[Congressional Record (Bound Edition), Volume 153 (2007), Part 6]
[Senate]
[Page 7774]
[From the U.S. Government Publishing Office, www.gpo.gov]




 SENATE RESOLUTION 126--DESIGNATING APRIL 2007 AS ``FINANCIAL LITERACY 
                                MONTH''

  Mr. AKAKA (for himself, Mr. Dodd, Mrs. Clinton, Mr. Cochran, Mr. 
Durbin, Mr. Kohl, Mr. Kennedy, Mr. Menendez, Mr. Schumer, Mr. Inouye, 
Ms. Stabenow, Mr. Cardin, Mr. Levin, Mr. Crapo, Mr. DeMint, Mrs. 
Feinstein, Mr. Baucus, Mr. Thomas, Mrs. Lincoln, Mr. Allard, and Mr. 
Enzi) submitted the following resolution; which was considered and 
agreed to:

                              S. Res. 126

       Whereas the personal savings rate of people in the United 
     States declined from minus 0.5 percent in 2005 to minus 1.0 
     percent in 2006, making 2005 and 2006 the only years since 
     the Great Depression years of 1932 and 1933 when the savings 
     rate has been negative;
       Whereas the 2006 Retirement Confidence Survey conducted by 
     the Employee Benefit Research Institute found that only 42 
     percent of workers or their spouses calculated how much they 
     need to save for retirement, down from 53 percent in 2000;
       Whereas consumer debt exceeded $2,400,000,000,000 in 2006;
       Whereas household debt reached a record $12,800,000,000,000 
     in 2006;
       Whereas, during the second quarter of 2006, a record high 
     of 14.5 percent of disposable personal income went to paying 
     the interest on personal debt;
       Whereas over 1,000,000 individuals in the United States 
     filed for bankruptcy in 2006;
       Whereas nearly half of adults in the United States are not 
     aware that they can access their credit reports for free;
       Whereas, in a 2006 survey, the Jump$tart Coalition for 
     Personal Financial Literacy found that high school seniors 
     scored an average of only 52.4 percent on an exam testing 
     knowledge of basic personal finance;
       Whereas approximately 10,000,000 households in the United 
     States do not have accounts at mainstream financial 
     institutions such as banks or credit unions;
       Whereas expanding access to the mainstream financial system 
     will provide individuals with less expensive and more secure 
     options for managing their finances and building wealth;
       Whereas the 2004 Survey of the States compiled by the 
     National Council on Economic Education found that only 17 
     States require an economics course to be offered to high 
     school students;
       Whereas quality personal financial education is essential 
     to ensure that individuals are prepared to manage money, 
     credit, and debt, and to become responsible workers, heads of 
     households, investors, entrepreneurs, business leaders, and 
     citizens;
       Whereas increased financial literacy empowers individuals 
     to make wise financial decisions and reduces the confusion 
     caused by the increasingly complex economy of the United 
     States;
       Whereas a greater understanding of, and familiarity with, 
     financial markets and institutions will lead to increased 
     economic activity and growth;
       Whereas, in 2003, Congress found it important to coordinate 
     Federal financial literacy efforts and formulate a national 
     strategy; and
       Whereas, in light of that finding, Congress established the 
     Financial Literacy and Education Commission and designated 
     the Office of Financial Education of the Department of the 
     Treasury to provide support for the Commission: Now, 
     therefore, be it
       Resolved, That the Senate--
       (1) designates April 2007 as ``Financial Literacy Month'' 
     to raise public awareness about--
       (A) the importance of 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 the month with appropriate 
     programs and activities.

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