[Congressional Record Volume 170, Number 69 (Friday, April 19, 2024)]
[Senate]
[Page S2934]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




 SENATE RESOLUTION 658--DESIGNATING APRIL 2024 AS ``FINANCIAL LITERACY 
                                MONTH''

  Mr. REED (for himself, Mr. Scott of South Carolina, Mr. Barrasso, Mr. 
Boozman, Mr. Braun, Mr. Budd, Mrs. Capito, Mr. Cassidy, Ms. Collins, 
Ms. Cortez Masto, Mr. Cramer, Mr. Crapo, Mr. Daines, Mr. Durbin, Ms. 
Hassan, Mrs. Hyde-Smith, Mr. King, Mr. Manchin, Mr. Risch, Mr. Romney, 
Mr. Rounds, Mr. Rubio, Mr. Scott of Florida, Mr. Whitehouse, Mr. 
Wicker, Mr. Wyden, Mr. Young, Mr. Peters, and Mr. Tuberville) submitted 
the following resolution; which was considered and agreed to:

                              S. Res. 658

       Whereas, according to the report entitled ``Economic Well-
     Being of U.S. Households in 2022'' by the Board of Governors 
     of the Federal Reserve System, self-reported financial well-
     being fell sharply and was among the lowest observed since 
     2016;
       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 households in the United States, are underbanked;
       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 
     decisionmaking, and could benefit from targeted financial 
     education;
       Whereas, according to the statistical release of the 
     Federal Reserve Bank of New York for the fourth quarter of 
     2023 entitled ``Household Debt and Credit Report''--
       (1) outstanding household debt in the United States has 
     increased by $3,350,000,000,000 since the end of 2019;
       (2) outstanding student loan balances have increased 
     steadily during the last decade to nearly $1,600,000,000,000; 
     and
       (3) delinquency rates increased for all debt types except 
     student loans;
       Whereas the 2023 Employer Survey of the Employee Benefits 
     Research Institute reported that financial wellness benefits, 
     including broad-based financial education, are a tool to 
     improve worker satisfaction and productivity;
       Whereas the 2024 Survey of the States conducted biennially 
     by the Council for Economic Education showed that, compared 
     to the 2022 Survey of the States, 12 more States have passed 
     legislation requiring students to take a financial education 
     course, resulting in 10,000,000 more students gaining access 
     to financial education before graduating from high school;
       Whereas, in 2024, research by Tyton Partners, in 
     conjunction with Next Gen Personal Finance, found a lifetime 
     benefit of approximately $100,000 for students who completed 
     personal finance education in high school;
       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 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 2024 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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