[Congressional Record Volume 156, Number 56 (Tuesday, April 20, 2010)]
[House]
[Pages H2656-H2659]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
SUPPORTING THE GOALS AND IDEALS OF NATIONAL FINANCIAL LITERACY MONTH,
2010
Mr. HINOJOSA. Mr. Speaker, I move to suspend the rules and agree to
the resolution (H. Res. 1257) supporting the goals and ideals of
National Financial Literacy Month, 2010, and for other purposes.
The Clerk read the title of the resolution.
The text of the resolution is as follows:
H. Res. 1257
Whereas personal financial literacy is essential to ensure
that individuals are prepared to make informed financial
choices so that they can become successful heads of
households, investors, entrepreneurs, and business leaders;
Whereas financially informed individuals are better able to
take control of their circumstances, improve their quality of
life, and plan for their financial future;
Whereas personal financial management skills and lifelong
habits begin to develop during childhood, making it all the
more important to support youth financial education;
Whereas financial education is the first line of defense
against financial fraud;
Whereas the results of the National Foundation for Credit
Counseling's fourth annual Consumer Financial Literacy Survey
suggest that while many United States adults are improving
how they manage their money, and more consumers now have a
budget and nonretirement savings, many Americans continue to
struggle with their finances, especially young adults and
minorities;
Whereas the Federal Deposit Insurance Corporation's
``National Survey of Unbanked and Underbanked Households,
December 2009'' found that approximately 60,000,000 people in
the United States are either unbanked or underbanked;
Whereas almost 54 percent of Black households, 44.5 percent
of American Indian/Alaskan households, and 43.3 percent of
Hispanic households are either unbanked or underbanked;
Whereas personal saving as a percentage of disposable
personal income was 3.1 percent in February 2010, compared
with 3.4 percent in January 2010, and a reduction from a 12-
month average of 4.1 percent in 2009, according to the Bureau
of Economic Analysis;
Whereas public, community-based, and private sector
organizations throughout the United States are working to
increase financial literacy rates for Americans of all ages
and walks of life through a range of outreach efforts,
including media campaigns, Web sites, and one-on-one
financial counseling for individuals;
Whereas the National Endowment for Financial Education
provides consumers with the tools necessary to manage their
money wisely and empower them to turn their financial
education into action;
Whereas bankers across the United States will teach savings
skills to young people on April 27, 2010, during ``Teach
Children to Save Day'', which was launched by the American
Bankers Association Education Foundation in April 1997 and
has now helped more than 80,000 bankers teach savings skills
to more than 3,200,000 young people;
Whereas staff from America's credit unions will focus on
the financial needs of young people, provide financial
literacy education, and teach youth under the age of 18 the
benefits of saving and goal setting during ``National Credit
Union Youth Week'', April 18-24, 2010;
Whereas more than 100 Federal agencies have collaborated on
a Web site, www.consumer.gov, which helps consumers shop for
a mortgage or auto loan, understand and reconcile credit card
statements and utility bills, choose savings and retirement
plans, compare health insurance policies, and understand
their credit report and how it affects their ability to get
credit and on what terms;
Whereas Members of the United States House of
Representatives established the Financial and Economic
Literacy Caucus in February 2005 to provide a forum for
interested Members of Congress to review, discuss and
recommend financial and economic literacy policies,
legislation, and programs; to collaborate with the private
sector, and nonprofit and community-based organizations; and
to organize and promote financial literacy resolutions,
legislation, seminars, and events, such as ``Financial
Literacy Month'' in April 2010, and the annual ``Financial
Literacy Day Fair'' on April 27, 2010; and
Whereas the Council for Economic Education, its State
Councils and Centers for Economic Education, the Jump$tart
Coalition for Personal Financial Literacy, its State
affiliates, and its partner organizations, and JA Worldwide
have designated April as Financial Literacy Month to educate
the public about the need for increased financial literacy
for youth and adults in the United States: Now, therefore, be
it
Resolved, That the House of Representatives--
(1) supports the goals and ideals of Financial Literacy
Month, including raising public awareness about financial
education;
(2) recognizes the importance of managing personal
finances, increasing personal savings, and reducing personal
debt in the United States; and
(3) requests that the President issue a proclamation
calling on the Federal Government, States, localities,
schools, nonprofit organizations, businesses, other entities,
and the people of the United States to observe the month with
appropriate programs and activities with the goal of
increasing financial literacy rates for individuals of all
ages and walks of life.
The SPEAKER pro tempore. Pursuant to the rule, the gentleman from
Texas (Mr. Hinojosa) and the gentlewoman from Illinois (Mrs. Biggert)
each will control 20 minutes.
The Chair recognizes the gentleman from Texas.
General Leave
Mr. HINOJOSA. Mr. Speaker, I ask unanimous consent that all Members
have 5 legislative days within which to revise and extend their remarks
on this legislation and to insert extraneous material thereon.
The SPEAKER pro tempore. Is there objection to the request of the
gentleman from Texas?
There was no objection.
Mr. HINOJOSA. Mr. Speaker, I yield myself as much time as I may need.
Mr. Speaker, I rise in strong support of House Resolution 1257,
Supporting the Goals and Ideals of National Financial Literacy Month,
2010, and for other purposes. I will enter into today's Record
President Barack Obama's National Financial Literacy Month
proclamation, which I hold in my hands.
Mr. Speaker, it gives me great pride to bring this important
resolution to the floor of the U.S. House of Representatives. It
contains some very important data on financial literacy and economic
education. Unfortunately, I'm sad to have to report again this year
that the surveys and the studies we reviewed while drafting this
resolution indicate that the majority of Americans remain financially
illiterate and are in desperate need of financial education.
I represent the 15th Congressional District of Texas, which includes
Hidalgo County, one of the poorest counties in the whole country. It is
89 percent Hispanic and contains over 900 colonias. Many of the
residents do not speak English fluently, and several speak English as a
second language.
They tend to purchase refrigerators, washing machines, automobiles,
televisions, and electronic equipment in cash. One of the reasons for
this aberration is a question of trust. Another is that lower-income
Americans are not aware of the benefits conveyed when they open a bank
account at a mainstream financial institution.
A more pervasive problem is that mainstream financial institutions
tend not to open branches in the neighborhoods in which these
constituents live. Consequently, these residents are left to rely on
non-mainstream financial servicers such as payday lenders, such as
check cashers and other predatory entities.
For these reasons, I was not surprised by the findings of the FDIC's
December 2009 national survey of unbanked and under-banked households.
It revealed that approximately 60 million people in our United States
are either unbanked or under-banked.
It is for situations such as this that Congresswoman Judy Biggert and
I began collaborating on financial literacy and economic education
starting in 2003. Two years later, in 2005, we co-founded and currently
co-chair the Financial Economic Literacy Caucus. I'm very pleased and
grateful that she and I and the members of this caucus have worked
together on a bipartisan basis on financial literacy and economic
education over the years.
This year, 2010, the caucus has coordinated with several different
associations on financial literacy events, including the National
Consumer Protection Week Fair, America Saves Week, and the release of
the National Foundation for Credit Counseling's, better known as the
NFCC, their fourth annual consumer financial literacy survey.
On April 27th of this year, the Congresswoman and I are coordinating
on the Annual Financial Literacy Day Fair with Senator Daniel Akaka
from
[[Page H2657]]
Hawaii, with the Jumpstart Coalition for Personal Financial Literacy,
with the Junior Achievement, and the Council for Economic Education.
This fair, on April 27, will be held in the Senate Hart Building from
noon to 3 p.m. I encourage you and all my colleagues to attend this
special event. If you are unable to attend due to conflicts in your
schedule, you might consider sending one of your staff in the Senate
Hart Office building.
America Saves Week, the National Consumer Protection Week Fair, and
the Financial Literacy Day Fair, as well as the resolutions
Congresswoman Biggert and I introduce every year to support their goals
and ideals, are substantive and an important statement of Congress'
commitment to improving the financial literacy and economic education
of all Americans.
The financial literacy fairs are very comprehensive and concrete.
Agency staff are on hand at these events to provide our staff with the
materials they need to hold events in our districts to help arm our
constituents with the information and guidance they need to become more
confident, savvy, and safe in the marketplace.
The NFCC's, which is the National Federation for Credit Counseling's,
fourth annual consumer literacy survey indicates that a larger
percentage of Americans, more than two in five adults, now keep close
track of their spending. However, more than half still do not have a
budget, and more than 11 million adults fail to monitor their overall
spending.
Nearly 64 million adults admit to not paying all of their bills on
time. Though 67 percent of adults say they pay for most purchases with
cash or with a debit card, approximately 41 percent report that their
household carries credit card debt, and more than 11 million say they
carry $10,000 or more in credit card debt from month to month.
Approximately 100 million people currently have a home mortgage, and
of those, one in three say that the terms of their mortgage somehow
turned out to be different than they and their family expected.
Eighty percent of adults feel there are situations where it is
acceptable to default on a mortgage, and two of the top three most
justifiable circumstances place the blame on the lender.
Despite all this negative data, the proportion of adults who have
non-retirement savings has increased from 63 percent in 2007 to 67
percent this year.
So, Mr. Speaker, as you can tell, we have far to go to improve the
financial literacy rate of all Americans across the United States
during all stages of life. One of the ways that our caucus has moved
the financial literacy cause forward is coordinating with several
Federal agencies on the National Consumer Protection Week I mentioned
earlier.
On a positive note, several Members of Congress have introduced
comprehensive and beneficial legislation that will help Americans
become financially literate and provide them with the necessary
consumer protections.
One such legislation is the Credit Card Reform Act. Authored by my
good friend and colleague from New York, Congresswoman Carolyn Maloney,
it was signed into law by President Barack Obama in 2009. Congresswoman
Maloney could not be with us on the floor for this debate, but her
presence is felt here and throughout the United States, and especially
in the wallets of most Americans.
Her legislation takes financial literacy and economic education 10
steps forward. It requires issuers that extend credit to young
consumers under the age of 21 to obtain an application that contains
the following: The signature of a parent, guardian, or other individual
21 years or older who will take responsibility for the debt; or that
person who signs is proof that the applicant has an independent means
of repaying any credit extended.
{time} 1445
It limits prescreened offers of credit to young consumers and
prohibits increases in the credit limit on accounts where a parent,
legal guardian, spouse or other individual is jointly liable unless the
individual who is jointly liable approves the increase. This law
increases the protections for students against aggressive card
marketing and increases transparency of affinity arrangements between
the credit card company and university. I commend her for her
dedication to financial literacy and for managing to pass that
legislation.
I coauthored the Student Aid and Fiscal Responsibility Act that
passed both Houses and was signed into law recently by President Barack
Obama. That law invests $750 million in the College Access Challenge
Grant Program. These formula grants to States help organizations
provide services such as financial literacy and debt management skills
that increase the number of low-income students who are prepared to
enter and succeed in college and manage their student loans.
This Congress is also considering legislation that will establish an
office of financial literacy that I requested in the Financial Services
Committee. Other financial literacy proposals are being reviewed,
including establishing financial literacy centers across the United
States.
Mr. Speaker, financial literacy and economic education are both a
life skill and a key component of financial and economic stability and
development. It is imperative that we pay more attention to the
financial literacy rates of our citizens from prekindergarten all the
way to retirement. The sooner a person begins to learn good saving
habits, the better off he or she will be in the future.
I urge my colleagues to support this resolution and join the
Financial and Economic Literacy Caucus.
The White House
Office of the Press Secretary
[For Immediate Release--April 2, 2010]
NATIONAL FINANCIAL LITERACY MONTH, 2010
____
BY THE PRESIDENT OF THE UNITED STATES OF AMERICA
A PROCLAMATION
In recent years, our Nation's financial system has grown
increasingly complex. This has left too many Americans
behind, unable to build a secure financial future for
themselves and their families. For many, financial literacy
can mean economic prosperity and protection against fraud and
predatory banking practices. During National Financial
Literacy Month, we recommit to teaching ourselves and our
children about the basics of financial education.
Our recent economic crisis was the result of both
irresponsible actions on Wall Street, and everyday choices on
Main Street. Large banks speculated recklessly without regard
for the consequences, and other firms invented and sold
complex financial products to conceal risks and escape
scrutiny. At the same time, many Americans took out loans
they could not afford or signed contracts without fully
understanding the terms. Ensuring this crisis never happens
again will require new rules to protect consumers and better
information to empower them.
The new Consumer Financial Protection Agency I have
proposed will ensure ordinary Americans get clear and concise
financial information. We must put an end to confusing loan
contracts, hidden fees attached to mortgages, and unfair
penalties that appear without warning on bank statements. The
Credit Card Accountability Responsibility and Disclosure Act
of 2009 began reining in some of these deceptive tactics when
it recently took effect. The President's Advisory Council on
Financial Capability is also looking for new ways to help
individuals make informed decisions and to educate our
children on core financial competencies.
While our Government has a critical role to play in
protecting consumers and promoting financial literacy, we are
each responsible for understanding basic concepts: how to
balance a checkbook, save for a child's education, steer
clear of deceptive financial products and practices, plan for
retirement, and avoid accumulating excessive debts. To learn
more, visit: MyMoney.gov or call toll-free 1-888-MyMoney for
helpful guidance and resources.
Our Nation's future prosperity depends on the financial
security of all Americans. This month, let us each take time
to improve our own financial knowledge and share that
knowledge with our children. Together, we can prevent another
crisis and rebuild our economy on a stronger, more balanced
foundation.
NOW, THEREFORE, I, BARACK OBAMA, President of the United
States of America, by virtue of the authority vested in me by
the Constitution and the laws of the United States, do hereby
proclaim April 2010 as National Financial Literacy Month. I
call upon all Americans to observe this month with programs
and activities to improve their understanding of financial
principles and practices.
IN WITNESS WHEREOF, I have hereunto set my hand this second
day of April, in the year of our Lord two thousand ten, and
of the Independence of the United States of America the two
hundred and thirty-fourth.
Barack Obama
I reserve the balance of my time.
Mrs. BIGGERT. I yield myself such time as I may consume.
[[Page H2658]]
Mr. Speaker, I rise today as a cosponsor of House Resolution 1257,
which recognizes April as Financial Literacy Month, and I would
strongly urge my colleagues to support it.
I would like to begin by thanking my good friend and fellow chair of
the House Financial and Economic Literacy Caucus, Mr. Hinojosa, for
sponsoring this legislation and for his continuing efforts to improve
financial literacy rates in America.
Since 2005, when Mr. Hinojosa and I formed the caucus, financial
literacy has grown from an interesting offshoot of economic education
to a key element in numerous efforts on and off the Hill to protect
consumers, improve financial security, help manage debt, assist in
retirement planning, and prepare our children to prosper in today's
sophisticated marketplace.
We've also seen financial literacy programs become successful
centerpieces of campaigns to bring independence and family security to
impoverished and underserved populations, women, minorities, and even
victims of hurricanes or domestic violence.
For example, with help from the Allstate Foundation and the National
Network to End Domestic Violence, thousands of abuse victims nationwide
have benefited from the Economic Empowerment for Domestic Violence
Survivors program. It empowers victims of domestic violence with a
financial strategy to escape abusive households and help provide them
with resources and training to achieve independence.
Mr. Speaker, Financial Literacy Month is a chance to recognize and
support the work of countless organizations like these around America--
and the leadership of groups like the Jumpstart Coalition, Junior
Achievement, and the Council for Economic Education--for all they do to
educate American consumers and, most importantly, our children.
It's also an opportunity to recognize how much more work remains to
be done. According to the FDIC, as was mentioned, approximately 60
million people in the United States are either unbanked or underbanked.
Sixty percent of preteens do not even know the difference between cash,
credit cards, and checks, and yet only 26 percent of new students are
actively learning financial planning from their parents.
And according to the national Foundation for Credit Counseling's
latest consumer survey, one-third of adults, or more than 75 million
people, are not putting any part of their income towards retirement, up
from 28 percent in 2008. These are troubling numbers. And in today's
economic climate, the financial challenges and choices facing consumers
have only grown.
That's why, as Congress reviews our national education guidelines and
takes up far-reaching changes to our country's regulations, we must
keep in mind one of the most important benefits of financial literacy
as expressed in this resolution today before us: Financial education is
the first line of defense against financial fraud.
When it comes to preparing against economic uncertainty, recognizing
deceptive practices, building credit, or making dozens of other day-to-
day financial decisions, nothing protects consumers and their financial
security more effectively than arming them, even as young students,
with a sound foundation in financial literacy.
Consumers benefit most from more financial options, not fewer, and
with the right information and education, individual Americans are best
equipped to avoid financial pitfalls, analyze risk, and make financial
decisions that hold the greatest benefit for their future and that of
their families.
With that, I would just like to once again thank my good friend and
colleague, Mr. Hinojosa, for bringing this resolution to the floor, and
I would like to also recognize the hard work of his dedicated staff,
especially Greg Davis, for all their efforts.
And finally, Mr. Speaker, I would like to encourage all of my
colleagues and their staffs to attend this year's financial literacy
day fair on Capitol Hill. As Mr. Hinojosa mentioned, but I think it
bears repeating, it's going to be held next Tuesday, April 27, where
Members will be able to find a broad array of financial education
materials and ideas for reaching out to constituents on this important
issue. This year, it is being hosted on the Senate side, in Hart 902,
by Senators Akaka and Enzi, and invitations should be arriving soon to
each office.
Mr. Speaker, I urge my colleagues to support House Resolution 1257,
and I reserve the balance of my time.
Mr. HINOJOSA. Mr. Speaker, I have no further requests for time, and I
yield back the balance of my time.
Mrs. BIGGERT. Mr. Speaker, at this time, I would like to yield as
much time as she may consume to my friend and colleague in the
Financial Services Committee, Ms. Jenkins of Kansas.
Ms. JENKINS. Mr. Speaker, I rise today to support this resolution
supporting the goals and ideals of Financial Literacy Month, and I
commend the gentleman from Texas and the gentlelady from Illinois for
introducing this resolution and for their commitment to financial
literacy.
During my service as Kansas State Treasurer, I was proud to partner
with financial institutions across our great State to increase
financial literacy for Kansans of all ages. As a certified public
accountant, I'm committed to this cause and believe it is critical to
equip our students with good financial habits at a very young age. The
lesson that must be learned as our Nation emerges from this financial
crisis is that additional regulation is meaningless if personal
responsibility is not our primary objective.
I urge all of my colleagues to support this resolution and to support
increased financial literacy--not just this month, but always.
Mr. DREIER. Mr. Speaker, I rise in strong support of H. Res. 1257,
supporting the goals and ideals of Financial Literacy Month. I would
also like to commend the gentleman from Texas, Mr. Hinojosa, and the
gentlelady from Illinois, Mrs. Biggert, the co-chairs of the Financial
Literacy Caucus, for all of their hard work on this important issue.
In today's 21st century economy, in which Americans have access to a
wide variety of financial products, a greater understanding of finance
is critically important to our economy. As we all know, the roots of
the financial meltdown can be traced to a number of factors, including
unscrupulous lenders who took advantage of consumers, irresponsible
homeowners who borrowed more than they could afford and reckless
speculators who gambled on bad financial bets.
Last year, we enacted into law a credit card reform bill to crack
down on abusive lending practices. This law also requires credit
lenders to provide borrowers with clear information on lending terms,
such as the consequences of making only the minimum monthly payment,
late payment deadlines, penalties and interest rate changes. We must
hold creditors accountable and ensure full transparency in their
lending practices; at the same time, borrowers must carefully review
this information and use it to make sound financial decisions.
Mr. Speaker, we must all do our part to enhance financial literacy. A
strong foundation in financial literacy will help Americans meet
today's needs, prepare for the unexpected and plan for future goals.
This week, the Credit Union National Association is holding its annual
National Credit Union Youth Week to highlight the importance of
financial literacy for our children. In addition, on April 27, the
American Bankers Association Education Foundation will be holding their
annual Teach Children to Save Day. Since 1997, 80,000 bank volunteers
have participated to teach 3.4 million children about basic spending
and savings decisions.
A solid understanding of sound financial principles can also help
families trim their expenses and reduce debt. The Financial Literacy
Education Commission's website, www.mymoney.gov, has helpful tools,
resources and savings tips from a number of federal agencies to help
consumers make informed personal finance choices, whether shopping for
loans, reducing household costs, planning for savings and retirement,
or understanding credit card terms.
Mr. Speaker, financial literacy is about opportunity. It is about
empowering individuals and families to take control of their finances
and effectively plan for the future. Working together, we can encourage
Americans to enhance their understanding of personal finance, which
will ultimately help to strengthen our financial system and economy. I
urge my colleagues to support this important resolution.
Mr. SENSENBRENNER. Mr. Speaker, I rise today in support of House
Resolution 1257, and I support the goals of Financial Literacy Month. I
recognize the importance of encouraging Americans to educate themselves
on financial responsibility.
However, the irony of this legislation is not lost on me. If April is
to be recognized as Financial Literacy Month, might I suggest that
Congress take the time to educate itself on fiscal responsibility and
restraint? Last year, the federal deficit reached $1.4 trillion,
undoubtedly an unsustainable figure. Additionally, as
[[Page H2659]]
the House considers this resolution, the chairman of the Budget
Committee ponders whether to forgo a budget resolution for the next
fiscal year.
While Americans across the country evaluate their priorities and make
tough choices to responsibly adhere to their budgets, Congress ought to
do likewise. When times get tough, it's not the American way to stick
our head in the sand, but to address our issues head-on.
This resolution ``recognizes the importance of managing personal
finances, increasing personal savings, and reducing personal debt in
the United States,'' yet this Congress has consistently operated
counter to the principles of managing, saving, and reducing debt. I
encourage my colleagues to heed the advice we are giving the American
people, and take a serious look at our finances. I believe the time has
come for Congress to manage our nation's finances, increase our
national savings, and reduce our national debt.
Ms. EDDIE BERNICE JOHNSON of Texas. Mr. Speaker, I rise today in
support of H. Res. 1257, supporting the goals and ideals of National
Financial Literacy Month, 2010. The resolution recognizes the
importance of managing personal finances, increasing personal savings,
and reducing personal debt in the United States.
Creating a national culture of financial responsibility is incredibly
important in these difficult economic times. I believe that a
financially literate public is a key component to having a strong and
robust economy. Resolutions like the National Financial Literacy Month
help to promote broad-based financial literacy initiatives that are
absolutely essential for the well-being of our country.
A recent survey done by the National Foundation for Credit Counseling
has shown that more than 60 million adults admit to not paying all of
their bills on time; approximately 150 million people report that they
have not ordered their credit report in the last year, and more than 75
million people are not putting any part of their income toward
retirement.
I am always surprised to hear statistics like this, and it is
alarming because there are very simple things people can do to save
money and lead more financially stable lives. We must do whatever is
necessary to educate the public on financial matters and develop
unbiased financial literacy training programs within our communities.
I want to acknowledge the vigorous efforts of Congressman Ruben
Hinojosa and Congresswoman Judy Biggert, co-chairs of the Financial and
Economic Literacy Caucus, to improve the overall economic situation of
all those residing in the United States. I would also like to
acknowledge Greg Davis and Zachary Cikanek for their endless work and
dedication to financial education.
Mr. Speaker, I believe that together we can continue to make a
difference and help empower people to take control of their financial
lives. I encourage my colleagues to support this resolution.
Ms. JACKSON LEE of Texas. Mr. Speaker, I rise today in strong support
of H. Res. 1257, ``Supporting the goals and ideals of National
Financial Literacy Month, 2010, and for other purposes.'' Let me begin
by thanking my colleague Representative Ruben Hinojosa from my home
state of Texas for introducing this legislation into the House of
Representatives as it is important that we continually promote and
encourage honest and thrifty financial decision making abilities in our
citizens.
Considering the current state of our economy, Mr. Speaker, it is
critically important that we begin raising public awareness about
financial education. A recent study put forth by the Federal Deposit
Insurance Corporation (FDIC) stated that approximately 54 percent of
Black households, 44.5 percent of American Indian/Alaskan households,
and 43.3 percent of Hispanic households either have no checking or
savings accounts or have used non-bank money orders, non-bank check-
cashing services, payday loans, rent-to-own agreements, or pawn shops
at least once or twice a year.
This statistic is alarming to many in our nation, Mr. Speaker, and it
highlights an increasing lack of financial awareness in our nation. By
educating our citizens on the proper use of checking and savings
accounts as well as educating citizens of other financial instruments
we will seek to see a reduction in the use of payday loans, pawn shops
and other predatory financial transactions in our nation.
Furthermore, according to the Bureau of Economic Analysis the U.S.
aggregate personal savings rate as a percentage of disposable personal
income dropped 0.3 percent between January and February of this year.
In February the aggregate personal savings rate as a percentage of
disposable personal income was 3.1, as compared with 3.4 percent in
January 2010.
Still further, troubled loans, mortgages and toxic assets are still
plaguing our economy and making it increasingly difficult for the
average person to make sound financial decisions.
This is why it is critically important that we help give people the
tools needed to manage their personal finances. Some of the basic
encouragements we can pass along to our citizens through education
programs would be to increase personal savings, and reduce personal
debt.
Helping our citizens to become economically empowered and in control
of their personal finances is also essential toward the recovery of our
national economy. By giving our citizens the ability to plan for their
financial future and by giving our citizens the ability to make
important investment and entrepreneurial decisions, we will help to
improve the quality of life of all Americans through the next
generation.
While it is important to focus on educating adults in the areas of
thrift and finance, it is even more important that we educate our youth
about the importance of making sound economic and financial decisions.
These types of financial decision making habits--whether they be wise
or careless--are often developed during childhood and usually become
lifelong tendencies.
An added benefit that would come from increasing our nation's
financial literacy and providing financial education programs for our
citizens would be the additional protection against financial fraud
that would be created. Giving people the resources to understand and
control their own finances and to understand potential risks and
hazards would empower people against identity theft and other financial
schemes that attempt to do them harm.
I ask my colleagues for their support of H. Res. 1257, as well as
their continued support for the economically downtrodden in this
nation. By increasing the capacity of our citizens to make prudent
economic decisions, I am sure that we will see a return to American
prosperity that will last for generations to come.
I would like to again thank my colleague Representative Ruben
Hinojosa for his leadership in introducing his bill as well as for his
support of the American people and our economy.
Mr. Speaker, I strongly support H. Res. 1257 and ask for its
immediate adoption.
Mrs. BIGGERT. I would urge all of our colleagues to support this
resolution, and I yield back the balance of my time.
The SPEAKER pro tempore. The question is on the motion offered by the
gentleman from Texas (Mr. Hinojosa) that the House suspend the rules
and agree to the resolution, H. Res. 1257.
The question was taken.
The SPEAKER pro tempore. In the opinion of the Chair, two-thirds
being in the affirmative, the ayes have it.
Mr. HINOJOSA. Mr. Speaker, on that I demand the yeas and nays.
The yeas and nays were ordered.
The SPEAKER pro tempore. Pursuant to clause 8 of rule XX and the
Chair's prior announcement, further proceedings on this motion will be
postponed.
____________________