[Congressional Record Volume 158, Number 51 (Wednesday, March 28, 2012)]
[Senate]
[Pages S2184-S2185]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
FINANCIAL LITERACY MONTH
Mr. WHITEHOUSE. Mr. President, I ask unanimous consent that the
Senate proceed to S. Res. 409, submitted earlier today.
The PRESIDING OFFICER. The clerk will report the resolution by title.
The legislative clerk read as follows:
A resolution (S. Res. 409) designating April 2012 as
``Financial Literacy Month.''
There being no objection, the Senate proceeded to consider the
resolution.
Mr. WHITEHOUSE. Mr. President, I ask unanimous consent that the
resolution be agreed to, the preamble be agreed to, the motions to
reconsider be laid upon the table, with no intervening action or
debate, and that any statements be printed in the Record.
The PRESIDING OFFICER. Without objection, it is so ordered.
The resolution (S. Res. 409) was agreed to.
The preamble was agreed to.
The resolution, with its preamble, reads as follows:
S. Res. 409
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 2011 Consumer Financial Literacy
Survey Final Report of the National Foundation for Credit
Counseling, 41 percent of adults in the United States, or
more than 77,000,000 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
1,500,000 in 2010, the highest number since 2005, and in
2011, the percentage of total consumer filings increased from
2010;
Whereas the 2011 Retirement Confidence Survey conducted by
the Employee Benefit Research Institute found that only 13
percent of workers were ``very confident'' about having
enough money for a comfortable retirement, a sharp decline in
worker confidence from the 27 percent of workers who were
``very confident'' in 2007;
Whereas according to the 2011 Retirement Confidence Survey
conducted by the Employee Benefit Research Institute, less
than half of workers (42 percent) in the United States have
tried to calculate how much they need to save for retirement;
Whereas according to a 2011 ``Flow of Funds'' report by the
Board of Governors of the Federal Reserve System, household
debt stood at $13,200,000,000,000 at the end of the third
quarter of 2010;
Whereas according to the 2011 Consumer Financial Literacy
Survey Final Report of the National Foundation for Credit
Counseling, 28 percent, or nearly 64,000,000 adults, admit to
not paying all of their bills on time;
Whereas according to the 2011 Consumer Financial Literacy
Survey Final Report of the National Foundation for Credit
Counseling, only 43 percent of adults keep close track of
their spending, and more than 128,400,000 adults do not know
how much they spend on food, housing, and entertainment, and
do not monitor their overall spending;
Whereas according to the 2011 Consumer Financial Literacy
Survey Final Report of the National Foundation for Credit
Counseling, 1 in 3 adults in the United States, or more than
75,600,000 individuals, report that they have no savings, and
only 22 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 seventh Council for Economic
Education biennial Survey of the States 2011: Economic,
Personal Finance, and Entrepreneurship Education in Our
Nation's Schools, only 22 States require students to take an
economics course as a high school graduation requirement, and
only 16 States require the testing of student knowledge in
economics;
Whereas according to the seventh Council for Economic
Education biennial Survey of the States 2011: Economic,
Personal Finance, and Entrepreneurship Education in Our
Nation's Schools, only 12 States require students to take a
personal finance course either independently or as part of an
economics course as a high school graduation requirement;
Whereas according to the Gallup-Operation HOPE Financial
Literacy Index, while 69 percent of American students
strongly believe that the best time to save money is now,
only 57 percent believe that their parents are saving money
for the future;
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 (20 U.S.C.
9701 et seq.), establishing the Financial Literacy and
Education Commission: Now, therefore, be it
Resolved, That the Senate--
(1) designates April 2012 as ``Financial Literacy Month''
to raise public awareness about--
(A) the importance of personal financial education in the
United States; and
[[Page S2185]]
(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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