[Congressional Record Volume 154, Number 70 (Wednesday, April 30, 2008)]
[Extensions of Remarks]
[Page E780]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                     FINANCIAL LITERACY MONTH 2008

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                               speech of

                           HON. ANDRE CARSON

                               of indiana

                    in the house of representatives

                        Tuesday, April 29, 2008

  Mr. CARSON. Mr. Speaker, I rise in strong support of H.R. 1079, a 
resolution supporting the goals and ideals of Financial Literacy Month 
2008. It is fitting that in April, the month that our taxes are due, we 
bring attention to the important issue of financial literacy.
  As citizens face their taxes this year, they have also been facing 
the burden of increased financial difficulties as foreclosure rates 
soar, health care and energy costs continue to rise, and substantial 
numbers of jobs are cut. During this time of economic strain, it is 
especially crucial that consumers become knowledgeable about their own 
financial situation and that we take steps to ensure our children 
receive proper financial education to plan for their future.
  In my district, groups such as the Indianapolis Asset Building 
Campaign are working to increase financial literacy in the city, 
especially among moderate and low income individuals. The campaign was 
spearheaded by my grandmother, Representative Julia Carson, former 
Mayor Bart Peterson, Momentive, Purdue Cooperative Extension, 
Indianapolis Neighborhood Housing Partnership, the Boner Center, Junior 
Achievement, the Internal Revenue Service and the Annie E. Casey 
Foundation.
  It has been proactive in connecting taxpayers with financial literacy 
information such as free preparation services, tax credit information, 
the availability of low or no cost savings accounts and predatory 
lending. These kinds of efforts are critical to stem the cyclical debt 
low and moderate income individuals frequently become trapped in.
  I want to thank Chairman Frank for bringing light to this issue by 
holding a hearing in the Financial Services Committee and I want to 
also note Congressman Hinojosa's strong leadership in this issue and 
his dedication to educating consumers on the importance of debt 
management and asset building.
  We must continue working on this issue to help consumers become savvy 
on the complex financial products we have in the marketplace today and 
prevent them from becoming dependent on credit or victims of predatory 
lending.

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