[Congressional Record Volume 155, Number 54 (Tuesday, March 31, 2009)]
[Senate]
[Page S4086]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




 SENATE RESOLUTION 94--DESIGNATING APRIL 2009 AS ``FINANCIAL LITERACY 
                                MONTH''

  Mr. AKAKA (for himself and Mr. Dodd, Mr. Crapo, Mr. Kennedy, Mr. 
Enzi, Mrs. Hagan, Mr. Corker, Mr. Levin, Mr. Wicker, Mr. Schumer, Mr. 
Inouye, Mr. Menendez, Mr. Durbin, Ms. Stabenow, Mr. Johnson, Mr. 
Cardin, Mr. Carper, Mrs. Lincoln, Mrs. Murray, Mrs. Gillibrand, Mr. 
Cochran, and Mr. Baucus) submitted the following resolution; which was 
considered and agreed to:

                               S. Res. 94

       Whereas, in September 2008, consumer bankruptcy filings in 
     the United States increased more than 30 percent from the 
     same period in 2006, according to the Administrative Office 
     of the United States Courts;
       Whereas there were more than 1,000,000 personal bankruptcy 
     filings in the United States in 2008, the most since 
     bankruptcy laws were amended in 2005, according to the 
     Administrative Office of the United States Courts;
       Whereas, according to a 2008 ``Flow of Funds'' report by 
     the Federal Reserve, the net worth of households in the 
     United States fell for the 4th consecutive quarter, dropping 
     $2,800,000,000,000, the largest decline in the 57-year 
     history of the report;
       Whereas, according to a 2008 ``Flow of Funds'' report by 
     the Federal Reserve, household debt in the United States 
     reached $14,000,000,000;
       Whereas the 2008 Retirement Confidence Survey conducted by 
     the Employee Benefit Research Institute found that the 
     percentage of workers who were ``very confident'' about 
     having enough money for a comfortable retirement decreased 
     sharply, from 27 percent in 2007 to 18 percent in 2008, the 
     biggest 1-year decline in the 18-year history of the survey;
       Whereas the Department of the Treasury sponsored the 2008 
     National Financial Literacy Challenge, an examination testing 
     knowledge of high school students of important personal 
     finance concepts;
       Whereas the average score on the examination was an ``F'', 
     only 56 percent;
       Whereas the 2007 ``Survey of the States'' compiled by the 
     Council for Economic Education found that only 22 States 
     require an economics test as a high school graduation 
     requirement, 3 fewer than in 2004;
       Whereas many students who graduate from high school lack 
     basic skills in the management of personal financial affairs 
     and are unable to balance a checkbook, according to the 
     Jumpstart Coalition for Personal Financial Literacy;
       Whereas, according to the National Foundation for Credit 
     Counseling, fewer than half the people in the United States 
     accessed their credit report in 2008, despite the fact that 
     such report can be obtained for free and contains critically 
     important information for consumers;
       Whereas approximately 76,000,000 adults say they do not 
     have any non-retirement savings, according to the National 
     Foundation for Credit Counseling;
       Whereas expanding access to the mainstream financial system 
     will provide individuals with less expensive and more secure 
     options for managing finances and building wealth;
       Whereas quality personal financial education is essential 
     to ensure that individuals are prepared to manage money, 
     credit, and debt, and to become responsible workers, heads of 
     households, investors, entrepreneurs, business leaders, and 
     citizens;
       Whereas increased financial literacy empowers individuals 
     to make wise financial decisions and reduces the confusion 
     caused by an increasingly complex economy;
       Whereas a greater understanding of, and familiarity with, 
     financial markets and institutions will lead to increased 
     economic activity and growth;
       Whereas, in 2003, Congress found it important to coordinate 
     Federal financial literacy efforts and formulate a national 
     strategy; and
       Whereas, in light of that finding, Congress passed the 
     Financial Literacy and Education Improvement Act of 2003 
     (Public Law 108-159; 117 Stat. 2003) establishing the 
     Financial Literacy and Education Commission and designating 
     the Office of Financial Education of the Department of the 
     Treasury to provide support for the Commission: Now, 
     therefore, be it
       Resolved, That the Senate--
       (1) designates April 2009 as ``Financial Literacy Month'' 
     to raise public awareness about--
       (A) the importance of personal financial education in the 
     United States; and
       (B) the serious consequences that may result from a lack of 
     understanding about personal finances; and
       (2) calls on the Federal Government, States, localities, 
     schools, nonprofit organizations, businesses, and the people 
     of the United States to observe the month with appropriate 
     programs and activities.

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