[Congressional Record Volume 154, Number 73 (Monday, May 5, 2008)]
[Extensions of Remarks]
[Page E814]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                     FINANCIAL LITERACY MONTH 2008

                                 ______
                                 

                               speech of

                           HON. DAVID DREIER

                             of california

                    in the house of representatives

                        Tuesday, April 29, 2008

  Mr. DREIER. Mr. Speaker, I would like to commend the gentleman from 
Texas, Mr. Hinojosa, and the gentlelady from Illinois, Mrs. Biggert, 
for introducing H. Res. 1079, a resolution supporting the goals and 
ideals of Financial Literacy Month 2008. As a co-sponsor of this 
resolution and a member of the Financial and Economic Literacy Caucus, 
I am proud to support this measure.
  Almost a decade into the 21st century, we are finding that 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. Technology has allowed more people to enjoy the benefits 
of access to capital and today, half of all American households own 
equities. This growing number of ``investor class'' Americans are 
participating in financial markets through retirement plans, investment 
vehicles or Internet trading accounts.
  Yet, many Americans are concerned about our economy. Uncertainty has 
not only had a big impact on housing markets, but has also resulted in 
a great deal of volatility in stock markets both in the United States 
and abroad. The need for financial literacy has never been greater than 
it is right now. While sound financial and investment decisions are 
necessary for creating economic booms, they are absolutely essential in 
weathering the busts. As working Americans, small-business owners and 
the ever-growing investor class address these current economic 
challenges, they must have the right tools to make the best decisions 
for their own financial security.
  Therefore, it is fitting that this resolution reaffirms the important 
role that financial literacy plays in helping individuals evaluate the 
complex financial choices that they encounter and further recognizes 
the need to begin teaching financial management skills at an early age. 
By educating our youth to understand money, savings, credit, debt and 
risk, we will not only be providing lifelong skills, but also can 
ensure that individuals will have the tools necessary to make informed 
decisions in this evolving 21st century economy.
  It is also important to note that efforts to enhance financial 
literacy are not confined to our own country. Earlier this month, 
governments throughout Europe declared their commitment to promoting 
financial education. The private sector is also actively engaged in 
enhancing economic literacy throughout the developing world. For 
example, Citigroup and the Citigroup Foundation have provided more than 
$22 million in support of financial education programs that have 
reached millions of people in more than 40 countries. These activities 
include community development projects to support the expansion of 
thrift and credit-based cooperative groups in India and the development 
of a microfinance industry in China. As we strive for expanded trade 
and investment with our global partners, it is clear that growth in 
world markets is increasingly linked to growth in our own economy. In 
other words, financial literacy abroad allows us to reap the benefits 
here at home.
  Ultimately, expanding access to the financial system and knowledge of 
its workings provides individuals with greater choice and lower costs 
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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