[Congressional Record Volume 167, Number 70 (Thursday, April 22, 2021)]
[Senate]
[Pages S2179-S2180]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




 SENATE RESOLUTION 177--DESIGNATING APRIL 2021 AS ``FINANCIAL LITERACY 
                                MONTH''

  Mr. REED (for himself, Mr. Scott of South Carolina, Mr. Whitehouse, 
Mrs. Blackburn, Mr. Durbin, Mr. Cassidy, Ms. Hassan, Ms. Ernst, Mr. 
Wicker, Mr. Coons, Mr. Barrasso, Mr. Crapo, Mr. Tillis, Mrs. Murray, 
Mr. Marshall, Mr. Young, Mr. Cardin, Mr. Manchin, Mr. Braun, Mr. 
Daines, Ms. Rosen, Mr. Boozman, Ms. Lummis, and Mr. Peters) submitted 
the following resolution; which was considered and agreed to:

                              S. Res. 177

       Whereas, according to the 2019 report entitled ``Economic 
     Well-Being of U.S. Households'' by the Board of Governors of 
     the Federal Reserve System, 37 percent of adults in the 
     United States cannot cover an unexpected expense of $400;
       Whereas, according to the 2019 report entitled ``How 
     America Banks: Household Use of Banking and Financial 
     Services'' by the Federal Deposit Insurance Corporation, 
     approximately 5.4 percent of households in the United States 
     are unbanked and, therefore, have limited or no access to 
     savings, lending, and other basic financial services;
       Whereas, according to the 2020 Consumer Financial Literacy 
     Survey final report of the National Foundation for Credit 
     Counseling that was conducted prior to COVID-19 lockdowns--
       (1) a majority (62 percent) of adults in the United States 
     had credit card debt during the 1-year period ending on the 
     date of publication of the report;
       (2) over \2/5\ (43 percent) of adults in the United States 
     carry credit card debt from month to month; and
       (3) approximately 47 percent of adults in the United States 
     maintain a budget;
       Whereas, according to the statistical release of the Board 
     of Governors of the Federal Reserve System for the fourth 
     quarter of 2020 entitled ``Household Debt and Credit''--
       (1) outstanding household debt in the United States has 
     been increasing steadily since 2013 and was $414,000,000,000 
     higher than at the end of 2019; and
       (2) outstanding student loan balances have more than 
     doubled in the last decade to approximately 
     $1,560,000,000,000;
       Whereas, according to the 2020 report entitled ``Survey of 
     the States: Economic and Personal Finance Education in Our 
     Nation's Schools'', by the Council for Economic Education--
       (1) only 25 States require students to take an economics 
     course as a high school graduation requirement; and
       (2) only 21 States require students to take a personal 
     finance course as a high school graduation requirement, 
     either independently or as part of an economics course;
       Whereas, according to the Gallup-HOPE Index, in 2016 only 
     57 percent of students in the United States had money in a 
     bank or credit union account;
       Whereas expanding access to the safe, 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--
       (1) to manage money, credit, and debt; and
       (2) to become responsible workers, heads of household, 
     investors, entrepreneurs, business leaders, and citizens;
       Whereas increased financial literacy--
       (1) empowers individuals to make wise financial decisions; 
     and
       (2) 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; and
       Whereas, in 2003, Congress--
       (1) determined that coordinating Federal financial literacy 
     efforts and formulating a national strategy is important; and
       (2) in light of that determination, 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

[[Page S2180]]

       Resolved, That the Senate--
       (1) designates April 2021 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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