[Congressional Record Volume 156, Number 53 (Thursday, April 15, 2010)]
[Senate]
[Pages S2393-S2395]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                       NATIONAL PUBLIC WORKS WEEK

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                        FINANCIAL LITERACY MONTH

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 SUPPORTING THE MISSION AND GOALS OF THE 2010 NATIONAL CRIME VICTIMS' 
                              RIGHTS WEEK

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HONORING COAL MINERS WHO PERISHED IN THE UPPER BIG BRANCH MINE-SOUTH IN 
                     RALEIGH COUNTY, WEST VIRGINIA

  Mr. BROWN of Ohio. Mr. President, I ask unanimous consent that the 
Senate now proceed to the en bloc consideration of the following Senate 
resolutions: S. Res. 484, S. Res. 485, S. Res. 486, and S. Res. 487.
  There being no objection, the Senate proceeded to consider the 
resolutions.
  Mr. BROWN of Ohio. Mr. President, I ask unanimous consent that the 
resolutions be agreed to, the preambles be agreed to, and the motions 
to reconsider be laid upon the table en bloc.
  The PRESIDING OFFICER. Without objection, it is so ordered.
  The resolutions (S. Res. 484, S. Res. 485, S. Res. 486, and S. Res. 
487) were agreed to.
  The preambles were agreed to.
  The resolutions, with their preambles, read as follows:

                              S. Res. 484

       Whereas public works infrastructure, facilities, and 
     services are of vital importance to the health, safety, and 
     well-being of the people of the United States;
       Whereas the public works infrastructure, facilities, and 
     services could not be provided without the dedicated efforts 
     of public works professionals, including engineers and 
     administrators, who represent State and local governments 
     throughout the United States;
       Whereas public works professionals design, build, operate, 
     and maintain the transportation systems, water 
     infrastructure, sewage and refuse disposal systems, public 
     buildings, and other structures and facilities that are vital 
     to the people and communities of the United States;
       Whereas understanding the role that public infrastructure 
     plays in protecting the environment, improving public health 
     and safety, contributing to economic vitality, and enhancing 
     the quality of life of every community of the United States 
     is in the interest of the people of the United States; and
       Whereas 2010 marks the 50th anniversary of ``National 
     Public Works Week'': Now, therefore, be it
       Resolved, That the Senate--
       (1) designates the week of May 16 through May 22, 2010, as 
     ``National Public Works Week'';
       (2) recognizes and celebrates the important contributions 
     that public works professionals make every day to improve--
       (A) the public infrastructure of the United States; and
       (B) the communities that public works professionals serve; 
     and
       (3) urges individuals and communities throughout the United 
     States to join with representatives of the Federal Government 
     and the American Public Works Association in activities and 
     ceremonies that are designed--
       (A) to pay tribute to the public works professionals of the 
     United States; and
       (B) to recognize the substantial contributions that public 
     works professionals make to the United States.

                              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 S2394]]

       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.

                              S. Res. 486

       Whereas more than 25,000,000 individuals in the United 
     States are victims of crime each year, including more than 
     6,000,000 individuals who are victims of violent crime;
       Whereas a just society acknowledges the impact of crime on 
     individuals, families, neighborhoods, and communities by 
     ensuring that rights, resources, and services are available 
     to help rebuild the lives of the victims;
       Whereas, although the United States has steadily expanded 
     rights, protections, and services for victims of crime, too 
     many victims are still not able to realize the hope and 
     promise of the expanded rights, protections, and services;
       Whereas, despite impressive accomplishments realized during 
     the past 40 years in crime victims' rights and services, 
     there remain many challenges to ensuring that all victims 
     are--
       (1) treated with fairness, dignity, and respect;
       (2) offered support and services regardless of whether the 
     victims report the crimes committed against them to law 
     enforcement; and
       (3) recognized as key participants in the systems of 
     justice in the United States when the crimes are reported;
       Whereas the systems of justice in the United States should 
     ensure that services are available for all victims of crime, 
     including victims from underserved communities of the United 
     States;
       Whereas observing the rights of victims and treating 
     victims with fairness, dignity, and respect serve the public 
     interest by--
       (1) engaging victims in the justice system;
       (2) inspiring respect for public authorities; and
       (3) promoting confidence in public safety;
       Whereas individuals in the United States recognize that 
     homes, neighborhoods, and communities are made safer and 
     stronger by identifying and meeting the needs of crime 
     victims and ensuring justice for all;
       Whereas treating victims of crime with fairness, dignity, 
     and respect, as encouraged and expressed through the 2010 
     National Crime Victims' Rights Week theme referred to as 
     ``Crime Victims' Rights: Fairness. Dignity. Respect.''--
       (1) costs nothing more than taking time to identify the 
     needs and concerns of victims; and
       (2) requires effective collaboration among justice systems 
     to meet the needs and concerns of victims; and
       Whereas the 2010 National Crime Victims' Rights Week, which 
     is observed during the week of April 18 through April 24, 
     2010, provides an opportunity for the systems of justice in 
     the United States to strive to reach the goal of justice for 
     all by ensuring that victims are afforded legal rights and 
     provided with assistance to face the financial, physical, 
     spiritual, psychological, and social impact of crime: Now, 
     therefore, be it
       Resolved, That the Senate--
       (1) supports the mission and goals of the 2010 National 
     Crime Victims' Rights Week to increase public awareness of--
       (A) the impact on victims and survivors of crime; and
       (B) the constitutional and statutory rights and needs of 
     victims and survivors of crime; and
       (2) recognizes that fairness, dignity, and respect comprise 
     the very foundation of the manner in which victims and 
     survivors of crime should be treated.

                              S. Res. 487

       Whereas coal mining is a time-honored profession;
       Whereas coal miners and the families of coal miners have 
     shaped the rich history and culture of the State of West 
     Virginia and the United States;
       Whereas the United States is greatly indebted to coal 
     miners for the difficult and dangerous work performed by coal 
     miners to provide the fuel necessary to keep the United 
     States strong and secure;
       Whereas the United States has long recognized the 
     importance of health and safety protections for coal miners 
     laboring in extreme and dangerous conditions;
       Whereas accidents in coal mines have repeatedly taken the 
     lives of coal miners;
       Whereas, following an explosion on April 5, 2010, 29 coal 
     miners from the State of West Virginia tragically perished in 
     the Upper Big Branch Mine-South;
       Whereas the explosion at the Upper Big Branch Mine-South 
     was the worst coal mining disaster in the United States 
     during the 40 years prior to the date of the agreement to 
     this resolution;
       Whereas Federal, State, and local rescue crews worked 
     tirelessly in a courageous rescue and recovery effort after 
     the explosion;
       Whereas the families of the fallen coal miners have 
     suffered an immeasurable loss; and
       Whereas residents of Raleigh County and the State of West 
     Virginia came together to support the families of the fallen 
     coal miners: Now, therefore, be it
       Resolved, That the Senate--
       (1) recognizes the ultimate sacrifice made by the 29 coal 
     miners lost at the Upper Big Branch Mine-South in Raleigh 
     County, West Virginia;
       (2) extends the deepest condolences of the United States 
     Senate to the families of the fallen coal miners;
       (3) honors the survivors of the tragedy;
       (4) recognizes all coal miners for--
       (A) enduring the immeasurable loss of coworkers; and
       (B) maintaining courage in the aftermath of the explosion 
     at the Upper Big Branch Mine-South;
       (5) commends the valiant efforts of the emergency response 
     workers searching for the missing coal miners after the 
     explosion; and
       (6) honors the many volunteers who provided support and 
     comfort for the families of the missing coal miners during 
     the rescue and recovery operations.


                        Financial Literacy Month

  Mr. AKAKA. Mr. President, I am pleased that the Senate has once again 
passed a resolution designating April as Financial Literacy Month. I 
thank my cosponsors, Senators Enzi, Dodd, Crapo, Johnson, Corker, 
Schumer, Cochran, Menendez, Wicker, Kohl, Merkley, Inouye, Durbin, 
Baucus, Murray, Lincoln, Begich, Gillibrand, Feingold, Levin, Carper, 
Cardin, Stabenow, and Hagan. I am glad to work once again with my 
colleagues in a bipartisan manner to promote financial and economic 
literacy for all Americans.
  This tax day I want to recognize those organizations that gathered 
information on the status of financial literacy in our country. This 
includes the Jumpstart Coalition for Personal Financial Literacy's 
survey of high school seniors and the Employee Benefit Research 
Institute's Retirement Confidence Survey. These surveys present deeply 
troubling figures that underscore the need for increased financial 
literacy. The financial literacy of high school students has fallen to 
its lowest level ever, with a score of just 48.3 percent. Also, 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. There is still much 
work to do in properly educating America's youth on basic personal 
financial management skills.
  In addition, last year the Federal Reserve noted that household debt 
in the United States stood at $13.6 trillion. The 2009 Consumer 
Financial Literacy Survey Final Report of the National Foundation for 
Credit Counseling found that less than half of all adults keep close 
track of their spending, and nearly 16 million adults do not monitor 
their overall spending and do not know how much they spend on food, 
housing, and entertainment. With regard to retirement planning, the 
U.S. Department of Labor noted that only 43 percent of people in the 
United States have calculated how much they need to save for 
retirement. These findings suggest a serious problem underscored by the 
fact that most workers have not calculated how much they need to save 
for retirement, even if they believe they are behind schedule in their 
retirement.

[[Page S2395]]

  Increased financial and economic literacy can help people navigate 
around the countless pitfalls found in the marketplace. A significant 
step occurred with the passage of the Credit Card Accountability 
Responsibility and Disclosure Act of 2009. The Act requires credit card 
companies to disclose information about the impact of making only the 
minimum monthly payment. This includes how long it will take to repay a 
credit card and the extra amount in interest that must be paid when 
only the minimum payment is made. This easily-found information will 
allow consumers to become more aware of their financial situation and 
enable them to make better financial choices.
  Our resolution designates April 2010 as Financial Literacy Month and 
highlights the need to promote financial literacy. I am pleased by 
efforts underway to promote financial and economic education and wish 
to highlight a few examples. Here in Washington, the Jumpstart 
Coalition for Personal Financial Literacy is holding a celebration of 
financial literacy this month. During the celebration, Jumpstart will 
honor two national leaders, a State coalition of the year, and the 
prestigious Odom Award winner. In addition, the National Foundation for 
Credit Counseling will announce the winner of its annual poster 
contest. The Washington State Department of Financial Institutions, 
DFI, announced that it is launching a new statewide financial education 
calendar. DFI is working with organizations providing financial 
education in their communities to incorporate existing calendars into a 
single searchable, comprehensive statewide calendar of financial 
education classes and events. Maryland Public Television is airing the 
program ``Pursuit of the Dream: Building Credit for Life.'' This 
special and important documentary will educate viewers on the 
importance of credit scores. Viewers will also learn tips for building 
a good credit score and helpful ways to avoid money traps that can drag 
down credit ratings. Viewers will also be able to hear from local 
financial experts and call a toll-free number airing throughout the 
broadcast to connect to valuable resources. In my home State of Hawaii, 
the Hawaii State Department of Commerce and Consumer Affairs recently 
organized a fair to provide free financial information and help arm 
consumers with accurate and useful information to encourage financial 
literacy.
  As policymakers, we need to focus on these issues year round, not 
just in the month of April. However, focusing on Financial Literacy 
Month in April means that we have a designated part of the year when we 
can reassess and improve upon our efforts.

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