[Congressional Record (Bound Edition), Volume 151 (2005), Part 5]
[House]
[Page 6126]
[From the U.S. Government Publishing Office, www.gpo.gov]




      SUPPORTING THE GOALS AND IDEALS OF FINANCIAL LITERACY MONTH

  The SPEAKER pro tempore. Under a previous order of the House, the 
gentleman from Pennsylvania (Mr. Dent) is recognized for 5 minutes.
  Mr. DENT. Mr. Speaker, I would like to take a few minutes to talk 
about an issue that is very important to me as a Member of Congress and 
as a consumer: financial literacy.
  Last week we passed a resolution I cosponsored with overwhelming 
bipartisan support, H. Res. 148. This resolution supports the goals and 
ideals of Financial Literacy Month.
  Tonight, on the eve of the debate of our Nation's bankruptcy laws, I 
believe it is only fitting to support Financial Literacy Month and 
speak on the benefits of personal financial literacy.
  In our Nation today, half of all Americans are living from paycheck 
to paycheck. The average college senior has approximately $7,000 in 
consumer debt, and only four out of every 10 workers is saving for 
retirement.
  As individuals incur debt, they are less likely to be prepared for 
retirement and more likely to become dependent solely on the Social 
Security system to support them into retirement.
  By encouraging informed choices and wise financial decisions, our 
Nation's consumers will have positive credit ratings, money management 
skills, and be on the road to a stable and prosperous life. They will 
be able to build homes, buy cars, finance educations, and start 
businesses. It is our goal to educate the public about financial 
literacy.
  In today's world, we must continue to expand access to financial 
institutions and provide all Americans with the tools they need to 
become productive members of society. These principles and goals are 
important to all of us.
  The programs and seminars supported by the resolution will provide 
the guidance that is needed for so many Americans. I encourage those 
who supported this amendment and agree with these goals to work 
alongside us to educate Americans about finance and economics.

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