[Congressional Record Volume 154, Number 73 (Monday, May 5, 2008)]
[Extensions of Remarks]
[Page E813]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                     FINANCIAL LITERACY MONTH 2008

                                 ______
                                 

                               speech of

                             HON. AL GREEN

                                of texas

                    in the house of representatives

                        Tuesday, April 29, 2008

  Mr. AL GREEN of Texas. Mr. Speaker, I am proud to support H. Res. 
1079, a resolution supporting the goals and ideals of Financial 
Literacy Month 2008. With the economy in its current state, and with 
the anticipation of more hardships to come, it has become increasingly 
important for all Americans to have a basic understanding of financial 
systems and resources. Many of the challenges that we face today could 
have been avoided if more Americans were financially literate and able 
to make informed decisions while protecting themselves from abusive 
financial practices.
  A recent 2008 Financial Literacy Survey prepared for the National 
Foundation on Credit Counseling and MSN Money highlights the growing 
need for quality financial literacy education. According to the report, 
over 50 million Americans have no money set aside for their own 
retirement, and roughly 76 million Americans have no savings outside of 
their retirement fund. Over 30 percent of Americans do not know their 
own credit score, and over 60 percent have not requested a free copy of 
their credit report in the past year. Approximately 40 million 
Americans make little or no effort to budget their finances or keep 
track of their own spending, and around 15 million Americans are being 
called by collectors and have seriously considered filing for 
bankruptcy. In the state of Texas, there were more than 184,000 prime 
and subprime mortgages in delinquency at the end of 2007, a situation 
that was closely linked to the lack of financial literacy among 
consumers. The problem is only worsened by the fact that one in four 
Americans say they would not consider buying a home at this time 
because they do not know enough to feet comfortable doing so.
  By designating April as Financial Literacy Month, we are recognizing 
the importance of financial literacy and making an active effort to 
encourage and support quality financial literacy education programs. 
The American Dream cannot be obtained by those who suffer from 
dangerous consumer habits, poorly managed finances, unsustainable 
levels of debt, and barriers to mainstream financial services and 
institutions. Financial Literacy Month is a reminder for all of us to 
continue working so that every individual will have the tools and 
knowledge they need to attain financial security and strengthen our 
Nation's economy.

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