[Congressional Record Volume 156, Number 31 (Friday, March 5, 2010)]
[Extensions of Remarks]
[Page E319]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                           AMERICA SAVES WEEK

                                 ______
                                 

                               speech of

                        HON. SHEILA JACKSON LEE

                                of texas

                    in the house of representatives

                        Wednesday, March 3, 2010

  Ms. JACKSON LEE of Texas. Mr. Speaker, I rise today in support of H. 
Res. 1082, ``Supporting the goals and ideals of the fourth annual 
America Saves Week'' and for other purposes, introduced by my 
distinguished colleague from Texas, Representative Johnson.
  ``America Saves Week'' was established 9 years ago as an annual 
nationwide campaign that encourages consumers, especially those in 
lower-income households, to increase their financial literacy, enroll 
as American Savers, and establish a personal savings goal in an effort 
to build personal wealth and enhance financial security.
  During the 9 years ``America Saves Week'' has been in existence, over 
2,000 local, state, and national organizations, including government 
agencies, financial institutions, and non-profits, have motivated more 
than 245,000 people to enroll as American Savers through events such as 
financial literacy classes, financial fairs, free tax preparation 
assistance programs, and deposit campaigns. Encouraging automatic and 
habitual savings was a primary focus for the 2010 America Saves Week 
that began on February 21, 2010 and concluded on February 28, 2010.
  The primary focus of ``America Saves Week'' is reflected in the work 
of Financial and Economic Literacy Caucus, America Saves, and the 
American Savings Education Council's Choose to Save Campaign. Financial 
security is one of the most important issues for most Americans, 
whether it involves saving for a college education, an unforeseen 
emergency, a house, a new vehicle, or even retirement. Personal savings 
as a percentage of disposable income has risen from 1.2 percent in the 
first quarter of 2008 to 4.8 percent in the fourth quarter of 2009, 
according to the Bureau of Economic Analysis. The Employment Benefit 
Research Institute stated that the percentage of workers very confident 
about having enough money for a comfortable retirement fell to 13 
percent in 2009, down from 18 percent in 2008, and more workers expect 
to work longer to supplement their income in retirement.
  Mr. Speaker, encouraging Americans to save has become even more 
important. Older Americans are more likely to live within 200 percent 
of poverty than any other age group, and more than 60 percent of the 
elderly population relies on Social Security for over three-fourths of 
their annual income, according to the 2009 Employee Benefit Research 
Institute's Databook and the 2009 Social Security Administration 
Report. The 2007 Federal Reserve Board's Survey of Consumer Finances 
findings show that the average savings of retirees remains at $50,000 
and recent financial instability has diminished those funds. I would 
like to take this opportunity to commend the Consumer Federation of 
America for managing the program, and to every local, state, and 
national organization, including government agencies, financial 
institutions, and non-profits, that have promoted and supported the 
goals and ideals of the ``America Saves Week,'' and for taking the time 
to educate Americans about the importance and impact of financial 
literacy.
  Last year, I sponsored a bill during the 111th Congress (H. Res. 1325 
that was referred to the Subcommittee on Higher Education, Lifelong 
Learning, and Competiveness) that would have required colleges and 
universities to provide at least 4 hours of financial counseling to 
students. Student loan borrowers would have received lessons on how to 
invest, budget, and manage debt, including credit cards and student 
loans. I personally felt this was important because many lack 
sufficient knowledge about financial markets, and I believe that we 
have a responsibility to equip our young people with the necessary 
tools.

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