[Congressional Record (Bound Edition), Volume 153 (2007), Part 6]
[House]
[Pages 8787-8800]
[From the U.S. Government Publishing Office, www.gpo.gov]




      SUPPORTING THE GOALS AND IDEALS OF FINANCIAL LITERACY MONTH

  Ms. WATSON. Mr. Speaker, I move to suspend the rules and agree to the 
resolution (H. Res. 273) supporting the goals and ideals of Financial 
Literacy Month, and for other purposes.
  The Clerk read the title of the resolution.
  The text of the resolution is as follows:

                              H. Res. 273

       Whereas personal financial literacy is essential to ensure 
     that individuals are prepared to manage money, credit, and 
     debt, and become responsible workers, heads of households, 
     investors, entrepreneurs, business leaders, and citizens;
       Whereas personal financial management skills and lifelong 
     habits develop during childhood;
       Whereas a study completed in 2006 by the Jump$tart 
     Coalition for Personal Financial Literacy found that high 
     school seniors know less about principles of basic personal 
     finance than did high school seniors 7 years earlier, and the 
     average scores in both years were failing grades;
       Whereas in recent years, the Congress, State legislatures 
     and Governors around the country have increasingly recognized 
     the importance and effectiveness of financial education, and, 
     as a result, an increasing number of States now require 
     financial education during high school, including Alabama, 
     Georgia, Idaho, Illinois, Kansas, Kentucky, Louisiana, 
     Missouri, New York, North Carolina, Ohio, South Carolina, 
     Texas, Utah, Virginia, and West Virginia;
       Whereas 55 percent of college students acquire their first 
     credit card during their first

[[Page 8788]]

     year in college, and 92 percent of college students acquire 
     at least 1 credit card by their second year in college, yet 
     only 26 percent of people between the ages of 13 and 21 
     reported that their parents actively taught them how to 
     manage money;
       Whereas United States consumer debt totaled 
     $2,400,000,000,000 in 2006, of which credit card debt alone 
     exceeded $825,000,000,000;
       Whereas personal savings as a percentage of income dropped 
     to negative 1 percent in 2006, the lowest since the Great 
     Depression;
       Whereas, although more than 42,000,000 people in the United 
     States participate in qualified cash or deferred arrangements 
     described in section 401(k) of the Internal Revenue Code of 
     1986 (commonly referred to as ``401(k) plans''), a Retirement 
     Confidence Survey conducted in 2004 found that only 42 
     percent of workers surveyed have calculated how much money 
     they will need to save for retirement and 37 percent of 
     workers say that they are not currently saving for 
     retirement;
       Whereas the average baby boomer has only $50,000 in savings 
     apart from equity in their homes;
       Whereas a study by the American Institute of Certified 
     Public Accountants found that 55 percent of people between 
     the ages of 25 and 34 maintain an interest-bearing account or 
     other savings instrument, a decrease of 10 percent since 
     1985;
       Whereas studies show that as many as 10,000,000 households 
     in the United States are ``unbanked'' or are without access 
     to mainstream financial products and services;
       Whereas expanding access to the mainstream financial system 
     provides individuals with lower-cost and safer options for 
     managing finances and building wealth and is likely to lead 
     to increased economic activity and growth;
       Whereas public, consumer, community-based, and private 
     sector organizations throughout the United States are working 
     to increase financial literacy rates for Americans of all 
     ages and walks of life through a range of outreach efforts, 
     including media campaigns, websites, and one-on-one 
     counseling for individuals;
       Whereas Members of the United States House of 
     Representatives established the Financial and Economic 
     Literacy Caucus (FELC) in February 2005 to (1) provide a 
     forum for interested Members of Congress to review, discuss 
     and recommend financial and economic literacy policies, 
     legislation, and programs, (2) collaborate with the private 
     sector, nonprofits, and community-based organizations, and 
     (3) organize and promote financial literacy legislation, 
     seminars, and events, such as ``Financial Literacy Month'' in 
     April 2007 and the annual ``Financial Literacy Day'' fair on 
     April 24, 2007; and
       Whereas the National Council on Economic Education, its 
     State Councils and Centers for Economic Education, the 
     Jump$tart Coalition for Personal Financial Literacy, its 
     State affiliates, and its partner organizations, and JA 
     Worldwide have designated April as Financial Literacy Month 
     to educate the public about the need for increased financial 
     literacy for youth and adults in the United States: Now, 
     therefore, be it
       Resolved,  That the House of Representatives--
       (1) supports the goals and ideals of Financial Literacy 
     Month, including raising public awareness about the 
     importance of financial education in the United States and 
     the serious consequences that have resulted from a lack of 
     understanding about personal finances; and
       (2) requests that the President issue a proclamation 
     calling on the Federal Government, States, localities, 
     schools, nonprofit organizations, businesses, other entities, 
     and the people of the United States to observe the month with 
     appropriate programs and activities with the goal of 
     increasing financial literacy rates for individuals of all 
     ages and walks of life.

  The SPEAKER pro tempore. Pursuant to the rule, the gentlewoman from 
California (Ms. Watson) and the gentlewoman from North Carolina (Ms. 
Foxx) each will control 20 minutes.
  The Chair recognizes the gentlewoman from California.


                             General Leave

  Ms. WATSON. Mr. Speaker, I ask unanimous consent that all Members may 
have 5 legislative days in which to revise and extend their remarks.
  The SPEAKER pro tempore. Is there objection to the request of the 
gentlewoman from California?
  There was no objection.
  Ms. WATSON. Mr. Speaker, the importance of financial and fiscal 
responsibility cannot be overstated. Personal financial literacy is 
essential to ensure that individuals are prepared to manage money, 
credit and debt and become responsible workers, heads of households, 
investors, entrepreneurs, business leaders and citizens. That is why I 
am pleased to support H. Res. 273.
  Personal savings as a percentage of personal income decreased from 
7.5 percent in the early 1980s to a negative 0.2 percent in the last 
quarter of 2005.
  As the resolution notes, 92 percent of college students acquire at 
least one credit card by their second year in college, yet only 26 
percent of people between the ages of 13 and 21 reported that their 
parents actively taught them how to manage money.
  The Jump$tart Coalition for Personal Financial Literacy seeks to 
improve the personal financial literacy of young adults. Jump$tart's 
purpose is to evaluate the financial literacy of young adults and to 
develop, disseminate and encourage the use of financial education 
standards for grades K-12 and promote the teaching of personal finance.
  To that end, Jump$tart has established 12 must-know personal 
financial principles for young people to improve their financial 
future. These 12 principles should be followed by adults as well.
  The 12 financial principles stressed during the Financial Literacy 
Month for Youth are map your financial future;
  Do not expect something for nothing, and high returns equal high 
risk;
  Know your take-home pay, compare interest rates, pay yourself first, 
and money doubles by the rule of 72; to determine how long it would 
take your money to double, divide the interest into 72;
  And your credit past is your credit future;
  Start saving young, stay insured, budget your money, do not borrow 
what you cannot repay, and let me add one more thing, pay all your 
taxes.
  Mr. Speaker, I am pleased to support this resolution supporting the 
goals of Financial Literacy Month and urge all my colleagues to support 
it.
  Mr. Speaker, I reserve the balance of my time.
  Ms. FOXX. Mr. Speaker, I yield myself such time as I may consume.
  Today many Americans do not know how to balance a checkbook, 
intelligently invest their money or financially plan for their 
retirement. Studies have shown that few young adults living in this 
country know how to responsibly use a credit card. This is a time when 
debt is on the rise and savings have dropped to negative 1 percent of 
personal income. It is clear that teaching financial literacy is 
imperative for individuals to learn how to manage their money, credit 
and debt.
  While many States require high schools to teach financial education, 
increased economic education is still necessary. H. Res. 273 recognizes 
the goals and ideals of Financial Literacy Month and raises awareness 
of the importance of financial education. It is our hope that the 
President calls on the government, States and other organizations to 
observe the month with relevant programs and activities supporting 
financial education.
  Learning about saving and investing is especially important for 
today's young generation because of the uncertainty of the future of 
Social Security. More so than ever, private savings play a larger role 
in determining one's retirement. While there may be Social Security 
reform in the coming years, everyone must be able to adequately plan 
their savings for the future.
  Financial education has proven to be very effective. Simple projects 
such as stock market simulations help young people understand how to 
invest in stocks, bonds and mutual funds. It is our hope they will 
retain these skills when they begin investing their own money.
  Organizations such as the Jump$tart Coalition for Personal Finance 
Literacy help spread awareness, especially in school-age children. The 
National Council on Economic Education has established many programs 
which give teachers the tools to teach their students basic economic 
skills and help them apply their knowledge to daily life. These groups 
recognize the need for more widespread financial literacy, but it is 
necessary for Congress to place more emphasis on this idea and 
encourage other organizations to begin to participate in this movement 
as well.
  With a solid background knowledge of financial literacy, we can raise 
America's youth to become responsible

[[Page 8789]]

employees, heads of households, investors, entrepreneurs and business 
leaders.
  Mr. Speaker, I reserve the balance of my time.
  Ms. WATSON. Mr. Speaker, I yield such time as he may consume to the 
gentleman from Texas (Mr. Hinojosa).
  Mr. HINOJOSA. Mr. Speaker, I rise in strong support of House 
Resolution 273 that the gentlewoman from Illinois (Mrs. Biggert) and I 
introduced earlier this year. The legislation supports the ideas and 
goals of Financial Literacy Month, which falls in April of each year.
  Before I proceed, I want to take this opportunity to thank my good 
friend and colleague, Congresswoman Watson from California, for 
managing time on this resolution for our side of the aisle. I also want 
to take this opportunity to thank all of my Democratic colleagues who 
cosponsored this important resolution this year.
  Together with the tremendous number of cosponsors Congresswoman 
Biggert obtained, we broke our old record of 91 cosponsors and garnered 
the support of 118 Members of Congress for this bill.
  I am very pleased with this development. It shows that an increasing 
number of Members of Congress are beginning to see the light and come 
on board the financial literacy cause with me and Congresswoman 
Biggert.
  It is imperative that we, in Congress, pay more attention to the 
financial literacy rates of our citizens from pre-kindergarten all the 
way to retirement. The sooner that a person begins to learn good saving 
habits, the better off he or she will be in the future.
  I am especially pleased and honored to inform you that 18 cities and 
three counties in my congressional district have issued proclamations 
honoring April 22-28, 2007, as National Financial Literacy Awareness 
Week.
  The cities, in alphabetical order, include the following: Beeville, 
Combes, Cuero, Donna, Edcouch, Edinburg, Falfurrias, Goliad, Harlingen, 
La Feria, La Villa, Mathis, McAllen, Mercedes, Pharr, Primera, Santa 
Rosa, Weslaco. It also includes three counties, which are as follows: 
Duval County, Jim Wells County and Karnes County.

                              {time}  1430

  Mr. Speaker, I also want to take this opportunity to thank several 
State legislatures for realizing the importance of financial literacy 
by taking action to address the diminishing understanding of basic 
finance by U.S. high school students.
  A study completed in 2006 by the Jump$tart Coalition for Personal 
Financial Literacy found that high school seniors know less about 
principles of basic personal finance than high school seniors did 7 
years earlier, and the average scores in both years were failing. Our 
high school seniors are failing basic finance.
  Add to that the fact that 55 percent of college students acquire 
their first credit card during their first year in college, and 92 
percent of college students acquire at least one credit card by their 
second year in college, yet only 26 percent of people between the ages 
of 13 and 21 reported that their parents actively taught them how to 
manage money. Add all that together, and you have got a recipe for 
serious financial troubles down the road for college graduates.
  Luckily, in recent years State legislatures around the country have 
increasingly recognized the importance and effectiveness of financial 
education. As a result, an increasing number of States now require 
financial education during high school. I hope my colleagues and their 
staff are taking note of this because the following States now require 
high school students to pass some form of financial education or 
literacy courses before they can graduate. Those States include the 
following: Alabama, Georgia, Idaho, Illinois, Kansas, Kentucky, 
Louisiana, Missouri, New York, North Carolina, Ohio, South Carolina, my 
great State of Texas, Utah, Virginia, and West Virginia.
  I strongly recommend that my colleagues contact their State 
legislators and encourage them to impose similar requirements.
  Mr. Speaker, every day consumers deal with money from balancing a 
checking account to shopping for a mortgage or auto loan, researching a 
way to pay for a college education, checking credit card statements, 
saving money for retirement, understanding a credit report, or simply 
deciding whether to pay cash or charge a purchase. The list goes on and 
on and on. Many consumers do not really understand their finances.
  Now that we know that high school students are failing basic 
financial literacy exams, it is even more disconcerting to learn that 
adults are not faring much better. High bankruptcy rates, foreclosures 
on homes, increased credit card debt, data security breaches, and 
identity theft make it imperative that all of us take an active role in 
providing financial and economic education during all stages of one's 
life.
  Every year we here in Congress discuss the future insolvency of 
Social Security, Medicare, and Medicaid; and that concerns me 
considerably. But now that I have done some additional research into 
the demographics and financial standing of the baby boomers, I was 
shocked to learn that the personal savings as a percentage of income 
dropped a negative 1 percent in 2006, the lowest since the Great 
Depression. Even worse, the average baby boomer has only $50,000 in 
savings for retirement apart from equity in their homes.
  These are very serious and disturbing facts that we and our State 
counterparts must address, and soon. To address these problems and 
others, I cofounded and currently cochair the Congressional Financial 
and Economic Literacy Caucus with Congresswoman Judy Biggert. The 
caucus seeks to address these issues head on by increasing public 
awareness of poor financial literacy rates and working to find the ways 
and means to improve those rates. The caucus has provided a forum for 
my colleagues to promote policies that advance financial literacy and 
economic education.
  It is my hope that through the Financial and Economic Literacy Caucus 
we can continue to further educate Americans about financial and 
economic topics ranging from the importance of saving, reducing credit 
card debt, obtaining a free annual credit report, avoiding payday 
lenders, check cashers, and especially these days predatory lenders. 
Hopefully the caucus can teach individuals to take care of their 
finances, to lead them down the path to the American Dream of 
homeownership.
  Mr. Speaker, I include for printing in today's Record letters in 
support of this resolution. They include letters from JA Worldwide; 
National Council on Economic Education; Financial Planning Association, 
Independent Bankers Association of Texas; MasterCard; the American 
Institute of Certified Public Accountants; the National Association of 
Mortgage Brokers; Networks Financial Institute; North American 
Securities Administrators Association. It includes HSBC, the 
Independent Community Bankers of America; Housing Assistance Council; 
National Association of Federal Credit Unions. It includes Capital One; 
as well as Visa; Charles Schwab Foundation; Financial Services Forum; 
Financial Services Roundtable, National Association of Realtors; Girls, 
Incorporated; AFSA Education Fund; Countrywide, First Nations Oweesta 
Corporation, Native Americans. It includes National Association of 
Affordable Housing Lenders; America's Community Bankers; Community 
Bankers Association; Consumer Mortgage Coalition; Texas Credit Union 
League; State Farm Insurance Company, Freddie Mac; Wells Fargo; and the 
National Youth Involvement Board.
  Mr. Speaker, several of these groups will be participating in the 
Financial Literacy Day Fair that will take place April 24 from noon to 
4 p.m. here on the Hill at the Cannon Caucus Room. It is my 
understanding that over 50 different groups will present their 
financial literacy products, their programs, and ideas during the fair. 
The last time we hosted the event, over 500 people attended the event 
not only to take advantage of the free financial literacy advice but 
also to enjoy a wonderful

[[Page 8790]]

buffet. I encourage my colleagues and their staff to attend the 
Financial Literacy Day Fair. Again, I repeat, it will be held April 24 
from noon to 4 p.m. in the Cannon Caucus Room and lunch will be served.
  On the same day, April 24, at 3 p.m. in room 2220 of the Rayburn 
House Office Building, the Financial and Economic Literacy Caucus is 
collaborating with Visa on a different financial literacy event. Visa 
is bringing Jean Chatzky to the Hill to provide some financial advice 
and respond to questions. Both Members and staff are invited to this 
event at 2220 Rayburn from 3:30 to 5 p.m., which I believe will be 
beneficial and a huge success.
  In closing, Mr. Speaker, our country is suffering financially, and 
our constituents are not armed with the tools they need to provide for 
a good future. For these reasons and more, I encourage my colleagues to 
support this resolution.

                                                Junior Achievement


                                       Worldwide Headquarters,

                              Colorado Springs, CO, April 9, 2007.
     Hon. Ruben Hinojosa,
     Rayburn House Office Building, House of Representatives, 
         Washington, DC.
     Hon. Judy Biggert,
     Longworth House Office Building, House of Representatives, 
         Washington, DC.
       Dear Representatives Hinojosa and Biggert: On behalf of JA 
     WorldwideTM and our 1,400 associates and 138,700 
     classroom volunteers around the country, I want to express 
     our full-fledged support for H. Res. 273. This resolution 
     supporting the goals and ideals of Financial Literacy Month 
     once again demonstrates your leadership in promoting 
     financial literacy and economic education.
       With personal bankruptcies and debt continuing to soar, we 
     believe that it is critical that financial literacy education 
     continue to place a high priority on targeting America's 
     youth. According to the 2007 JA Worldwide Poll on Personal 
     Finance, more than 75 percent of teens nationwide say they 
     influence their parents' buying decisions, while nearly 29 
     percent of 18- and 19-year olds say they already own and use 
     their own credit cards. The earlier we can provide youth with 
     tools, tips, and strategies to help them successfully manage 
     their finances, the better off our country will be.
       I also would like to congratulate you both for your 
     continued leadership of the Financial and Economic Literacy 
     Caucus, and for your commitment to events such as this 
     month's Financial Literacy Day on the Hill. As the nation's 
     oldest and largest organization dedicated to promoting 
     economic education and financial literacy, JA Worldwide 
     stands ready to assist you and the caucus in advancing the 
     goals of H. Res. 273.
       Thank you again for your resolve in championing the 
     importance of a financially literate society. We look forward 
     to working with you in the future to advance this critical 
     issue.
           Sincerely,
                                                 David S. Chernow,
     President and CEO, JA Worldwide.
                                  ____

                                               National Council on


                                           Economic Education,

                                                   March 27, 2007.
     Hon. Ruben Hinojosa,
     House of Representatives, Rayburn House Office Building, 
         Washington, DC.
     Hon. Judy Biggert,
     House of Representatives, Longworth House Office Building, 
         Washington, DC.
       Dear Representatives Hinojosa and Biggert: On behalf of the 
     National Council on Economic Education (NCEE) I am writing to 
     express my support for H. Res. 273, a Resolution Supporting 
     the Goals and Ideals of Financial Literacy Month. I want to 
     commend you and your colleagues for once again highlighting 
     the importance of financial and economic education.
       The NCEE believes that our young people deserve to know 
     about the economic system they will be laboring in, 
     contributing to, benefiting from, and ultimately, inheriting. 
     Since our founding, we have learned that economic and 
     financial literacy, taught early, often, and well, is a key 
     factor in our nation's future success in the global economy. 
     Our charge is to ensure that young people have the tools to 
     embrace an ``economic way of thinking'', a critical skill 
     that will help them make informed decisions based on 
     rational, ethical inquiry.
       H. Res. 273 provides an important and timely ``call to 
     action'' from the House of Representatives to improve 
     financial and economic literacy. The first step to address 
     the challenges described in the resolution is to provide our 
     elementary and secondary students with the solid grounding in 
     the fundamentals of economics and personal finance that will 
     lead to sound decisions through life. H. Res. 273 correctly 
     recognizes that ``personal financial management skills and 
     lifelong habits develop during childhood,'' and that it is 
     also essential to increase ``financial literacy rates for 
     individuals of all ages and walks of life.''
       We look forward to continuing to work with both of you, 
     along with the House Financial and Economic Literacy Caucus, 
     and all Members of the House and Senate, to achieve the goals 
     reflected in H. Res. 273.
       Thank you again for your consistent leadership on this 
     critical issue.
           Sincerely,
                                                 Robert F. Duvall,
     President & CEO.
                                  ____


   FPA Commends Representatives Hinojosa and Biggert for Supporting 
                        Financial Literacy Month

       Denver, Apr. 10.--The Financial Planning 
     Association' (FPA') strongly supports 
     the bipartisan congressional resolution (H. Res. 273) 
     designating April as ``Financial Literacy Month'' co-
     sponsored by Representative Ruben Hinojosa (D-Texas) and 
     Representative Judy Biggert (R-III.). This resolution seeks 
     to raise public awareness about the importance of financial 
     education in the U.S. Throughout the month and across the 
     country, FPA has committed to increasing the public's 
     awareness about the importance of financial education and 
     financial planning.
       In observance of Financial Literacy Month, FPA has planned 
     a host of programs and activities to increase financial 
     literacy for individuals of all ages and walks of life. Some 
     of these events include:
       April 5--FPA participated in a financial literacy panel 
     featuring Senator Wayne Allard (R-Colo.) at the University of 
     Colorado in Boulder.
       April 11--FPA panelist will speak to Capitol Hill staff on 
     issues surrounding retirement and Thrift Savings Plans in 
     conjunction with the Savings Coalition.
       April 12--Financial education seminar at the Teen Center in 
     Capital Heights, Md.
       April 13--Reverse mortgages seminar at Point East Senior 
     Condominium in Aventura, Fla.
       April 13--Presentation for soon-to-be law graduates at 
     University of Michigan School of Law.
       April 18--Investing presentation at Wachovia in Richmond, 
     Va.
       April 18--Investing presentation at Nexus in Plymouth, 
     Minn.
       April 18 and May 9--Forging your financial future, 
     budgeting and investing presentations at the Bronx Community 
     College in New York.
       April 19--Tax planning, investment and wealth building 
     seminar for the Black Law Students Association at Yale Law 
     School in New Haven, Conn.
       April 24--Participate in exhibit hall at the Financial 
     Literacy Fair sponsored by Jump$tart Coalition in Washington, 
     D.C.
       April 25--Budgeting presentations for the Greater 
     Washington Jump$tart Coalition in 17 public high schools in 
     the Washington, D.C. public school system.
       April 26--Financial planning 101 presentation at the St. 
     Charles Public Library in St. Charles, Ill.
       FPA highly commends Representative Hinojosa and 
     Representative Biggert for leading the Congressional efforts 
     to encourage financial education.
                                  ____



                                    IBAT Education Foundation,

                                                   April 11, 2007.
     Hon. Ruben Hinojosa,
     Hon. Judy Biggert,
     House of Representatives, Washington, DC.
       Dear Representatives: The Independent Bankers Association 
     of Texas (IBAT), representing over 500 community banks and 
     thrifts, is pleased to wholeheartedly and enthusiastically 
     support House Resolution 273.
       A financially literate populace is of paramount importance 
     to the continued economic prosperity of our country and its 
     citizens. The IBAT Main Street Foundation was created to 
     foster and promote the goals outlined in this resolution, and 
     our membership is committed to delivering financial education 
     in a number of venues.
       We are especially pleased with a new collaborative 
     agreement with Junior Achievement, with a strong focus on 
     financial education.
       We applaud you for your multiple initiatives in this 
     important area, and very much appreciate the support of the 
     many co-sponsors and supporters of this resolution.
       We look forward to working together with you and others who 
     share the passion of enhancing the financial knowledge and 
     expertise of our citizenry.
       Sincerely,
                                                  Mary Lange, CAE,
     President, IBAT Education Foundation.
                                  ____


  AICPA Supports House Resolution on April as Financial Literacy Month

       New York, NY, Apr. 10, 2007.--The American Institute of 
     Certified Public Accountants (AICPA) strongly endorses the 
     bi-partisan Congressional resolution (H.R. 273) supporting 
     April as ``Financial Literacy Month.'' This resolution raises 
     awareness about the critical need for financial education in 
     the United States and encourages government, as well as the 
     private sector, to collaborate on this important public 
     service issue.

[[Page 8791]]

       ``The CPA profession is dedicated to improving the 
     financial literacy of all Americans,'' said Barry C. 
     Melancon, AICPA President and CEO. ``The AICPA applauds Reps. 
     Ruben Hinojosa (D-TX) and Judy Biggert (R-IL) and the more 
     than 100 co-sponsors of this resolution for their concern and 
     recognition that a financially educated citizenry is 
     essential to the strength of our country.
       ``Across the nation, our members are volunteering in their 
     communities every day to help educate Americans about 
     managing their personal finances more effectively. By 
     volunteering in America's schools, providing financial 
     management workshops for deployed soldiers and their spouses, 
     helping protect senior citizens from financial abuse, and 
     many other examples, CPAs are sharing their time and 
     expertise to get Americans moving in the right financial 
     direction.''
       The CPA profession is actively committed to improving 
     Americans' financial understanding. In 2004, the AICPA 
     launched 360 Degrees of Financial Literacy 
     (www.360financialliteracy.org) to help Americans understand 
     how financial issues affect them at different life stages. In 
     2006, the Institute debuted a related campaign with the Ad 
     Council, Feed the PigTM (www.feedthepig.org), for 
     25-34-year-olds. A study commissioned by the AICPA found that 
     Americans in this particular age group have seen their median 
     net worth decline over the past 20 years despite increases in 
     income. Moreover, they seem to be willing to take on greater 
     amounts of unsecured debt.
       The American Institute of Certified Public Accountants 
     (www.aicpa.org) is the national, professional association of 
     CPAs, with approximately 330,000 members, including CPAs in 
     business and industry, public practice, government, and 
     education. It sets ethical standards for the profession and 
     U.S. auditing standards for audits of private companies; 
     federal, state and local governments; and non-profit 
     organizations. It also develops and grades the Uniform CPA 
     Examination. Headquartered in New York, the AICPA also 
     maintains offices in Washington, D.C.; Durham, N.C.; and 
     Lewisville, TX.
                                  ____



                            Capital One Financial Corporation,

                                        McLean, Va, April 9, 2007.
     Hon. Ruben Hinojosa,
     House of Representatives, Rayburn House Office Building, 
         Washington, DC.
     Hon. Judy Biggert,
     House of Representatives, Longworth House Office Building, 
         Washington, DC.
       Dear Representatives Hinojosa and Biggert: On behalf of 
     Capital One, I am writing to express our strong support for 
     H. Res. 273 and its affirmation of the goals and ideals of 
     financial literacy month.
       The legislation highlights the importance of greater 
     financial literacy skins for all individuals: ``personal 
     financial literacy is essential to ensure that individuals 
     are prepared to manage money, credit, and debt, and become 
     responsible workers, heads of households, investors, 
     entrepreneurs, business leaders, and citizens.'' For several 
     years, Capital One has been a proud supporter of the bill's 
     fundamental principles.
       Capital One has an on-going commitment to bettering 
     financial literacy skills in communities across the country. 
     We are particularly proud of our multi-faceted program to 
     develop and deliver financial education to low- and moderate-
     income populations and others within our local communities 
     and across the country. This program is described below.
       Highlights of Capital One's comprehensive efforts in 
     financial education and its partnerships follow:
       Finance Park. In 2006, Capital One partnered with Junior 
     Achievement Worldwide to create a signature program--Capital 
     One/Junior Achievement Finance Park--to introduce seventh--
     and eighth-grade students to money management basics. This 
     unique, mobile program traveled to select cities to provide 
     students the opportunity to experience a day-in-the-life of 
     an adult. The goal is to prepare students to make wise 
     financial decisions. The mobile unit will travel to a number 
     of additional markets in 2007.
       MoneyWi$e with Consumer Action. More than five years ago, 
     Capital One partnered with Consumer Action to launch 
     MoneyWi$e, a national literacy partnership. It is the first 
     program to combine free, multilingual financial education 
     materials with community training and seminars. Since 2001, 
     regional conferences have delivered training to more than 400 
     CBOs from 27 states. Together with Consumer Action, Capital 
     One has also established a stipend program to help ensure 
     that CBOs have access to the resources they need to conduct 
     financial education programs and outreach in their 
     communities.
       As a result of this partnership, Capital One has been able 
     to facilitate the distribution of more than 1.5 million free 
     financial education brochures in five languages through a 
     network of 7,300 CBOs nationwide. The program addresses 
     financial literacy across both income and ethnic barriers. 
     All information is provided for free.
       Jump$tart Coalition. Together with the Jump$tart Coalition 
     for Personal Finance, Capital One works with local and state 
     governments to include a financial education curriculum in 
     public school systems nationwide. Capital One also played a 
     very active role in helping to form a Coalition in Virginia--
     and Capital One has co-sponsored the Coalition's annual 
     summit for the past two years.
       MoneyWi$e University. To help give students the information 
     they need to become financially responsible, Capital One 
     introduced MoneyWi$e University, a program to teach 
     responsible spending and basic money management skills to 
     college-aged students. Developed in partnership with Visa and 
     first introduced on campuses in 2002, the MoneyWi$e 
     University curriculum educates college students about the 
     fundamental elements of credit and budget management. 
     MoneyWi$e University has provided personal instruction to 
     hundreds of students on five campuses around the country.
       Ongoing Local Efforts. Capital One has an ongoing program 
     through which associates present financial education seminars 
     directly to clients of local community development 
     organizations.
       Through partnerships with leading national non-profit 
     organizations, a grassroots approach to training non-profits 
     to lead Capital One programs on a local level, and direct 
     delivery of financial education to local non-profit 
     organization clients, Capital One has a multi-faceted and 
     comprehensive approach to improving financial literacy. Links 
     to our programs can be found at www.capitalone.com/
 financialeducation.
       Again, we would like to thank you for your introduction of 
     H. Res. 273 and your ongoing leadership with the Financial 
     and Economic Literacy Caucus in Congress.
           Sincerely,
                                                      Larry Stein,
     Senior Vice President, Policy Affairs.
                                  ____



                 National Association of Realtors',

                                   Washington, DC, April 13, 2007.
     Hon. Ruben Hinojosa,
     House of Representatives, Rayburn House Office Building, 
         Washington, DC.
     Hon. Judy Biggert,
     House of Representatives, Longworth House Office Building, 
         Washington, DC.
       Dear Representatives Hinojosa and Biggert, I am writing on 
     behalf of over 1.3 million members of the National 
     Association of REALTORS' to convey our support for 
     H. Res. 273, a resolution supporting the goals and ideals of 
     Financial Literacy Month. We also commend you and your 
     colleagues for your commitment to raising public awareness 
     about the importance of financial education in the United 
     States.
       As you know, our Nation's finance system offers access to 
     capital and credit to consumers of almost every economic 
     condition, which has significantly contributed to the highest 
     homeownership rates in our Nation's history. Homeownership is 
     the primary source of a household's net worth and the 
     fundamental first step toward accumulating personal wealth.
       For most households, purchasing a home is one of the 
     largest financial transactions they will ever make. However, 
     research reports indicate that many Americans lack the 
     financial knowledge that empowers them to make sure their 
     American dream does not turn into a nightmare. For example, 
     Center for Responsible Lending found that an overwhelming 
     majority of consumers can not calculate interest charges on a 
     loan and the Federal Reserve recently reported that almost 
     half of borrowers with adjustable rate mortgages (ARMS) do 
     not know the potential maximum interest rate for their loan.
       REALTORS' believe that financial education is an 
     important defense to helping prevent consumers from getting 
     into abusive mortgages that will undoubtedly be financially 
     destructive. NAR, in partnership with the Center for 
     Responsible Lending, has issued three consumer education 
     brochures, ``How to Avoid Predatory Lending,'' ``Specialty 
     Mortgages: What Are the Risks and Advantages?'' and 
     ``Traditional Mortgages: Understanding Your Options.'' The 
     brochures emphasize how important it is for consumers to make 
     sure they fully understand how traditional non-traditional 
     mortgages work before deciding which is the right choice and 
     how to avoid the pitfalls and entrapments of predatory loans.
       In addition to NAR's consumer education materials, many of 
     our state and local associations have high-profile financial 
     education programs in partnership with cities and community 
     groups. Some examples include:
       In Maryland, a number of local REALTOR' 
     associations, including in Anne Arundel County, Howard 
     County, Prince George's County, and the Greater Baltimore 
     Board of REALTORS' have partnered with Freddie Mac 
     to develop CreditSmart, a credit education workshop. 
     REALTORS' instructors teach the course to renters, 
     homebuyers, students, and others, on how to manage critical 
     money skills. The skills that course participants obtain help 
     point them in the right direction to managing credit and 
     saving to buy a home.
       In 1996, the Illinois Association of REALTORS' 
     organized the Partnership for Home-Ownership, Inc. to help 
     assist low-income rural Illinois residents achieve the dream 
     of homeowners hip. The Partnership has administered several 
     multi-million dollar mortgage programs (in excess of $130 
     million),

[[Page 8792]]

     provided pre-purchase homebuyer counseling to over 1,500 
     Illinois residents, and is a HUD approved housing counseling 
     agency. The Partnership also recently oversaw the development 
     of a high school financial educational Web site that is 
     available both in English and in Spanish.
       In Arkansas, the Fort Smith Board of Realtors' 
     and the city of Forth Smith have teamed up to create a 
     homebuyer assistance program. Participants receive credit 
     counseling and mortgage readiness education. The program also 
     offers a five-week financial fitness course on budgeting, 
     money management, credit and avoiding predatory lending. 
     Since 1997, more than 200 families have purchased a home as a 
     result of the program.
       NAR stands ready to work with you and the members of the 
     Financial and Economic Literacy Caucus to promote the goals 
     of H. Res. 273 and to support a national strategy focused on 
     helping improve the financial education of all Americans.
           Sincerely,
                                                Jerry Giovaniello,
                                            Senior Vice President.

  Ms. FOXX. Mr. Speaker, I yield as much time as she may consume to my 
distinguished colleague from the State of Illinois (Ms. Biggert), the 
cosponsor of this legislation.
  Mrs. BIGGERT. I thank the gentlewoman for yielding.
  Mr. Speaker, I rise today in support of House Resolution 273, to 
designate April as Financial Literacy Month. This will be the fourth 
year that I have had the pleasure of working with my friend and 
colleague and fellow Chair of the House Financial and Economic Literacy 
Caucus, Mr. Hinojosa, to promote the goals and ideals of Financial 
Literacy Month.
  I am amazed at the progress that we have made so far over the last 
few years in raising awareness about the importance of greater 
financial literacy and economic education. Hundreds, if not thousands, 
of public-private sector, nonprofit, and community-based organizations 
across the country have established financial literacy programs. More 
than 50 of them will be on hand in the Cannon Caucus Room on April 24 
to share the benefits of their knowledge and experience at the annual 
Financial Literacy Day Fair, and I encourage all of our colleagues to 
attend and learn more about these important efforts.
  As Mr. Hinojosa mentioned, we have received dozens of letters in 
support of these efforts and this Financial Literacy Month resolution 
from various financial and educational organizations. And I think that 
this year we have set a new standard for unity on this issue, with well 
over 100 Members of Congress co-sponsoring this resolution. In doing 
so, I think we send a clear, unambiguous message that the House is 
committed to addressing one of America's most pressing needs.
  And while we have made great strides in raising awareness, the need 
for improved financial education has never been greater. According to 
the Federal Reserve, consumer debt in America now exceeds $2.4 
trillion. According to the Department of Commerce, the personal savings 
rate in America recently dropped to negative 1.1 percent, a level that 
has not been seen since the Great Depression.
  The fact is that today's marketplace abounds with options for 
managing wealth. Credit and investment opportunities are presented to 
consumers on a daily basis. For instance, by the time they reach their 
second year in school, the vast majority, 92 percent, of American 
college students have at least one credit card, and yet just a small 
fraction of those students have sat down with their parents and learned 
the basic principles of money management, like compound interest and 
supply and demand.
  We have a responsibility to ensure that Americans of all ages have 
access to the tools and resources they need to capitalize on their 
investment choices, succeed in today's sophisticated economic market, 
and enjoy a secure financial future. And the key to this success 
continues to be basic financial education starting early, during grades 
K through 12.
  It is a testament to the progress we are making that 38 States now 
include personal finance education in their curriculum guidelines. But 
we must continue building on this progress if we are to help today's 
students become tomorrow's successful investors, entrepreneurs, and 
business leaders.
  The Financial Literacy and Education Commission established by 
Congress in the Fair and Accurate Credit Transaction Act of 2003 
recently held a national summit to develop better methods of teaching 
money management skills. I look forward to working with my colleagues 
on the Education and Labor Committee to implement and enhance economic 
education initiatives as we work to reauthorize No Child Left Behind in 
the coming year.
  I also look forward to working with my colleagues on legislation that 
will put young Americans on the path to an affordable education and a 
firm financial future.
  At the start of the 110th Congress, I introduced one such bill, H.R. 
87, the 401 Kids Family Savings Act of 2007. This bill will allow 
parents and family members to set aside money in a child's account that 
will accumulate interest tax free and can be used for college tuition, 
a first home, or even retirement.
  Mr. Speaker, it is critically important that families have access to 
effective savings mechanisms like these if they are to secure their 
financial futures. But it is even more important that Americans have 
the know-how and motivation to use them, and that is the goal of the 
Financial Literacy Month and the resolution before us today.
  Mr. Speaker, I would like to take this opportunity to thank my good 
friend and distinguished colleague from Texas (Mr. Hinojosa) for 
introducing this resolution and for his dedication to improving 
financial literacy. I also would like to thank Mr. Hinojosa's staff, 
especially Greg Davis, for all their hard work, diligent work in 
bringing this resolution to the floor. I would also like to thank the 
chairman and ranking member of the Oversight and Government Reform 
Committee, Mr. Waxman and Mr. Tom Davis, for helping to move this 
resolution through their committee in such a timely and bipartisan 
manner. And, finally, I would like to thank the gentlelady from 
California (Ms. Watson) and the gentlelady from North Carolina (Ms. 
Foxx) for their support and for managing this resolution on the floor.
  Mr. Speaker, I strongly support this resolution, and I urge my 
colleagues to do the same.
  Mr. HINOJOSA. Mr. Speaker, I submit the following letters regarding 
H. Res. 273, ``Supporting the Goals and Ideals of Financial Literacy 
Month'':

                                         MasterCard Worldwide,

                                   Washington, DC, April 13, 2007.
     Hon. Ruben Hinojosa,
     House of Representatives, Washington, DC.
     Hon. Judy Biggert,
     House of Representatives, Washington, DC.
       Dear Representatives Hinojosa and Biggert: I am writing to 
     communicate MasterCard Worldwide's strong support for House 
     Resolution 273, which highlights the goals and promotes the 
     spirit of financial literacy month.
       MasterCard Worldwide shares your vision of increasing 
     financial literacy, illustrated by our various consumer 
     education programs. Specifically, MasterCard has developed 
     two programs called Debt Know How and Are You Credit Wise? 
     which target consumers at different stages of their financial 
     lives and aims to increase successful financial planning.
       By offering consumers easy-to-understand tips and resources 
     to increase their financial planning efforts, MasterCard's 
     Debt Know How program helps consumers successfully manage 
     debt. The program was developed in conjunction with the 
     University of Minnesota Extension Service and is available in 
     both English and Spanish. Debt Know How is offered in both a 
     ``trainer the trainer'' format for community leaders as well 
     as in a direct-to-consumer format design to reach families 
     currently struggling with debt.
       Are You Credit Wise? is MasterCard's consumer education 
     program which aims to increase financial literacy rates among 
     America's college students by teaching successful financial 
     planning skills. The program employs a peer-to-peer teaching 
     model to maximize its effectiveness, as college students are 
     more inclined to listen and act upon information coming from 
     their peers than from parents, teachers or counselors. In its 
     eighth year, the Are You Credit Wise? program has reached 
     more than 420,000 students on 58 college and university 
     campuses in the U.S. and Canada.
       We once again applaud your leadership and your tireless 
     efforts to improve the lives of the American people through 
     increased financial literacy.
           Sincerely,


                                                Joshua Peirez,

                            Group Executive, Global Public Policy.

[[Page 8793]]

     
                                  ____
                                                         NAMB,

                                   Washington, DC, April 10, 2007.
     Hon. Ruben Hinojosa,
     House of Representatives, Washington, DC.
     Hon. Judy Biggert,
     House of Representatives, Washington, DC.
       Dear Congressman Hinojosa and Congresswoman Biggert: On 
     behalf of the 27,000 members of the National Association of 
     Mortgage Brokers (NAMB), I would like to thank you and your 
     colleagues for your work on House Resolution 273, supporting 
     the goals of National Financial Literacy Month.
       At a time when home buyers and consumers face the hurdles 
     of a complicated marketplace and predatory lenders, your work 
     educating consumers is invaluable. As you know, an educated 
     consumer is a protected consumer.
       As H.R. 273 makes clear, smart financial management is the 
     result of a lifetime of sound spending habits and financial 
     education. Encouraging consumers to develop these good habits 
     is essential to ensuring strong credit and a healthy 
     financial outlook.
       NAMB joins you in our dedication to maintaining the highest 
     commitment to consumer education on mortgage and home-buying 
     issues. Our members work to improve the financial 
     understanding of consumers across the country in a variety of 
     ways. First, our work with Freddie Mac's CreditSmart and 
     CreditSmart Espanol has helped lower-income workers and 
     families better manage their financial futures. Second, we 
     inspire a commitment to consumer education in the next 
     generation of mortgage brokers through our work with Delta 
     Epsilon Chi (DECA). DECA is an international association of 
     high school and college students studying business and 
     entrepreneurship.
       NAMB applauds your commitment to this issue and your 
     dedication on behalf of consumers and across the Nation. We 
     salute your efforts to improve the lives and financial 
     futures of hard-working Americans.
           Sincerely,

                                                 Harry Dinham,

                                   President, National Association
     of Mortgage Brokers.
                                  ____



                                 Networks Financial Institute,

                                 Indianapolis, IN, April 10, 2007.
     Hon. Ruben Hinojosa,
     House of Representatives, Washington, DC.
     Hon. Judy Biggert,
     House of Representatives, Washington, DC.
       Dear Representatives Hinojosa and Biggert: On behalf of 
     Networks Financial Institute at Indiana State University 
     (NFI), I am writing to express our strong support for H. Res. 
     273 as well as our appreciation for your leadership on the 
     critical issue of financial literacy.
       In recent years, the need to improve financial literacy has 
     gained a significant amount of attention as Americans save 
     less for their retirement and spend more of their disposable 
     income. In our consumer oriented society, long-term saving 
     and investing for retirement have become overlooked 
     priorities and resulted in unsustainable credit card debt and 
     personal bankruptcies. This trend has the potential for long 
     term negative consequences on the well being of both 
     individual households and our nation's economic stability.
       NFI works diligently to effect positive change in the 
     financial literacy of all Americans through our research, 
     collaboration, and implementation of financial literacy 
     education programs. A deep body of research exists that shows 
     the importance of introducing literacy skills as early in a 
     child's cognitive development as possible. This continuum of 
     learning extends to financial literacy. As such, NFI is 
     committed to providing financial literacy education to all 
     age levels beginning in early childhood. Parents and teachers 
     are in the best position to shape the knowledge and behaviors 
     of future consumers, and to give children the foundation they 
     need to make the best financial literacy choices.
       NFI commends you for the very crucial role you play in the 
     financial education of Americans, and we look forward to 
     continuing to work with you and your colleagues in the House 
     Financial and Economic Literacy Caucus to insure that the 
     goals and ideals of Financial Literacy Month are realized 
     each and every day.
           Sincerely yours,
                                                Elizabeth A. Coit,
     Executive Director.
                                  ____

                                   Washington, DC, April 12, 2007.
     Hon. Ruben Hinojosa,
     House of Representatives, Washington, DC.
     Hon. Judy Biggert,
     House of Representatives, Washington, DC.
       Dear Representatives Hinojosa and Biggert: HSBC-North 
     America strongly supports H. Res. 273, a resolution 
     supporting the goals and ideals of Financial Literacy Month. 
     On behalf of HSBC, I would like to commend you and 
     Congresswoman Biggert for your ongoing efforts to highlight 
     the importance of financial literacy at the national level.
       As an industry leader, HSBC champions several issues 
     important to consumers, including financial education. 
     Through the Center for Consumer Advocacy, a repository of 
     information on financial literacy education, insights, and 
     guidance, HSBC continues its commitment to improving 
     America's financial literacy rates.
       Signature initiatives include:
       YourMoneyCounts.com--HSBC's consumer education website 
     provides information in a broad range of financial and money 
     management topics. There are over 1,900 site visitors per 
     month.
       Adult Financial Literacy Workshops--In partnership with the 
     Center for Neighborhood Enterprise (CNE), HSBC provides 
     financial education workshops at numerous community 
     locations. More than 5,000 families were educated in 2006.
       Financial Education Grant Program--HSBC provides $1 million 
     in grant funding to support consumer financial education, 
     credit management, and home buyer counseling programs. These 
     programs are provided by twelve organizations in nine states, 
     and assisted more than 164,000 families in 2006.
       YourFutureCounts--In partnership with the Society for 
     Financial Education and Professional Development (SFED), HSBC 
     presents credit management and personal financial management 
     seminars in Historically Black Colleges and Universities 
     (HBCU) campuses nationwide. More than 11,000 students have 
     attended seminars since the program's inception in 2005.
       Additionally, during Financial Literacy month, HSBC will 
     host and participate in many financial literacy activities 
     across the nation, including Capitol Hill, that help 
     Americans gain critical information necessary to successfully 
     manage their personal finances. For example, once again this 
     year, HSBC will serve as a lead sponsor of the Federal 
     Reserve Bank's Chicago Money Smart Week from April 30-May 5. 
     We are proud of our involvement in this important program 
     which offers consumers a wealth of information on how to 
     better manage their personal finances through more than 300 
     events ranging in topic from credit to home buying to 
     retirement.
       We, at HSBC, believe financial education empowers consumers 
     to use credit wisely, build assets and accumulate wealth, 
     providing everyone with an opportunity for a secure and 
     comfortable future.
       Your leadership on this issue is essential to raise 
     awareness and to implement a national strategy to improve the 
     money management, credit use, and debt management skills of 
     all individuals. We look forward to continuing to work with 
     you and greatly appreciate your efforts to make financial 
     literacy a nationwide endeavor.
           Sincerely,
                                                 J. Denis O'Toole,
           Senior Vice President, Government Relations HSBC-North 
     America.
                                  ____


          [From the Independent Community Bankers of America]

 ICBA Applauds Reps. Hinojosa and Biggert for Resolution on Financial 
                             Literacy Month

       Washington, DC. (April 4, 2007)--The Independent Community 
     Bankers of America (ICBA) strongly supports the bi-partisan 
     congressional resolution (H. Res. 273) designating April as 
     ``Financial Literacy Month,'' which calls on government, non-
     profit organizations and the private sector to raise public 
     awareness about the importance of financial education in the 
     United States and the serious consequences that can result 
     from a lack of understanding about personal finances.
       ``Managing money wisely is critical to success in life,'' 
     said James P. Ghiglieri, Jr., ICBA chairman and president of 
     Alpha Community Bank, Toluca, Ill. ``Too many Americans lack 
     the skill and knowledge to make appropriate financial 
     decisions. The more consumers and young adults know, the 
     better they are at managing their finances, and the better 
     they manage their finances, the more likely they are to enjoy 
     a secure financial future.''
       ICBA has an on-going commitment to improving financial 
     literacy by encouraging community banks to provide financial 
     education within their communities and by forging government, 
     nonprofit and private-sector partnerships, such as the FDIC 
     Money Smart program, JumpStart Coalition, and Practical Money 
     Skills for Life.
       ``We commend Reps. Ruben Hinojosa (D-Tex.) and Judy Biggert 
     (R-Ill.), along with the more than 100 cosponsors, for 
     introducing a resolution that supports the goals and ideas of 
     Financial Literacy Month,'' said Ghiglieri. ``Financial 
     education is important for today's consumers so that they can 
     understand and make good decisions when faced with the 
     complex array of financial products and services available.''
                                  ____

                                           National Association of


                                        Federal Credit Unions,

                                     Arlington, VA, April 5, 2007.
     Hon. Ruben Hinojosa,
     House of Representatives, Washington, DC.
     Hon. Judy Biggert,
     House of Representatives, Washington, DC.
       Dear Congressman Hinojosa and Congresswoman Biggert: On 
     behalf of the National Association of Federal Credit Unions 
     (NAFCU), the only trade organization that exclusively 
     represents the interests of our nation's federal credit 
     unions, I want to thank you for introducing H. Res. 273, in 
     support of the goals and ideals of Financial Literacy Month.

[[Page 8794]]

       As you know America's savings rate has been steadily 
     decreasing for years. While there is no easy solution to the 
     problem, highlighting the most problematic issues and 
     focusing on creating a comprehensive national plan to improve 
     financial literacy is a very important step forward. NAFCU 
     and its membership was particularly pleased to see Congress 
     acknowledge the importance of increasing financial literacy 
     awareness through the strong bi-partisan support of this 
     resolution. With America's savings rate at its lowest point 
     in years and consumer debt continuing to steadily grow, 
     designating April as Financial Literacy Month is an excellent 
     step in raising public awareness on this important issue.
       As I am sure you are already aware, improving financial 
     education and teaching members to invest prudently is a 
     hallmark of the credit union movement. I wanted to take this 
     opportunity to offer NAFCU's expertise in that field should 
     you have any questions regarding the many diverse and unique 
     programs that credit unions offer in this regard. With nearly 
     800 member credit unions, NAFCU and its members have a number 
     of knowledgeable individuals who have helped design and 
     implement numerous financial literacy programs.
       Again, if NAFCU can be of any help to you or the Committee, 
     please contact me or NAFCU Director of Legislative Affairs.
           Sincerely,
                                              Fred R. Becker, Jr.,
     President/CEO.
                                  ____



                                                         VISA.

     Hon. Ruben Hinojosa,
     House of Representatives, Washington, DC.
     Hon. Judy Biggert,
     House of Representatives, Washington, DC.
       Dear Representatives Hinojosa and Biggert: I am writing to 
     commend you for your efforts on behalf of financial 
     education, and for introducing H. Res. 273, a ``Resolution 
     Supporting the Goals of Financial Literacy Month.''
       Visa, through its ``Practical Money Skills for Life'' 
     program, has been working to expand and improve financial 
     literacy for youth in schools, as well as consumers at all 
     stages of life. This award-winning comprehensive educational 
     program includes interactive, computer based activities, as 
     well as plans that can be used by teachers to deliver 
     financial literacy lessons in the classroom.
       Visa developed Practical Money Skills for Life in close 
     consultation with educational and nonprofit financial 
     literacy organizations. These materials are available for 
     free through the Internet at http://
www.practicalmoneyskills.com/.
       Recently, Visa announced its first ever statewide rollout 
     of its ``Financial Football'' program in West Virginia. 
     Financial Football is a popular, interactive computer game 
     that incorporates content from Practical Money Skills for 
     Life, and tests students' knowledge by combining the 
     structure and rules of the NFL with financial education 
     questions.
       This statewide rollout, conducted in partnership with West 
     Virginia State Treasurer John D. Perdue, distributed 
     Financial Football game and curriculum CDs to all high 
     schools in the State.
       Visa is encouraged by your leadership on financial 
     education issues. We look forward to working with you, the 
     House Financial and Economic Literacy Caucus, your House and 
     Senate colleagues, and the Financial Literacy and Education 
     Commission, to advance this very important cause.
       Thank you again for your dedication to improving financial 
     literacy.
           Sincerely,

                                               Lisa B. Nelson,

                                 Senior Vice President & Director,
     Government Relations.
                                  ____



                            The Financial Services Roundtable,

                                   Washington, DC, April 13, 2007.
     Hon. Ruben Hinojosa,
     House of Representatives,
     Washington, DC.
     Hon. Judy Biggert,
     House of Representatives,
     Washington, DC.
       Dear Congressman Hinjosa and Biggert: The Financial 
     Services Roundtable applauds your leadership in introducing 
     House Resolution 273, recognizing the goals and ideals of 
     Financial Literacy Month. We strongly support your efforts to 
     strengthen Americans' understanding of the financial world.
       The Roundable considers financial literacy integral to 
     Americans in realizing their dreams by preparing them to 
     save, invest, and manage their money. This resolution 
     highlights the positive impact of sound financial literacy on 
     achieving life's goals. Whether you are just entering the 
     workforce, purchasing your first home or nearing retirement 
     age, everyone can benefit from increased financial awareness 
     and education.
       The Roundtable has put in place trusted resources like 
     www.MyMoneyManagement.net and 888-995-HOPE to help consumers. 
     MyMoneyManagement.net is the first industry-wide financial 
     education effort to provide comprehensive information to help 
     Americans with their financial difficulties and direct them 
     to nonprofit credit counselors. 888-995-HOPE is available 24/
     7 to homeowners in America having trouble paying their 
     mortgage. Homeowners receive free foreclosure prevention 
     counseling by expert counselors at HUD approved agencies.
       The Financial Services Roundtable represents 100 of the 
     largest integrated financial services companies providing 
     banking, insurance, and investment products and services to 
     the American consumer. Member companies participate through 
     the Chief Executive Officer and other senior executives 
     nominated by the CEO. Roundtable member companies provide 
     fuel for America's economic engine, accounting directly for 
     $65.8 trillion in managed assets, $1 trillion in revenue, and 
     2.4 millions jobs.
       We thank you for your leadership in recognizing Financial 
     Literacy Month through H. Res. 273. The Roundtable is proud 
     to support this important resolution.
           Best regards,
                                                   Steve Bartlett,
     President and CEO.
                                  ____



                                    AFSA Education Foundation,

                                   Washington, DC, April 12, 2007.
     Hon. Ruben Hinojosa,
     House of Representatives,
     Washington, DC.
     Hon. Judy Biggert,
     House of Representatives,
     Washington, DC.
     Re: Support for House Resolution 273
       Dear Representative Hinojosa and Representative Biggert: 
     The American Financial Services Association Education 
     Foundation (AFSAEF) and AFSA strongly support H. Res. 273--
     the bi-partisan resolution designating April as Financial 
     Literacy Month. Furthermore, we commend your exemplary 
     leadership in championing financial literacy education for 
     youth and adults.
       AFSAEF and AFSA are committed to improving the financial 
     literacy of all Americans and especially our youth through 
     our initiatives. AFSAEF developed and made available free of 
     charge MoneySKILL', an interactive online personal 
     finance curriculum, aimed at the millions of high school 
     students who graduate each year without a basic understanding 
     of money management fundamentals. It is designed to be used 
     as all or part of their grade for courses in economics, math, 
     or social studies. The 34-module curriculum includes the 
     content areas of income, expenses, assets, liabilities and 
     risk management that is targeted at high school students. A 
     life simulation module asks students to project their own 
     life expectancies regarding jobs, neighborhood, cars, 
     education plans, marriage plans and the number of children 
     they plan to have. The simulation allows students to 
     incorporate MoneySKILL' personal finance concepts 
     into their everyday lives. It challenges them to make the 
     concepts their own, providing them with skills that will last 
     a lifetime.
       Since it was introduced, high school teachers in all 50 
     states have been successfully incorporating 
     MoneySKILL' into their course curricula. In fact, 
     in the past two months teachers from 40 states have enrolled 
     more than 9,100 new students to use the course. Teacher-
     training workshops have proven to be the most effective way 
     to reach teachers. Currently we have 21 workshops scheduled 
     for this year; more are being added as conference plans are 
     finalized. In addition to MoneySKILL, AFSAEF provides a 
     comprehensive array of financial brochures and ``how to'' 
     materials for use by adults.
       AFSAEF and AFSA strongly support the goals of the House 
     Financial and Economic Literacy Caucus and especially your 
     unwavering leadership. We encourage the U.S. House of 
     Representatives to pass H.R. 273.
           Sincerely,
                                                  M. Susie Irvine,
     President and CEO, AFSA Education Foundation.
                                  ____



                                   Housing Assistance Council,

                                    Washington, DC, April 4, 2007.
     Hon. Ruben Hinojosa,
     House of Representatives,
     Washington, DC.
     Hon. Judy Biggert,
     House of Representatives,
     Washington, DC.
       Dear Congressman Hinojosa and Congresswoman Biggert: 
     Congratulations on your introduction of H. Res. 273, the 
     resolution designating April as Financial Literacy Month. 
     Congratulations also on your outstanding leadership on this 
     vitally important issue. The Housing Assistance Council 
     strongly supports your efforts through your caucus and this 
     resolution to increase awareness about the importance of 
     financial education and economic literacy in our nation.
       HAC sees on a regular basis the consequences that can 
     result from a lack of understanding about personal finances. 
     The local housing development nonprofits that HAC assists 
     often have a difficult time qualifying potential homebuyers 
     because of financial and credit problems. In addition, some 
     families that become homeowners may suffer if they do not 
     budget carefully or unwisely borrow against the equity in 
     their homes. These and other problems likely could be avoided 
     if the families and individuals involved learned better 
     personal financial literacy at a younger age, or in pre- and 
     post-purchase counseling.

[[Page 8795]]

       Please let us know if we can be of any help in your 
     admirable and essential work.
           Sincerely,
                                                      Moises Loza,
     Executive Director.
                                  ____

                                                   April 11, 2007.
     Hon. Ruben Hinojosa,
     House of Representatives,
     Washington, DC.
     Hon. Judy Biggert,
     House of Representatives,
     Washington, DC.
       Dear Representatives Hinojosa and Biggert: On behalf of the 
     Charles Schwab Foundation, I offer my congratulations on your 
     reappointment as Co-Chairs of the Financial and Economic 
     Literacy Caucus for the 110th Congress. I also want to thank 
     you for introducing H. Res. 273, which designates April as 
     ``Financial Literacy Month,'' and for attracting a bipartisan 
     group of more than 100 co-sponsors of the resolution. At 
     Schwab, we share your belief that increasing financial 
     literacy is critically important to ensuring that Americans 
     save more, spend responsibly, and plan for their futures.
       As you know, Schwab partners with the Boys & Girls Clubs of 
     America to offer a financial education program, ``Money 
     Matters: Make It Count,'' in teen Clubs around the country. 
     This program of fun, interactive lessons teaches teenagers 
     everything from the basics of opening a savings account and 
     writing checks to managing a budget, getting financial aid 
     for college and even the basics of investing and 
     entrepreneurship. This highly successful program has helped 
     provide financial confidence to more than 40,000 teens in the 
     first two years it was offered. It has also provided a great 
     opportunity for Schwab employees to offer their expertise as 
     teachers, both in the Clubs and in local schools.
       The need for improved financial education, particularly for 
     teens, was underscored by the results of Teens & Money, an 
     annual survey released last month by Schwab. We found that 
     teens have lofty expectations about their futures, estimating 
     that they will be earning an average salary of $145,500, 
     despite the fact that only 5 percent of the U.S. population 
     currently earns a six-figure income, and the average national 
     wages are about $40,000. And while 62 percent of teens say 
     that they are prepared to deal with the adult financial world 
     after high school, further probing finds gaps that do not 
     correspond with this confidence. Only 41 percent say they are 
     knowledgeable about how to budget, just 26 percent understand 
     how credit card fees and interest work, and only 24 percent 
     know whether a check-cashing service is a good thing to use. 
     The credit card issue is of particular concern, because our 
     survey found that almost a third (29 percent) of teens have 
     already incurred debt.
       The positive news from the survey is that teenagers want to 
     learn more about personal finance. Nearly 90 percent want to 
     learn how to make their money grow, and 60 percent say that 
     learning about money management is a top priority. But teens 
     are not getting the education they need. Just 28 percent are 
     being taught about budgeting, spending and saving by their 
     parents or guardians. Only 24 percent say that their parents 
     have taught them how to use a credit card responsibly. 
     Interestingly, two-thirds of the teens surveyed say they 
     would prefer to learn through experience rather than in the 
     classroom.
       To help address these issues, Schwab is launching this 
     month Schwab MoneyWiseTM, a comprehensive cross-
     generational package of financial education materials, 
     including a web site, which will offer tools for parents who 
     would like to help their teens learn more about money.
       We believe that programs like our partnership with the Boys 
     & Girls Clubs of America and our new MoneyWise initiative are 
     important ways to reach young people, and there are numerous 
     other programs sponsored by other companies and organizations 
     that are focused on the same goal. We also believe that there 
     needs to be a concerted national effort to raise awareness 
     about the importance of financial literacy. Every level of 
     government, our schools, our private sector companies, our 
     non-profit organizations, and, perhaps most importantly, our 
     parents all have an important role to play. We need to 
     continue to work together to find creative solutions and 
     encourage a national discussion of the basics of financial 
     education. Efforts like designating April as ``Financial 
     Literacy Month'' and the April 24th Financial Literacy Day on 
     Capitol Hill are important parts of this effort, and we are 
     very pleased to support both.
       Thank you very much for your leadership on this important 
     issue.
           Sincerely,
                                          Carrie Schwab Pomerantz,
                             President, Charles Schwab Foundation.
                                  ____
                                  


                                                  Freddie Mac,

                                       McLean, VA, April 16, 2007.
     Hon. Ruben Hinojosa,
     House of Representatives,
     Washington, DC.
       Dear Congressman Hinojosa: On behalf of Freddie Mac, I am 
     writing to express our support for the bi-partisan 
     Congressional resolution (H. Res. 273) supporting April as 
     ``Financial Literacy Month,'' cosponsored by 115 Members of 
     the House of Representatives.
       As a secondary mortgage market entity, Freddie Mac has made 
     home possible for one in six home buyers and more than four 
     million renters in America. We greatly understand the 
     important role financial literacy plays in obtaining and 
     maintaining good credit. Credit records affect everything 
     from renting an apartment to buying a home, paying for a 
     college education to purchasing a car. Poor credit histories 
     limit the ability of many consumers to attain financial 
     security, particularly those in under-served communities--
     including low-income consumers, minorities and immigrants. 
     Without good credit, it's difficult to save money, become a 
     homeowner, and accumulate wealth.
       In response to the need to increase financial literacy and 
     awareness, Freddie Mac developed the CreditSmart', 
     and CreditSmart' Espanol consumer education 
     curricula. CreditSmart is designed to help consumers 
     understand, build, and maintain good credit. Since its launch 
     in 2000, the CreditSmart program has reached in excess of one 
     million people through its outreach network of Community 
     Based organizations, conventions, initiatives and web access. 
     (www.freddiemac.com/creditsmart)
       CreditSmart is used in numerous communities across America 
     and is taught to consumers by college instructors, nonprofit 
     counseling agency staff, consumer and community group staff, 
     police officers, employers, lenders, real estate 
     professionals and mortgage brokers. Just two months ago, 
     Freddie Mac launched CreditSmart Asian a new three-part 
     series of multilingual guidebooks focused on helping Asian 
     Americans become more informed consumers. This program will 
     be available in Chinese, Korean, Vietnamese, and English.
       Freddie Mac has also been a leader in sponsoring a 
     successful consumer awareness campaign to help consumers 
     avoid predatory lending practices. Don't Borrow 
     Trouble', is a national award-winning campaign 
     that combines public education and counseling services to 
     help homeowners avoid lending practices that strip away their 
     home's equity. Pioneered in Boston by Mayor Thomas M. Menino 
     and the Massachusetts Community & Banking Council (MCBC), 
     Freddie Mac has expanded the campaign to communities 
     nationwide to almost 50 cities and states throughout the 
     country. These campaigns have helped inform more than 100,000 
     consumers across the U.S.
       Freddie Mac commends you for your bringing this resolution 
     to the House of Representatives to continue to draw awareness 
     to the need for financial literacy and we are grateful for 
     your leadership of the Financial Literacy Caucus.
           Sincerely,
                                             Kirsten Johnson-Obey,
                                Director, Congressional Relations.
                                  ____
                                  

Statement by Forum CEO Donald L. Evans on Financial Literacy Resolution

       Washington, DC.--Financial Services Forum CEO Donald L. 
     Evans issued the following statement on H. Res. 273, a 
     resolution supporting Financial Literacy Month:
       ``Financial assets--stock, bonds, mutual finds, and 
     insurance products--are powerful tools for building wealth 
     and providing for a secure future. With a record number of 
     Americans approaching retirement, financial literacy is more 
     important than ever. Rep. Ruben Hinojosa and Rep. Judy 
     Biggert are bringing appropriate focus to the goal of 
     providing a better financial education to all Americans. We 
     appreciate their efforts to raise awareness of financial 
     literacy and fully support their efforts.''
       Last April, the Financial Services Forum released a survey 
     finding that two in five (42 percent) of Americans say they 
     know only some, very little, or not much about how to 
     effectively manage their long-term personal finances and 
     retirement security. The poll also found that 60 percent of 
     young people (between the ages of 18 and 34) say they do not 
     have the knowledge they need to effectively manage their 
     personal finances and retirement security.
       The Financial Services Forum has also issued a report 
     detailing the significant commitment of Forum member firms to 
     financial literacy programs.
       A copy of that report and the survey are available on our 
     web site at www.financialservicesforum.org.
                                  ____



                                  America's Community Bankers,

                                                   April 11, 2007.
     Hon. Ruben Hinojosa,
     House of Representatives,
     Washington, DC.
     Hon. Judy Biggert,
     House of Representatives,
     Washington, DC.
       Dear Representatives Hinojosa and Biggert: On behalf of 
     America's Community Bankers (ACB) and its over 1000 member 
     institutions, I am writing to express our strong support for 
     H. Res. 273, a Resolution to support the goals and ideals of 
     Financial Literacy Month. ACB commends you both for your 
     ongoing leadership and commitment to increasing awareness of 
     financial literacy in the United States, and we are also 
     pleased that a similar Resolution, S. Res. 126, has been 
     approved by the United States Senate.
       The American financial services system often presents a 
     maze of decisions, and ACB

[[Page 8796]]

     has always made financial literacy a top priority to help 
     consumers choose wisely. ACB's members are dedicated to 
     strengthening America's communities by meeting the financial 
     needs of consumers fairly and efficiently. As the 
     responsibility for individuals to manage their own finances 
     increases, so does our responsibility to provide individuals 
     from every economic background with the tools they need to 
     navigate their financial environment. ACB is committed to 
     ensuring that all Americans have fair and equitable access to 
     credit, and that consumers have the necessary skills to make 
     wise financial decisions.
       The goals expressed in H. Res. 273 recognize many of ACB's 
     core principles, and we look forward to continuing to work 
     with both of you, along with the House Financial and Economic 
     Literacy Caucus, to make financial literacy a priority of the 
     110th Congress.
           Sincerely,

                                              Robert R. Davis,

                             Executive Vice President and Managing
     Director, Government Relations.
                                  ____



                                 Consumer Bankers Association,

                                                    Arlington, VA.
     Re H. Res. 273

     Hon. Ruben Hinojosa,
     House of Representatives,
     Washington, DC.
     Hon. Judy Biggert,
     House of Representatives,
     Washington, DC.
       Dear Representatives Hinojosa and Biggert: The membership 
     of the Consumer Bankers Association has taken a leadership 
     role in providing financial education, offering instruction 
     in every field of personal finance, including home ownership, 
     foreclosure prevention, credit card usage, basic budgeting 
     and a host of other topics relevant to the needs of our 
     customers. CBA has found that such efforts have helped 
     produce knowledgeable consumers with the financial skills 
     needed for the responsible use of the products and services 
     available today from our member banks.
       It is because of the intensive and extensive efforts to 
     educate their customers that our membership welcomes your 
     efforts to recognize the importance of financial literacy by 
     promoting Financial Literacy Month through H. Res. 273. We 
     believe the Resolution is a welcome part of the campaign so 
     that everyone is provided the tools to navigate the sometimes 
     complex waters of today's economy.
       We congratulate you for highlighting the commitment to 
     financial literacy. CBA pledges our full support to promote 
     the goals of Financial Literacy Month and offers our 
     assistance to the Congress and our communities in creating a 
     better-educated population of financial services consumers.
       Please do not hesitate to contact us if you feel we can be 
     of further assistance in your endeavors to promote financial 
     education.

                                           Marcia Z. Sullivan,

                                      Vice President and Director,
     Government Relations.
                                  ____

       Washington, Apr. 4 2007.--The National Association of 
     Affordable Housing Lenders (NAAHL) strongly supports the 
     bipartisan congressional resolution (H. Res. 273) designating 
     April as ``Financial Literacy Month,'' to increase awareness 
     about the importance of financial education in the United 
     States and the serious consequences that can result from a 
     lack of understanding about personal finances.
       ``NAAHL represents America's leaders in moving private 
     capital to those in need,'' said NAAHL President and CEO Judy 
     Kennedy. ``Our members have helped lead efforts to increase 
     financial education nationwide, especially for low- and 
     moderate-income persons.''
       ``For example, NAAHL members ShoreBank and NeighborWorks 
     America, in partnership with the federal banking regulators, 
     have pioneered programs and approaches which have resulted in 
     greater financial literacy in underserved communities,'' 
     Kennedy said.
       ``We commend Reps. Ruben Hinojosa (D-Texas) and Judy 
     Biggert (R-Ill.) for introducing this resolution that 
     supports the goals and ideals of Financial Literacy Month.''
       The resolution has more than 100 cosponsors in the House of 
     Representatives. A similar resolution, S. Res. 126, has been 
     approved by the Senate.
                                  ____

     Hon. Ruben Hinojosa,
     House of Representatives,
     Washington, DC.
       Dear Representative Hinojosa: The Texas Credit Union League 
     is pleased to support House Resolution 273. As you know, the 
     Texas Credit Union League through our Foundation supports 
     financial literacy in a big way. Project NEFE--a statewide 
     collaborative initiative to bring the accredited High School 
     Financial Planning Program along with comprehensive training 
     to schools across Texas--is one of the primary missions of 
     our Foundation. All material and training is offered free of 
     charge.
       The NEFE curriculum meets the learning objectives and 
     standards approved by the Texas Education Agency and State 
     Board of Education to meet the requirement. Credit unions are 
     all about people helping people, and there is no greater way 
     to demonstrate that commitment than credit unions working 
     with teachers and providing the volunteer efforts to train 
     our children in financial matters. We have been extremely 
     pleased and excited on how our Foundation, Texas Cooperative 
     Extension and NEFE have worked together to deliver this free 
     education to our younger generation.
       On behalf of the seven million credit union members 
     concerned with the issue of financial literacy, we applaud 
     you and your many cosponsors. We look forward to joining our 
     voice with yours in the cause of financial literacy.
           Sincerely,
                                                   Dick Ensweiler,
     CEO/President, Texas Credit Union League.
                                  ____



                                           Girls Incorporated,

                                     New York, NY, April 12, 2007.
     Hon. Ruben Hinojosa,
     House of Representatives,
     Washington, DC.
     Hon. Judy Biggert,
     House of Representatives,
     Washington, DC.
       Dear Representative Hinojosa and Representative Biggert: 
     Girls Inc. is proud to join you in supporting H. Res. 273, 
     and the ideals and goals of Financial Literacy Month. 
     Financial education is critical to ensuring that individuals 
     gain the skills necessary to assess financial opportunities 
     and successfully manage their money. We applaud you for your 
     leadership on this important bill.
       Through our affiliates across the country, Girls Inc. 
     teaches girls and their families important finance skills 
     that help them to understand topics such as banking, saving, 
     and investments, thus helping their future economic security, 
     success, and well-being. We believe girls in particular 
     benefit from opportunities to learn these essential skills. A 
     survey we conducted in 1998 of teenage daughters and their 
     mothers, found that the number one concern of mothers was 
     they would not have enough money at one point in their lives. 
     Other surveys have shown that girls are less likely than boys 
     to consider themselves ``very knowledgeable or confident'' 
     about financial issues and money management. Economic and 
     financial literacy is critical to helping girls plan for and 
     achieve economic independence.
       We thank you for your commitment to this issue and your 
     understanding of the necessity of such a bill as H. Res. 273.
           Sincerely,
                                                   Joyce M. Roche,
                                                President and CEO.


     
                                  ____
                            First Nations Oweesta Corporation,

                                   Rapid City, SD, April 11, 2007.
     Hon. Ruben Hinojosa,
     House of Representatives,
     Washington, DC.
     Hon. Judy Biggert,
     House of Representatives,
     Washington, DC.
       Dear Representatives Hinojosa and Biggert: The Native 
     Financial Education Coalition (NFEC) and First Nations 
     Oweesta Corporation (Oweesta) strongly support your efforts 
     to officially designate April as ``Financial Literacy 
     Month''. As the national voice advocating for stronger 
     personal financial management skills among Native peoples, 
     the NFEC urges Congress to pass the bi-partisan H. Res. 273 
     as a step toward raising awareness and spurring action toward 
     better financial education in Native communities across the 
     country.
       Native communities across the board are lacking in 
     financial education skills, which directly relates to the 
     poverty and other social ills that often define Native 
     peoples in the eyes of others. For example, Native 
     communities are a hotbed for predatory lenders because Native 
     people do not have the skills or awareness to understand the 
     financing and credit process sufficiently, and a large 
     percentage of our families are among the unbanked. We do not, 
     however, have to let this situation define us and our 
     involvement in Financial Literacy Month over the years is one 
     way of taking control of our own lives and moving towards 
     economic sovereignty.
       The NFEC and Oweesta believe so strongly in this issue that 
     this month, on April 26th, we will host the 3rd Annual Native 
     Financial Education Policy Briefing in Washington, DC for 
     lawmakers, staffers, Native leaders and others interested in 
     Native financial education. In the past we have intentionally 
     held the Briefing in April to commemorate Financial Literacy 
     Month and see a real benefit to making it officially 
     recognized as such. We commend you for your leadership on 
     this issue and look forward to continuing our work together 
     to make financial education a reality for all Native 
     communities.
           Sincerely,
                                                      Elsie Meeks,
           Executive Director, First Nations Oweesta Corporation, 
                Chairperson, Native Financial Education Coalition.

[[Page 8797]]


     
                                  ____
                                         North American Securities


                             Administrators Association, Inc.,

                                    Washington, DC, April 6, 2007.
     Hon. Ruben Hinojosa,
     Washington, DC.
     Hon. Judy Biggert,
     Washington, DC.
       Dear Congressman Hinojosa and Congresswoman Biggert: On 
     behalf of NASAA thank you for introducing H. Res. 273, which 
     supports the goals and ideals of Financial Literacy Month. 
     State securities regulators have a long tradition of 
     protecting investors through education, and most have 
     established an investor education department within their 
     regulatory agency. Several of NASAA's Investor Education 
     Section's current activities include: personal finance, 
     investor and fraud prevention education on military 
     installations; empowering senior citizens to spot, stop and 
     avoid financial scams and several initiatives designed to 
     teach youth the value of sound investing principles. Whether 
     offering students the opportunity to understand the workings 
     of Wall Street through the InvestEd stock market game, 
     sponsoring an essay contest on how investing can create 
     financial independence in South Dakota, or reaching out to 
     teens in New Jersey through a Consumer University that 
     teaches investing, regulators are connecting with youth 
     across the country.
       As part of the effort to educate our nation's youth, in 
     April, state securities division staffs will join in 
     celebrating ``Financial Literacy Month'' by visiting schools 
     throughout their state to teach students about personal 
     finance, the capital markets, investment choices and fraud.
       Reaching out to our young citizens is just one component of 
     the ongoing financial education effort undertaken by state 
     securities regulators. We are dedicated to improving 
     financial literacy for our constituents of all ages, 
     recognizing that financial education has a direct impact on 
     the economic health of our families, communities, states and 
     this country overall. This year NASAA will be launching a new 
     investor education podcast series as part of Financial 
     Literacy Month. The series, ``The Alert Investor,'' is a 
     resource for the public to learn about investing wisely, 
     avoiding fraud and how to exercise their rights as investors.
       We commend you for your continued efforts to draw attention 
     to the importance of financial literacy programs, and NASAA 
     looks forward to participating in Financial Literacy Day on 
     Capitol Hill. Please contact Daphne Smith, Tennessee 
     Securities Commissioner and Chair of NASAA's Investor 
     Education Section, or Deborah House in NASAA's corporate 
     office if we may be of further assistance to you. We look 
     forward to continuing our work with you and your offices on 
     this particular issue.
           Sincerely,

                                               Joseph P. Borg,

                                                  NASAA President,
                          Director, Alabama Securities Commission.


     
                                  ____
                                                   April 13, 2007.
     Hon. Ruben Hinojosa,
     House of Representatives,
     Washington, DC.
     Hon. Judy Biggert,
     House of Representatives,
     Washington, DC.
       Dear Representatives Hinojosa and Biggert: On behalf of 
     Wells Fargo & Co., I am writing to express our strong support 
     for H. Res. 273, a Resolution that raises awareness and 
     support for financial literacy. Wells Fargo commends the 
     leadership and determination that both of you have 
     demonstrated as leaders of the financial literacy caucus.
       Wells Fargo is committed to working with you in addressing 
     the need for financial literacy for all Americans. Wells 
     Fargo's financial literacy program, Hands on 
     Banking' and El futuro en tus manos', 
     targets all age groups from elementary schools to adults. The 
     program has been developed in collaboration with teachers and 
     administrators across the country. The Department of 
     Education in Texas, Utah and South Carolina has approved this 
     program for school districts in their state. Wells Fargo has 
     also partnered with various non-profit groups to put Hands on 
     Banking and El futuro en tus manos into the hands of those 
     who can benefit the most including: National Council of 
     Economic Education, Jump$tart Coalition, Navajo Nation in 
     Arizona and the Mexican Consulates in Texas and California.
       Wells Fargo believes the key to economic self-sufficiency 
     is financial education. With this in mind, we are proud to 
     express our support for H. Res 273 and look forward to 
     continuing to team up with you and the House Financial and 
     Economic Literacy Caucus to increase financial education 
     throughout the United States.
           Sincerely,

                                                 Pamela Erwin,

                                            Senior Vice President,
                                           Wells Fargo Foundation.


     
                                  ____
                                                    National Youth


                                            Involvement Board,

                                       Aurora, CO, April 16, 2007.
     Hon. Ruben Hinojosa,
     House of Representatives,
     Washington, DC.
     Hon. Judy Biggert,
     House of Representatives,
     Washington, DC.
       Dear Representative Hinojosa and Representative Biggert: 
     The National Youth Involvement Board is grateful for your co-
     sponsorship of H. Res. 273, and we share with you the values 
     upheld during Financial Literacy Month. You have been 
     steadfast in leading a surge in attention to Americans' 
     personal financial strength and the financial education each 
     citizen deserves. As an organization that represents and 
     consists of citizens from all walks of life, we proudly share 
     your devotion.
       The National Youth Involvement Board (NYIB) is a volunteer 
     network of not-for-profit credit unions, affiliated 
     organizations, and other enthusiasts committed to providing 
     young people the financial fundamentals they need for a 
     lifetime of success. Whether through youth-specific services, 
     classroom presentations, or collaborative efforts with 
     organizations like Junior Achievement Worldwide and the 
     National Endowment for Financial Education, NYIB members have 
     long demonstrated creativity and cooperation toward our 
     common purpose.
       We at the National Youth Involvement Board understand that 
     visible national recognition of the need for personal 
     financial literacy is essential to a promising future for 
     America. Your efforts--specifically H. Res. 273--have created 
     exactly that. Thank you!
           Sincerely,

                                                  John Faries,

                                                         Chairman,
     National Youth Involvement Board.
                                  ____

                                        National Council of Higher


                                      Education Loan Programs,

                                   Washington, DC, April 12. 2007.
     Hon. Ruben Hinojosa,
     House of Representatives,
     Washington, DC.
     Hon. Judy Biggert,
     House of Representatives,
     Washington, DC.
       Dear Representatives Hinojosa and Biggert: On behalf of the 
     members of the National Council of Higher Education Loan 
     Programs (NCHELP). I am writing to enthusiastically support 
     House Resolution 273. Our members help millions of students 
     fund higher education each year. We agree with you that it is 
     more important than ever that students and their families 
     have the information and tools necessary to make good 
     financial decisions.
       NCHELP members support and share the goal of House 
     Resolution 273 to increase financial literacy among all 
     Americans and to raise public awareness about the importance 
     of a sound financial education. Our members provide 
     information and training to college-bound students all around 
     the country on topics like managing credit and checking 
     accounts, basic credit and budgeting concepts, and personal 
     financial management, better preparing these students to make 
     good financial decisions and borrow responsibly. Materials 
     are made available in Spanish and other languages where 
     needed to ensure all Americans receive this important 
     information on college access and financial literacy. Our 
     members also partner with organizations like the Jump$tart 
     Coalition, Junior Achievement and 360 Degrees of Financial 
     Literacy to promote financial education to middle and high 
     school students.
       I thank you both for your continued leadership of the 
     Financial and Economic Literacy Caucus and pledge that the 
     members of NCHELP stand ready to assist you and your 
     colleagues in this important endeavor.
           Sincerely,
                                                    Brett E. Lief,
     President.
                                  ____



                                                  Countrywide,

                                    Calabasas, CA, April 12, 2007.
     Hon. Ruben Hinojosa,
     House of Representatives, Rayburn House Office Building, 
         Washington, DC.
     Hon. Judy Biggert,
     House of Representatives, Longworth House Office Building, 
         Washington, DC.
     Re: Support for H. Res. 273.
       Dear Congressman Hinojosa and Congresswoman Biggert: On 
     behalf of Countrywide Financial Corporation I want to commend 
     you and your colleagues in the House Financial and Economic 
     Literacy Caucus for the introduction of H. Res. 273, which 
     supports the goals and ideals of Financial Literacy Month.
       Founded in 1969 on the belief that all Americans should 
     have the opportunity to own a home, Countrywide has become 
     the largest home mortgage lender in the nation and a leader 
     in providing home loans to first-time buyers, minorities and 
     low- and moderate-income families. Today, Countrywide has 
     grown to more than 54,000 employees with 900 retail offices 
     nationwide. We at Countrywide share the sentiments and 
     concerns expressed in H. Res. 273, and we strongly support 
     the goal of improving the quality and reach of financial 
     education in America, particularly to lower- and moderate-
     income individuals and families.
       To that end, in conjunction with Financial Literacy Month 
     Countrywide has launched

[[Page 8798]]

     its Home Ownership Mortgage Education (H.O.M.E.) program. The 
     H.O.M.E. program is a comprehensive online reference tool, 
     available at www.HomeBvCountrvwide.com. providing consumers 
     with information on all aspects of homeownership, from basic 
     personal finance to life as a homeowner. By offering this 
     financial and homebuyer education program, Countrywide 
     supports consumers' ability to make well-informed financial 
     decisions as they pursue the dream of homeownership.
       The H.O.M.E. program is a further extension of 
     Countrywide's founding mission and one of several education 
     initiatives that Countrywide supports. In January 2005, 
     Countrywide announced a $1 million, five-year commitment to 
     the U.S. Conference of Mayors' DollarWi$e Campaign. As a 
     founding sponsor of the campaign, Countrywide supports 
     Capacity Grants, a component of the campaign that makes 
     grants to cities that are developing or expanding local 
     financial education strategies for consumers. More than 100 
     cities now conduct local DollarWi$e campaigns and Capacity 
     Grants have been awarded to the following cities: Pleasanton 
     (CA), Quincy (IL), Bowling Green (KY), Quad Cities (IL, IA), 
     Detroit, Savannah and Miami.
       Again, I want to express my personal support and that of 
     our employees for H. Res. 273, and for the goals and ideals 
     of the House Financial and Economic Literacy Caucus.
           Sincerely,
                                                 Angelo R. Mozilo,
     Chairman and CEO.
                                  ____



                               State Farm Insurance Companies,

                                  Bloomington, IL, April 12, 2007.
     Hon. Ruben Hinojosa,
     Rayburn House Office Building, House of Representatives, 
         Washington, DC.
     Hon. Judy Biggert,
     Longworth House Office Building, House of Representatives, 
         Washington, DC.
       Dear Representatives Hinojosa and Biggert: As a leader in 
     insurance and financial services, State Farm' 
     strongly supports H Res. 273. This resolution in support of 
     the goals and ideals of Financial Literacy Month clearly 
     illustrates the need for increased efforts to build financial 
     and economic literacy in the United States, especially among 
     young people.
       State Farm is committed to promoting financial literacy 
     among Americans of all ages. In 2006, State Farm contributed 
     more than $1.3 million dollars to financial literacy 
     programs; and, in 2007, we will contribute nearly $2 million. 
     Our contributions target the issue of financial literacy in 
     many ways, from grassroots efforts that are led by youth, to 
     training aimed at teacher education, to content designed for 
     adults.
       On behalf of State Farm, I congratulate you both on your 
     continued leadership of the Financial and Economic Literacy 
     Caucus. Your commitment to promoting the importance of 
     financial literacy through events like the upcoming Financial 
     Literacy Day on the Hill benefits not only your constituents, 
     but thousands of other Americans seeking access to higher 
     education, homeownership, retirement savings, and other 
     fundamental financial goals.
       We look forward to a continued relationship with you as we 
     work to address this very important issue. If State Farm can 
     serve as a resource to you or the Caucus, please feel free to 
     contact me.
           Sincerely,
                                             Michael A. Fernandez,
     Vice President, Public Affairs.
                                  ____



                                  Consumer Mortgage Coalition,

                                   Washington, DC, April 15, 2007.
     Hon. Ruben Hinojosa,
     House of Representatives, Rayburn House Office Building, 
         Washington, DC.
     Hon. Judy Biggert,
     House of Representatives,
     Longworth House Office Building, Washington, DC.
       Dear Representatives Hinojosa and Biggert: The Consumer 
     Mortgage Coalition, a trade association of national mortgage 
     lenders, servicers, and service providers, strongly endorses 
     the bi-partisan Congressional resolution, H.R. 273, 
     supporting April as ``Financial Literacy Month''. We applaud 
     and thank you and all of the cosponsors of this resolution 
     for your efforts to both raise awareness about the critical 
     need for financial education in the United States and 
     encourage the government and the private sector to work 
     towards our common goal on this issue.
       Our nation's finance system offers access to capital and 
     mortgage credit to consumers of almost every economic 
     condition. This has contributed significantly to raising our 
     nation's homeownership rate to the highest in history. 
     Homeownership remains the fundamental first step towards an 
     individual's ability to accumulate personal wealth, as well 
     as contributing to neighborhood and community stability, 
     among many other attributes.
       For most households, purchasing a home is the most 
     significant financial transaction they will ever make. 
     Therefore, it is very important that homebuyers understand 
     and are able to choose the mortgage loan product that best 
     fits their individual financial needs. In order for a 
     consumer to make the right choice, however, they must be 
     financially literate.
       Moreover, a well-informed consumer is the first line of 
     defense against mortgage fraud and predatory mortgage 
     origination practices. If consumers are able to fully 
     understand the options before them, they will be better able 
     to defend themselves against those who hope to take advantage 
     of them.
       From a broader perspective, our member companies strongly 
     believe that financial education has a direct impact on the 
     economic health of our families, our communities, and our 
     nation.
       Again, we thank and applaud you for your leadership on this 
     important initiative.
       With best regards, I am
           Sincerely,
                                                 Anne C. Canfield,
     Executive Director.
                                  ____


               [From the Washington Post, Mar. 30, 2007]

  Money's On the Line During These Classes: Colleges Teach Financial 
                                 Basics

                           (By Susan Kinzie)

       Heather O'Brien graduates from Georgetown University this 
     spring with an education in biology, in English, in history. 
     She leaves with a newfound conviction that she should work in 
     the ministry. And with about $63,000 in debt.
       ``When I got here,'' she said, ``finances were the last 
     thing on my mind. I was on my own for the first time, in a 
     new place. It was very exciting--and it seemed like college 
     would last forever.''
       Now, she's taking one last set of classes. It's a sort of 
     Real World 101, a crash course in money: Georgetown is 
     offering a series of financial literacy workshops for 
     seniors, covering such topics as loan repayment and 
     consolidation, spending, credit cards, taxes and benefits.
       The professors and other financial experts leading the 
     classes all say the same thing: If only I'd known this when I 
     was your age.
       ``These are lessons best learned young,'' said adjunct 
     business professor Michael Ryan, ``when there's not a lot on 
     the line.''
       Students are leaving college with more debt than ever, now 
     that more of them have to rely on loans, tuition keeps rising 
     and credit cards are being pushed on many campuses. The 
     median education loan debt is nearly $20,000 for full-time 
     students at four-year colleges. And that's not including 
     credit cards; more than half of students surveyed this winter 
     by Sallie Mae had piled on more than $5,000 in debt in 
     school. And one-third added more than $10,000 in credit-card 
     debt.
       Some students treat credit cards and student loans like 
     found money, for spring break trips or betting on NCAA 
     brackets. But many are struggling to afford college; nearly a 
     quarter charge part of their tuition. And most need to get 
     used to managing expenses, learning--often the hard way--as 
     they go along.
       Now some schools are adding courses on financial basics. 
     Beginning this academic year in Virginia, for example, public 
     universities are required to offer some financial literacy 
     training, said Barry Simmons, Virginia Tech's director of 
     scholarships and financial aid. The school designed an 
     optional online class, covering budgeting, credit cards and 
     other basics for freshmen. The University of Virginia has a 
     pilot program, too.
       Financial companies offer occasional courses on campus, and 
     some have pitched in on the Georgetown classes. The added 
     focus comes as scrutiny on universities' relationships with 
     lenders increases and as Congress moves to ease the burden on 
     students.
       Some students arrive on campus used to managing credit, 
     balancing budgets, maybe even trading stocks. But others--
       ``We get the sense that students don't really understand 
     how money works,'' said Greg Pasqua, a senior at Georgetown 
     who heads the student-run credit union and helped organize 
     the seminars. ``People do things that aren't very intelligent 
     with their money. Overdraw accounts six times on $2 
     purchases, and get hit with six fees for buying bubble gum. 
     Or get reported to Equifax because you didn't pay your loan 
     on time, and you're like, `I'll get it next time.' ''
       Ryan said, ``It's amazing what some students don't know--
     that 30 to 40 percent of their proceeds will be taxed away . 
     . . Even basic things like 401(k)s,'' or whether they should 
     put money into the pretax retirement savings accounts.
       At two recent workshops at Georgetown, students interrupted 
     to ask, ``What is a 401(k), anyway?''
       So professors and other experts sorted through the 
     unfamiliar names and the jargon, explained the types of 
     benefit choices they'll be expected to make, how to figure 
     out what their monthly loan payments and take-home pay will 
     be, how to invest in their 20s.
       It's not difficult stuff. It's just--who has time to think 
     about credit scores and interest rates when there's so much 
     else going on?
       Until a car loan or a lease is turned down because of a bad 
     credit score, or late fees pile up.
       When O'Brien was a high school senior in Texas, she was 
     offered a full scholarship to another school. But she loved 
     Georgetown; when she visited, someone told her that everyone 
     there has been given many gifts and that they should think 
     about how to give back.

[[Page 8799]]

       So she didn't pay too much attention to the details of the 
     loans she was taking out. ``When I was a freshman, I was 
     like, `Loans, great! I don't have to pay them back 'til I 
     stop going to school--cool.' ''
       It's not just tuition (which is a hefty $33,000-plus this 
     year, before housing, books and fees.) In Georgetown, with 
     shops selling $200 jeans and bars mixing $15 cocktails, there 
     are plenty of ways to bleed money within stumbling distance 
     of campus.
       O'Brien didn't make any big mistakes; she was carefu1. She 
     knew she didn't want to drop a couple of weeks' paychecks 
     from her on-campus job on a top from some little boutique 
     nearby; she'd rather take a bus to shop somewhere cheaper. 
     She's not a big drinker, so she doesn't wake up wondering 
     what happened to her wallet. But she does like ordering music 
     and books online, and she didn't realize how quickly it could 
     add up.
       ``It wasn't until senior year, when I had to pay my own 
     rent and pay utilities, that I really understood what $60,000 
     was,'' she said, referring to her tuition debt.
       This year, too, she started setting rules for herself. ``I 
     eat lunch on campus once a week and pack my lunch the other 
     days.'' And she limits her online purchases to $20 a month. 
     She opened a separate account for her rent money so she's not 
     tempted to dip into it.
       The classes have already changed her mind-set, she said. 
     She learned about interest rates and credit scores. ``I have 
     had a couple of late payments that dinged me. I just thought, 
     `Oh, one day late, not a big deal.''' But in the class she 
     learned that could cost major benefits. ``If you go three 
     years [paying] on time, you could have a 3 percent decrease 
     in the interest rate--which is amazing.''
       She doesn't regret taking out the loans; she had so many 
     great classes at Georgetown that she kept switching majors, 
     from pre-med to English and so on. ``This is the place that 
     made me who I am,'' she said, ``The ideals, the professors, 
     the chaplains, the friends I made.''
       She's excited to become a chaplain or a grief and crisis 
     counselor at a hospital after graduate school. She knows she 
     won't get paid much, but she's absolutely sure it's what 
     she's meant to do.
       ``There are some things I look back and wish they were 
     different,'' she said. She might have taken out smaller 
     loans, with less money for expenses. ``I might have had more 
     of a realization that all of that was [racking up] interest 
     and would take a long time to pay back.''
       Now she has a better idea of how to manage loans and 
     evaluate benefits and salary. The classes reminded her to 
     budget carefully and put money away for retirement when she 
     can.
       Then again, she's not sure that had she learned all this 
     earlier it would have changed many of the decisions she made. 
     ``Graduation,'' she said, ``was so far away.''

  Mr. DREIER. Mr. Speaker, I would like to thank my colleagues Mr. 
Hinojosa and the Mrs. Biggert, for introducing H. Res. 273, a 
resolution supporting the goals and ideals of Financial Literacy Month. 
As a member of the Financial and Economic Literacy Caucus and a 
cosponsor of this resolution, I am proud to support this measure.
  In this 21st century economy, more Americans have access to financial 
services and products than ever before. With the click of a button, 
consumers can perform a variety of financial activities over the 
Internet, from paying bills to managing investments. Increased 
availability of credit allows more people to enjoy the benefits of easy 
access to capital and enhanced purchasing power. Today, half of all 
American households own stocks. This growing number of ``investor 
class'' Americans are participating in financial markets through 
retirement plans, investment vehicles or Internet trading accounts.
  Yet, as this resolution recognizes, we must do more to ensure that 
American citizens not only have access to these important financial 
services, but are equipped with the knowledge to make critical 
financial decisions as they plan for the future. Whether it is buying a 
home, paying for college, starting a small business or planning for 
retirement, it is imperative that we help individuals develop a solid 
foundation in personal finance.
  We must also continue efforts to ensure that individuals are equipped 
with the proper tools to make smart financial decisions from an early 
age. Reading, writing and math, the traditional cornerstones of our 
education system, need to be supplemented with a curriculum that will 
equip America's youth to meet the real-life demands of the 21st 
century. In the fast-paced and increasingly complex world in which we 
live, teaching our students about personal finance issues, from basic 
spending decisions to investing and saving for retirement, is critical. 
The efforts of organizations like Visa USA, Citigroup, the Credit Union 
National Association, the American Bankers Association and the 
Securities Industry Association have helped to bring financial literacy 
programs to our Nation's youth in classrooms, after-school programs and 
libraries. I am proud that in my own district, Bonita High School, the 
Boys and Girls Club of the Foothills and the Glendora Public Library 
have had the opportunity to benefit from these programs.
  It is also important to note that efforts to enhance financial 
literacy should not just be confined to our own country. As we strive 
for expanded trade and investment with our global partners, the 
financial ups and downs in world markets have a greater impact on our 
local economies. Helping to spread financial and economic literacy to 
emerging markets is critically important to establishing stability in 
developing nations. For example, in 2004 Citigroup and the Citigroup 
Foundation provided more than $22 million in support of financial 
education programs in activities that reached millions of people in 
more than 40 countries. These activities included community development 
projects to support the expansion of thrift and credit-based 
cooperative groups in India and the development of a micro-finance 
industry in China.
  Ultimately, expanding access to the financial system and knowledge of 
its workings provides individuals with greater choice when managing 
finances, building wealth and making investments. These activities in 
turn lead to increases in economic activity and growth that benefits 
our entire Nation. I urge my colleagues to recognize the importance of 
financial literacy and support this measure.
  Ms. LORETTA SANCHEZ of California. Mr. Speaker, I rise in strong 
support of H. Res. 273--Supporting the goals and ideals of Financial 
Literacy Month.
  Have you seen the headlines recently? Only yesterday, it was reported 
that mortgage defaults are at an all time high in California. According 
to one report, 46,760 borrowers defaulted between January and March. 
That's an increase of 23.1 percent relative to the previous quarter, 
and 148 percent compared with the same period a year ago.
  In another story, I read that foreclosures of homes in California 
were 11,033 in the first quarter. That's an 81.5 percent increase over 
last quarter.
  I'm concerned about the effect that this is having on families in my 
home state. I'm also concerned about the effect that this is having on 
the economy of the nation as a whole.
  While it is impossible to say that this crisis could have been 
avoided, we can certainly do more to shield consumers from its worst 
effects. One of those ways is to promote greater financial literacy.
  This bill, H. Res. 273, is an important tool for increasing 
awareness, and points the way forward toward creating greater financial 
literacy in our communities.
  The potential benefits of greater financial literacy are almost 
incalculable. We can be sure that greater awareness and understanding 
of finances will lead to higher savings rates. It will allow consumers 
to gain access to less expensive and less risky loans. And it will 
protect people from getting into a precarious financial situation 
without their understanding the consequences.
  I urge my colleagues to support this legislation, and for us to join 
together to not only promote the goals of financial literacy, but also, 
to make them a reality.
  Mr. REYES. Mr. Speaker, I rise today in support of H. Res. 273, a 
resolution supporting the goals and ideals of Financial Literacy Month.
  According to the JumpStart Coalition for Personal Financial Literacy, 
the average high school graduate does not possess basic personal 
financial management skills. These young people are unable to balance a 
checkbook, and most have little knowledge of basic practices such as 
earning, spending, saving and investing.
  This lack of awareness has serious consequences for young people. 
Without a fundamental understanding of finance charges and accumulating 
interest, young people become prone to credit card abuse, which often 
results in overspending and long-term debt. As they take on greater and 
greater financial responsibilities, these men and women are similarly 
unprepared to finance higher education, handle a mortgage, and save for 
retirement. The implications of this behavior extend beyond personal 
welfare. Consumer debt in the U.S. reached $2.4 trillion in 2006, $825 
billion of which comes from credit card debts.
  Financial literacy should be a fundamental part of every young 
American's education. The ability to manage one's finances is essential 
to building wealth and leading a prosperous economic life. On the other 
hand, those who lack the ability to manage money face lifelong 
obstacles to fulfilling their human potential and creating a solid 
economic foundation for their families.
  I thank my distinguished colleagues, Congressman Hinojosa and 
Congresswoman Biggert, for their work leading the House Financial 
Literacy Caucus, and I urge my colleagues to support this resolution.

[[Page 8800]]

  Mr. GARRETT of New Jersey. Mr. Speaker, I rise to support the goals 
and ideals of Financial Literacy Month.
  Due to the growing complexity of financial products being offered 
throughout this country and the rapidly increasing number of young 
adults and seniors using these various products, it is essential that 
everyone educate themselves so they fully understand how their 
activities may affect their financial standing and future.
  As a member of the Financial Literacy Caucus, I believe the private 
financial sector and local, state, and Federal government officials 
should continue to further expand and promote financial literacy and 
education. Whether it is buying a home, opening a bank account, or 
acquiring a credit card, consumers are faced with a myriad of complex 
decisions requiring a broad knowledge of our nation's financial system.
  According to a July 2005 survey of 1,000 parents of high school 
students by Visa, parents rank developing good personal financial 
skills and being able to handle their money (74 percent) ahead of both 
following the wrong crowd (58 percent) and drugs/alcohol use (56 
percent) in terms of their concerns they have for their children's 
futures. Only personal safety ranked higher (89 percent). This 
illustrates how valuable the American public considers financial 
literacy.
  Mr. Speaker, I stand in support of the goals and ideals of financial 
literacy month and I encourage my colleagues to do the same.
  Ms. EDDIE BERNICE JOHNSON of Texas. Mr. Speaker, I rise today in 
complete support of the Financial Literacy Month Resolution which 
addresses the public's lack of knowledge of basic financial principles 
and aims to lessen our Nation's already enormous consumer debt.
  According to recent studies, many young Americans seem to be lacking 
personal financial management skills. The facts indicate that for 
nearly a decade now, high school seniors have possessed an insufficient 
knowledge of personal finance. Attempting to address this gap in 
knowledge and to prevent future financial blunders, 16 states are 
requiring basic financial education in their high schools. I strongly 
believe that, as a result of such efforts, many young citizens will 
become financially responsible. This will not only enlighten their 
personal lives, but ultimately combat our growing consumer debt.
  Along with America's youth, many adults are also seemingly incapable 
of properly managing their finances. It is my understanding that, three 
years ago, a Retirement Confidence Survey found that 42 percent of 
workers surveyed had not calculated how much money they will need for 
retirement; and additionally, 37 percent of the workers said that they 
were not saving for retirement. From these statistics and with the 
current status of Social Security, I feel that it would be beneficial 
for many Americans to be educated on financial opportunities; 
including, but not limited to, qualified cash and deferred 
arrangements. Thus, we must promote nation-wide financial literacy 
programs to help citizens seize such opportunities.
  In closing, our Nation's expanding consumer balance and the economic 
fears of many Americans can both be assuaged through H. Res. 273. I am 
delighted that many of my fellow members are already in favor of this 
resolution, and I encourage my other colleagues to follow suit.

                              {time}  1445

  Ms. WATSON. I have no further speakers, Mr. Speaker, and I yield back 
the balance of my time.
  Ms. FOXX. Mr. Speaker, I yield back the balance of my time also.
  The SPEAKER pro tempore. The question is on the motion offered by the 
gentlewoman from California (Ms. Watson) that the House suspend the 
rules and agree to the resolution, H. Res. 273.
  The question was taken.
  The SPEAKER pro tempore. In the opinion of the Chair, two-thirds 
being in the affirmative, the ayes have it.
  Ms. WATSON. 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 question will 
be postponed.

                          ____________________