
     and providing for a secure future. With a record number of 
     Americans approaching retirement, financial literacy is more 
     important than ever. Rep. Ruben Hinojosa and Rep. Judy 
     Biggert are bringing appropriate focus to the goal of 
     providing a better financial education to all Americans. We 
     appreciate their efforts to raise awareness of financial 
     literacy and fully support their efforts.''
       Last April, the Financial Services Forum released a survey 
     finding that two in five (42 percent) of Americans say they 
     know only some, very little, or not much about how to 
     effectively manage their long-term personal finances and 
     retirement security. The poll also found that 60 percent of 
     young people (between the ages of 18 and 34) say they do not 
     have the knowledge they need to effectively manage their 
     personal finances and retirement security.
       The Financial Services Forum has also issued a report 
     detailing the significant commitment of Forum member firms to 
     financial literacy programs.
       A copy of that report and the survey are available on our 
     web site at www.financialservicesforum.org.
 ____



                                  America's Community Bankers,

                                                   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 
     America's Community Bankers (ACB) and its over 1000 member 
     institutions, I am writing to express our strong support for 
     H. Res. 273, a Resolution to support the goals and ideals of 
     Financial Literacy Month. ACB commends you both for your 
     ongoing leadership and commitment to increasing awareness of 
     financial literacy in the United States, and we are also 
     pleased that a similar Resolution, S. Res. 126, has been 
     approved by the United States Senate.

[[Page E753]]

       The American financial services system often presents a 
     maze of decisions, and ACB has always made financial literacy 
     a top priority to help consumers choose wisely. ACB's members 
     are dedicated to strengthening America's communities by 
     meeting the financial needs of consumers fairly and 
     efficiently. As the responsibility for individuals to manage 
     their own finances increases, so does our responsibility to 
     provide individuals from every economic background with the 
     tools they need to navigate their financial environment. ACB 
     is committed to ensuring that all Americans have fair and 
     equitable access to credit, and that consumers have the 
     necessary skills to make wise financial decisions.
       The goals expressed in H. Res. 273 recognize many of ACB's 
     core principles, and we look forward to continuing to work 
     with both of you, along with the House Financial and Economic 
     Literacy Caucus, to make financial literacy a priority of the 
     110th Congress.
           Sincerely,

                                              Robert R. Davis,

                             Executive Vice President and Managing
     Director, Government Relations.
                                  ____



                                 Consumer Bankers Association,

                                                    Arlington, VA.
     Re H. Res. 273

     Hon. Ruben Hinojosa,
     House of Representatives,
     Washington, DC.
     Hon. Judy Biggert,
     House of Representatives,
     Washington, DC.
       Dear Representatives Hinojosa and Biggert: The membership 
     of the Consumer Bankers Association has taken a leadership 
     role in providing financial education, offering instruction 
     in every field of personal finance, including home ownership, 
     foreclosure prevention, credit card usage, basic budgeting 
     and a host of other topics relevant to the needs of our 
     customers. CBA has found that such efforts have helped 
     produce knowledgeable consumers with the financial skills 
     needed for the responsible use of the products and services 
     available today from our member banks.
       It is because of the intensive and extensive efforts to 
     educate their customers that our membership welcomes your 
     efforts to recognize the importance of financial literacy by 
     promoting Financial Literacy Month through H. Res. 273. We 
     believe the Resolution is a welcome part of the campaign so 
     that everyone is provided the tools to navigate the sometimes 
     complex waters of today's economy.
       We congratulate you for highlighting the commitment to 
     financial literacy. CBA pledges our full support to promote 
     the goals of Financial Literacy Month and offers our 
     assistance to the Congress and our communities in creating a 
     better-educated population of financial services consumers.
       Please do not hesitate to contact us if you feel we can be 
     of further assistance in your endeavors to promote financial 
     education.

                                           Marcia Z. Sullivan,

                                      Vice President and Director,
     Government Relations.
                                  ____

       Washington, Apr. 4 2007.--The National Association of 
     Affordable Housing Lenders (NAAHL) strongly supports the 
     bipartisan congressional resolution (H. Res. 273) designating 
     April as ``Financial Literacy Month,'' to increase 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.
       ``NAAHL represents America's leaders in moving private 
     capital to those in need,'' said NAAHL President and CEO Judy 
     Kennedy. ``Our members have helped lead efforts to increase 
     financial education nationwide, especially for low- and 
     moderate-income persons.''
       ``For example, NAAHL members ShoreBank and NeighborWorks 
     America, in partnership with the federal banking regulators, 
     have pioneered programs and approaches which have resulted in 
     greater financial literacy in underserved communities,'' 
     Kennedy said.
       ``We commend Reps. Ruben Hinojosa (D-Texas) and Judy 
     Biggert (R-Ill.) for introducing this resolution that 
     supports the goals and ideals of Financial Literacy Month.''
       The resolution has more than 100 cosponsors in the House of 
     Representatives. A similar resolution, S. Res. 126, has been 
     approved by the Senate.
                                  ____

     Hon. Ruben Hinojosa,
     House of Representatives,
     Washington, DC.
       Dear Representative Hinojosa: The Texas Credit Union League 
     is pleased to support House Resolution 273. As you know, the 
     Texas Credit Union League through our Foundation supports 
     financial literacy in a big way. Project NEFE--a statewide 
     collaborative initiative to bring the accredited High School 
     Financial Planning Program along with comprehensive training 
     to schools across Texas--is one of the primary missions of 
     our Foundation. All material and training is offered free of 
     charge.
       The NEFE curriculum meets the learning objectives and 
     standards approved by the Texas Education Agency and State 
     Board of Education to meet the requirement. Credit unions are 
     all about people helping people, and there is no greater way 
     to demonstrate that commitment than credit unions working 
     with teachers and providing the volunteer efforts to train 
     our children in financial matters. We have been extremely 
     pleased and excited on how our Foundation, Texas Cooperative 
     Extension and NEFE have worked together to deliver this free 
     education to our younger generation.
       On behalf of the seven million credit union members 
     concerned with the issue of financial literacy, we applaud 
     you and your many cosponsors. We look forward to joining our 
     voice with yours in the cause of financial literacy.
           Sincerely,
                                                   Dick Ensweiler,
     CEO/President, Texas Credit Union League.

                          ____________________