[Congressional Record Volume 156, Number 53 (Thursday, April 15, 2010)]
[Senate]
[Pages S2389-S2390]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




 SENATE RESOLUTION 485--DESIGNATING APRIL 2010 AS ``FINANCIAL LITERACY 
                                MONTH''

  Mr. AKAKA (for himself and Mr. Enzi) submitted the following 
resolution; which was considered and agreed to:

                              S. Res. 485

       Whereas according to the Federal Deposit Insurance 
     Corporation, at least 25.6 percent of households in the 
     United States, or close to 30,000,000 households with 
     approximately 60,000,000 adults, are unbanked or underbanked 
     and, subsequently, have missed opportunities for savings, 
     lending, and basic financial services;
       Whereas according to the 2009 Consumer Financial Literacy 
     Survey Final Report of the National Foundation for Credit 
     Counseling, 41 percent of adults in the United States, or 
     more than 92,000,000 adults living in the United States, gave 
     themselves a grade of C, D, or F on their knowledge of 
     personal finance;
       Whereas according to the National Bankruptcy Research 
     Center, the number of personal bankruptcy filings reached 
     1,410,000 in 2009, a 32 percent increase from 2008 and the 
     highest number since 2005;
       Whereas the 2009 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 to 13 
     percent in 2009, the lowest since the question was first 
     asked in the survey in 1993, and representing a 50 percent 
     decline in worker confidence since 2007;
       Whereas according to a 2009 ``Flow of Funds'' report by the 
     Federal Reserve, household debt stood at $13,600,000,000,000;
       Whereas according to the Department of Labor, only 43 
     percent of people in the United States have calculated how 
     much they need to save for retirement;
       Whereas according to the 2009 Consumer Financial Literacy 
     Survey Final Report of the National Foundation for Credit 
     Counseling, 26 percent, or more than 58,000,000 adults, admit 
     to not paying all of their bills on time;
       Whereas according to the 2009 Consumer Financial Literacy 
     Survey Final Report of the National Foundation for Credit 
     Counseling, \1/3\ of adults in the United States, 
     approximately 72,000,000 adults, report that they have no 
     savings and only 23 percent of adults in the United States 
     are now saving more than they did a year ago because of the 
     current economic climate;
       Whereas according to the 2009 Consumer Financial Literacy 
     Survey Final Report of the National Foundation for Credit 
     Counseling, less than \1/2\ of adults keep close track of 
     their spending, and nearly 16,000,000 adults do not know how 
     much they spend on food, housing, and entertainment, and do 
     not monitor their overall spending;
       Whereas the number of adults keeping close track of their 
     spending has not improved since 2007;
       Whereas according to the sixth Survey of the States 2009: 
     Economic, Personal Finance, and Entrepreneurship Education in 
     Our Nation's Schools, conducted by the Council for Economic 
     Education, only 21 States require students to take an 
     economics course as a high school graduation requirement, and 
     only 19 States require the testing of student knowledge in 
     economics;
       Whereas according to the sixth Survey of the States 2009: 
     Economic, Personal Finance, and Entrepreneurship Education in 
     Our Nation's Schools, conducted by the Council for Economic 
     Education, only 13 States require students to take a personal 
     finance course either independently or as part of an 
     economics course as a high school graduation requirement;

[[Page S2390]]

       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 2010 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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