[Congressional Record (Bound Edition), Volume 154 (2008), Part 4]
[Senate]
[Pages 4624-4625]
[From the U.S. Government Publishing Office, www.gpo.gov]




 SENATE RESOLUTION 495--DESIGNATING APRIL 2008 AS ``FINANCIAL LITERACY 
                                MONTH''

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

                              S. Res. 495

       Whereas the personal savings rate of people in the United 
     States declined from negative 0.5 percent in 2005 to negative 
     1.0 percent in 2006, making 2005 and 2006 the only years 
     since the Great Depression years of 1932 and 1933 when the 
     savings rate has been negative, and the decline continued in 
     the first month of 2008;
       Whereas, in April 2007, a survey on personal finances 
     reported that 25 percent of workers in the United States 
     responded as having ``no savings'';
       Whereas the 2007 Retirement Confidence Survey conducted by 
     the Employee Benefit Research Institute found that only 43 
     percent of workers or their spouses calculated how much they 
     need to save for retirement, down from 53 percent in 2000;
       Whereas consumer debt exceeded $2,500,000,000,000 in 2007, 
     an increase of 33 percent since 2001;
       Whereas household debt reached a record $13,750,000,000,000 
     in 2007;
       Whereas, during 2007, a near-record high of more than 14 
     percent of disposable personal income went to paying the 
     interest on personal debt;
       Whereas people in the United States are now facing record 
     numbers of homes in foreclosure, and for the first time in 
     history, they have more total debt than equity in their 
     homes;

[[Page 4625]]

       Whereas approximately 800,000 families filed for bankruptcy 
     in 2007;
       Whereas nearly half of adults in the United States are not 
     aware that they can access their credit reports for free, and 
     1 in 4 reported having never checked their credit score;
       Whereas, in a 2006 survey, the Jump$tart Coalition for 
     Personal Financial Literacy found that high school seniors 
     scored an average of only 52.4 percent on an exam testing 
     knowledge of basic personal finance;
       Whereas approximately 10,000,000 households in the United 
     States do not have accounts at mainstream financial 
     institutions such as banks or credit unions;
       Whereas expanding access to the mainstream financial system 
     will provide individuals with less expensive and more secure 
     options for managing their finances and building wealth;
       Whereas the 2007 Survey of the States compiled by the 
     National Council on Economic Education found that only 22 
     States require testing of economics as a high school 
     graduation requirement, 3 fewer States than did so in 2004;
       Whereas quality personal financial education is essential 
     to ensure that individuals are prepared to manage money, 
     credit, and debt, and to become responsible workers, heads of 
     households, investors, entrepreneurs, business leaders, and 
     citizens;
       Whereas increased financial literacy empowers individuals 
     to make wise financial decisions and reduces the confusion 
     caused by the increasingly complex economy of the United 
     States;
       Whereas a greater understanding of, and familiarity with, 
     financial markets and institutions will lead to increased 
     economic activity and growth;
       Whereas, in 2003, Congress found it important to coordinate 
     Federal financial literacy efforts and formulate a national 
     strategy; and
       Whereas, in light of that finding, Congress passed the 
     Financial Literacy and Education Improvement Act of 2003 
     (Public Law 108-159; 117 Stat. 2003) establishing the 
     Financial Literacy and Education Commission and designating 
     the Office of Financial Education of the Department of the 
     Treasury to provide support for the Commission: Now, 
     therefore, be it
       Resolved, That the Senate--
       (1) designates April 2008 as ``Financial Literacy Month'' 
     to raise public awareness about--
       (A) the importance of personal financial education in the 
     United States; and
       (B) the serious consequences that may result from a lack of 
     understanding about personal finances; and
       (2) calls on the Federal Government, States, localities, 
     schools, nonprofit organizations, businesses, and the people 
     of the United States to observe the month with appropriate 
     programs and activities.

                          ____________________