[Congressional Record Volume 169, Number 71 (Thursday, April 27, 2023)]
[Senate]
[Pages S1424-S1425]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




 SENATE RESOLUTION 185--DESIGNATING APRIL 2023 AS ``FINANCIAL LITERACY 
                                MONTH''

  Mr. REED (for himself, Mr. Scott of South Carolina, Mr. Braun, Mrs. 
Britt, Mrs. Capito, Mr. Cardin, Mr. Casey, Ms. Collins, Ms. Cortez 
Masto, Mr. Crapo, Mr. Cruz, Mr. Daines, Mr. Durbin, Mrs. Feinstein, Ms. 
Hassan, Mr. Kennedy, Ms. Klobuchar, Mr. Lujan, Ms. Lummis, Mr. Manchin, 
Mr. Risch, Ms. Rosen, Mr. Rounds, Mr. Rubio, Mr. Whitehouse, Mr. 
Wicker, Mr. Young, Mr. Cassidy, and Mrs. Blackburn) submitted the 
following resolution; which was referred to the Committee on the 
Judiciary:

                              S. Res. 185

       Whereas, according to the report entitled ``Economic Well-
     Being of U.S. Households in 2021'' by the Board of Governors 
     of the Federal Reserve System, a noted increase in financial 
     well-being occurred broadly as the United States recovered 
     from the COVID-19 pandemic, but existing gaps in education, 
     ethnicity, and disability persisted;
       Whereas, according to the 2021 Federal Deposit Insurance 
     Corporation National Survey of Unbanked and Underbanked 
     Households--
       (1) approximately 4.5 percent of households, representing 
     5,900,000 households in the United States, are unbanked and, 
     therefore, have limited or no access to savings, lending, and 
     other basic financial services; and
       (2) an estimated 14.1 percent of households, representing 
     18,700,000 million households in the United States, are 
     underbanked;
       Whereas, according to the 2021 Consumer Financial Literacy 
     and Preparedness Survey of the National Foundation for Credit 
     Counseling and Wells Fargo--
       (1) 47 percent of the general population in the United 
     States report having credit card debt;
       (2) 38 percent of adults in the United States report 
     carrying credit card balances from month-to-month; and
       (3) 44 percent of the general population in the United 
     States have a budget and keep close track of expenses, such 
     as food, housing, and entertainment;
       Whereas, according to a report entitled ``Financial 
     Capability of Adults with Disabilities'' by the National 
     Disability Institute and the Financial Industry Regulatory 
     Authority, people with disabilities were more likely to 
     struggle with the key components of financial capability, 
     which are making ends meet, planning ahead, managing 
     financial products, and financial knowledge and decision-
     making, and could benefit from targeted financial education;
       Whereas, according to the statistical release of the Board 
     of Governors of the Federal Reserve System for the fourth 
     quarter of 2022 entitled ``Household Debt and Credit''--

[[Page S1425]]

       (1) outstanding household debt in the United States has 
     increased by $2,750,000,000,000 since the end of 2019;
       (2) outstanding student loan balances have more than 
     doubled in the last decade to nearly $1,600,000,000,000; and
       (3) the share of debt newly transitioning into delinquency 
     increased for nearly all debt types, following 2 years of 
     historically low delinquency transitions;
       Whereas, according to the 2022 report entitled ``Survey of 
     the States: Economic and Personal Finance Education in Our 
     Nation's Schools'' by the Council for Economic Education--
       (1) only 25 States require students to take an economics 
     course as a high school graduation requirement; and
       (2) only 23 States require students to take a personal 
     finance course as a high school graduation requirement, 
     either independently or as part of an economics course;
       Whereas expanding access to the safe, mainstream financial 
     system will provide individuals with less expensive and more 
     secure options for managing finances and building wealth;
       Whereas quality personal financial education is essential 
     to ensure that individuals are prepared--
       (1) to make sound money management decisions about credit, 
     debt, insurance, financial transactions, and planning for the 
     future; and
       (2) to become responsible workers, heads of household, 
     investors, entrepreneurs, business leaders, and citizens;
       Whereas financial education in schools in the United States 
     is critical to a long-term financial inclusion strategy to 
     reach students who are not able to get sufficient personal 
     finance guidance at home;
       Whereas, according to the 2021 report entitled ``Game 
     Changer: The Evaluation of the Jump$tart Financial 
     Foundations for Educators Professional Development Program'' 
     by the Financial Literacy Group, teacher training regarding 
     financial education improves student outcomes significantly, 
     especially among historically underserved students;
       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
       Resolved, That the Senate--
       (1) designates April 2023 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.

                          ____________________