[Congressional Record (Bound Edition), Volume 149 (2003), Part 19]
[House]
[Pages 26999-27000]
[From the U.S. Government Publishing Office, www.gpo.gov]




           RECOGNIZING AND SUPPORTING FINANCIAL PLANNING WEEK

  Mr. TURNER of Ohio. Mr. Speaker, I move to suspend the rules and 
agree to the concurrent resolution (H. Con. Res. 176) supporting the 
goals and ideals of Financial Planning Week, recognizing the 
significant impact of sound financial planning on achieving life's 
goals, and honoring American families and the financial planning 
profession for their adherence and dedication to the financial planning 
process.
  The Clerk read as follows:

                            H. Con. Res. 176

       Whereas the financial planning process can play a vital 
     role in helping American workers achieve financial 
     independence by empowering them to identify and manage 
     realistic financial objectives and negotiate the financial 
     challenges that arise at every stage of life;
       Whereas all Americans can improve their quality of life by 
     securing competent, objective, and comprehensive financial 
     advice to assist them in attaining their financial goals;
       Whereas, in the past year, proclamations have been issued 
     in numerous States and the District of Columbia recognizing 
     the importance of the financial planning process in meeting 
     the goal of financial independence and other long-term 
     financial objectives;
       Whereas widespread adherence to a financial planning 
     process can help reduce the burdens and obligations of the 
     public and private sectors in providing a financial safety 
     net for less fortunate Americans; and
       Whereas the Financial Planning Association has designated 
     the week beginning October 6, 2003, as ``Financial Planning 
     Week'': Now, therefore, be it
       Resolved by the House of Representatives (the Senate 
     concurring), That Congress--
       (1) supports the goals and ideals of ``Financial Planning 
     Week'';
       (2) recognizes the significant impact that sound financial 
     planning can have on securing financial independence and 
     achieving life's goals and dreams;
       (3) acknowledges and commends the millions of American 
     families across the United States, as well as the financial 
     planning profession, for their adherence and dedication to 
     the financial planning process; and
       (4) encourages the American people to observe ``Financial 
     Planning week'' with appropriate programs and activities.

  The SPEAKER pro tempore. Pursuant to the rule, the gentleman from 
Ohio (Mr. Turner) and the gentleman from Illinois (Mr. Davis) each will 
control 20 minutes.
  The Chair recognizes the gentleman from Ohio (Mr. Turner).


                             General Leave

  Mr. TURNER of Ohio. Mr. Speaker, I ask unanimous consent that all 
Members may have 5 legislative days within which to revise and extend 
their remarks on the concurrent resolution under consideration.
  The SPEAKER pro tempore. Is there objection to the request of the 
gentleman from Ohio?
  There was no objection.
  Mr. TURNER of Ohio. Mr. Speaker, I yield myself such time as I may 
consume.
  Mr. Speaker, House Concurrent Resolution 176 supports the goals and 
ideals of Financial Planning Week. This resolution, introduced by the 
gentleman from Pennsylvania (Mr. Platts), the chairman of the Committee 
on Government Reform Subcommittee on Government Efficiency and 
Financial Management, aims to make all Americans aware of the 
importance of effective financial planning to prepare for all stages of 
life.
  Mr. Speaker, all Americans were happy to learn last week that the 
gross domestic product for the third quarter of fiscal year 2003 grew 
at a rate of 7.2 percent, the highest rate since the 1980s. Clearly, 
that is good news about the direction our economy is headed and, 
hopefully, that will translate into increased job growth and more 
income for all Americans.
  However, smart financial planning is a timeless and invaluable way 
for all of us to help ensure a secure financial future. American 
families are working harder today than perhaps at any other time in our 
Nation's history, but it is imperative that we all accompany our hard 
work with thoughtful, personal financial planning.
  I want to cite the third resolved clause of the resolution that 
states that ``Congress acknowledges and commends the millions of 
American families across the United States for their adherence and 
dedication to the financial planning process.'' No one takes time out 
to recognize the millions of Americans who are working, spending 
wisely, and prudently saving for their own and their family's future. 
This resolution attempts to acknowledge these people.
  Mr. Speaker, I commend the chairman of the Subcommittee on Government 
Efficiency and Financial Management for introducing this important 
legislation, and I support the adoption of House Concurrent Resolution 
176.
  Mr. Speaker, I reserve the balance of my time.
  Mr. DAVIS of Illinois. Mr. Speaker, I yield myself such time as I may 
consume.
  Mr. Speaker, as a young child, I was taught that he or she who fails 
to plan, plans to fail. Therefore, Mr. Speaker, this resolution is very 
timely, given the sluggish economy and loss of jobs.
  H. Con. Res. 176 supports the goals and ideals of Financial Planning 
Week. The financial planning process allows individuals to achieve 
their dreams by empowering themselves to identify and manage realistic 
financial goals, and to negotiate the financial barriers that arise at 
every stage of life.
  Everyone can benefit from knowing about the value of financial 
planning and where to turn for objective financial advice. The 
Financial Planning Association designated the week beginning October 6, 
2003 as Financial Planning Week, and with good reason.
  Saving money has steadily declined in this country over the past 50 
years, while borrowing has increased. In 1950, savings averaged 12.3 
percent of national output. By the 1960s, it was down to 8.5 percent. 
By the 1980s it was down to 4.7 percent. In the early 1990s, it was 
only 2.4 percent. Americans need to work to achieve financial 
independence, and financial planning is crucial to that process.
  Determining what you have, determining what resources you need for 
living, and setting goals are all part of the financial planning 
process. Experts suggest setting aside a goal to pay ourselves first, 
to plan and to manage our spending so that we will be able to save. We 
then should gradually increase the percentage of our income that we 
save. Over time, Americans should try to set aside enough savings to 
meet each of the following needs: Day-to-day living expenses, including 
debt repayment; common emergencies; large recurrent expenses; short-
term goals; long-term goals; and special opportunities that would 
require substantial sums in the future.
  We as individuals are responsible for becoming well-informed and for 
making thoughtful decisions that improve our prospects for financial 
security. H. Con. Res. 176 serves as a reminder of how important it is 
for us to save and to have a financial plan, so that we can improve not 
only our individual quality of life, but so that we can have a better 
outlook for our Nation and improve the quality of life for all 
Americans.
  Mr. Speaker, I have no further requests for time, and I yield back 
the balance of my time.
  Mr. TURNER of Ohio. Mr. Speaker, I strongly support the adoption of 
House Concurrent Resolution 176, and I yield back the balance of my 
time.
  The SPEAKER pro tempore. The question is on the motion offered by the 
gentleman from Ohio (Mr. Turner) that the House suspend the rules and 
agree to the concurrent resolution, H. Con. Res. 176.
  The question was taken.
  The SPEAKER pro tempore. In the opinion of the Chair, two-thirds of 
those present have voted in the affirmative.
  Mr. TURNER of Ohio. Mr. Speaker, on that I demand the yeas and nays.
  The yeas and nays were ordered.
  The SPEAKER pro tempore. Pursuant to clause 8 of rule XX and the 
Chair's prior announcement, further proceedings on this motion will be 
postponed.

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