[Congressional Record Volume 159, Number 56 (Tuesday, April 23, 2013)]
[Senate]
[Pages S2901-S2902]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                         SUBMITTED RESOLUTIONS

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 SENATE RESOLUTION 105--DESIGNATING APRIL 2013 AS ``FINANCIAL LITERACY 
                                MONTH''

  Mr. REED (for himself, Mr. Enzi, Mr. Merkley, Mr. Crapo, Mr. Johnson 
of South Dakota, Mr. Barrasso, Mrs. Murray, Mr. Cochran, Mr. Cardin, 
Mr. Wicker, Mrs. Hagan, Mr. Blunt, Mr. Durbin, Ms. Warren, Mr. Franken, 
Mr. Coons, Mr. Baucus, Mr. Johnson of Wisconsin, Mr. Brown, Mr. 
Lautenberg, Mr. Warner, and Ms. Landrieu) submitted the following 
resolution; which was considered and agreed to:

                              S. Res. 105

       Whereas, according to the Federal Deposit Insurance 
     Corporation (referred to in this preamble as the ``FDIC''), 
     at least 28.3 percent of households in the United States, or 
     nearly 34,000,000 households with approximately 67,888,000 
     adults, are unbanked or underbanked and therefore have not 
     had the opportunity to access savings, lending, and other 
     basic financial services;
       Whereas, according to the FDIC, approximately 30 percent of 
     banks reported in 2011 that consumers lacked understanding of 
     the financial products and services banks offered;
       Whereas, according to the 2012 Consumer Financial Literacy 
     Survey Final Report of the National Foundation for Credit 
     Counseling--
       (1) approximately 42 percent of, or nearly 98,000,000, 
     adults in the United States gave themselves a grade of C, D, 
     or F on their

[[Page S2902]]

     knowledge of personal finance, and 4 out of every 5 adults 
     admitted that they could benefit from additional advice and 
     answers to everyday financial questions from a professional;
       (2) the number of adults in the United States who admit to 
     not paying their bills on time has increased from 28 percent 
     in 2011 to 33 percent, or nearly 77,000,000, in 2012;
       (3) only 43 percent of adults in the United States keep 
     close track of their spending, and more than 13,000,000 
     adults do not know how much they spend on food, housing, and 
     entertainment, and do not monitor their overall spending; and
       (4) 2 out of every 5 adults in the United States, or more 
     than 93,000,000, are saving less than they did in 2011, and 
     approximately 39 percent of adults report that they have no 
     non-retirement savings;
       Whereas the 2012 Retirement Confidence Survey conducted by 
     the Employee Benefit Research Institute found that--
       (1) only 14 percent of workers were ``very confident'' 
     about having enough money for a comfortable retirement, which 
     is a sharp decline in worker confidence from the 27 percent 
     of workers who were ``very confident'' in 2007; and
       (2) approximately 56 percent of workers say they or their 
     spouses have not calculated the amount of money they need to 
     save for retirement;
       Whereas, according to a 2012 ``Flow of Funds'' report by 
     the Board of Governors of the Federal Reserve System, 
     aggregate household debt in the United States was 
     $12,800,000,000 at the end of the fourth quarter of 2012;
       Whereas, according to the Survey of the States 2011: 
     Economic, Personal Finance, and Entrepreneurship Education in 
     Our Nation's Schools, a biennial report by the Council for 
     Economic Education--
       (1) only 22 States require students to take an economics 
     course as a high school graduation requirement;
       (2) only 16 States require testing student knowledge of 
     economics; and
       (3) 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, only 54 percent of students in the United 
     States have money in a bank or credit union account;
       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 
     household, 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 determined that coordinating 
     Federal financial literacy efforts and formulating a national 
     strategy is important; and
       Whereas, in light of that determination, 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 2013 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 Financial Literacy Month with 
     appropriate programs and activities.

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