[Congressional Record (Bound Edition), Volume 155 (2009), Part 5]
[House]
[Pages 5583-5585]
[From the U.S. Government Publishing Office, www.gpo.gov]




         SUPPORTING THE GOALS AND IDEALS OF AMERICA SAVES WEEK

  Mr. HINOJOSA. Mr. Speaker, I move to suspend the rules and agree to 
the resolution (H. Res. 180) supporting the goals and ideals of the 
third annual America Saves Week.
  The Clerk read the title of the resolution.
  The text of the resolution is as follows:

                              H. Res. 180

       Whereas financial security is one of the most important 
     issues for most Americans whether it involves saving enough 
     for their children's college education, saving for an 
     unforeseen emergency, a house, or their retirement;
       Whereas personal savings as a percentage of disposable 
     income has been low, reaching a 12-month average of 0.6 
     percent in 2007 before rebounding to a 12-month average of 
     1.7 percent in 2008, according to Bureau of Economic Analysis 
     data;
       Whereas 43.5 percent of American families reported they did 
     not save in 2007, according to the 2007 Federal Reserve 
     Board's Survey of Consumer Finances, which also found that 
     less than half of the population has a savings account, one 
     month of savings or liquid assets, much less the recommended 
     6 to 12 months worth of emergency savings they might need for 
     an incident such as unexpected unemployment, a medical 
     crisis, rent or a mortgage payment adjustment enabling them 
     to avoid foreclosure;
       Whereas a 2008 Survey by the Employee Benefit Research 
     Institute found that there are ``savers'' and ``spenders'' in 
     all income classes and almost all have the ability to build 
     wealth through contributions to a workplace retirement 
     program, building home equity, and other savings;
       Whereas older Americans are more likely to live within 200 
     percent of poverty than any other age group, according to the 
     2009 Employee Benefit Research Institute's Databook, and more 
     than 60 percent of the current elderly population relies on 
     Social Security for over three-fourths of their annual income 
     according to a 2009 Social Security Administration report on 
     Income of the Elderly over Age 55, 2006, and the average 
     savings of retirees remains at $50,000 according to the 
     Federal Reserve Board's Survey of Consumer Finances for 2007, 
     and the current financial crisis is draining those funds;
       Whereas America Saves, managed by the Consumer Federation 
     of America, was established 8 years ago as an annual 
     nationwide campaign that encourages consumers, especially 
     lower-income households, to enroll as American Savers and 
     establish a personal savings goal in an effort to build 
     personal wealth and enhance financial security;
       Whereas America Saves now has 53 local, State and national 
     campaigns working with over 500 mainstream financial 
     institutions which provide no-fee or low-fee, low-opening-
     balance savings accounts that allow small savers to achieve 
     success;
       Whereas government and non-government entities at the 
     local, State and national levels organize America Saves 
     campaigns to encourage individuals to open a savings account, 
     participate in workplace retirement programs, and devise a 
     savings plan;

[[Page 5584]]

       Whereas over 1,000 local, State, and national organizations 
     have motivated more than 145,000 people to enroll as American 
     Savers; and
       Whereas establishing automatic and habitual savings is a 
     primary focus for this year's America Saves Week, a theme 
     reflected in the work of the Financial and Economic Literacy 
     Caucus, Federal agencies, non-profits, community-based 
     groups, private sector organizations, and the Employee 
     Benefit Research Institute and its America Savings Education 
     Councils Choose-to-Save Campaign: Now, therefore be it
       Resolved, That the House of Representatives--
       (1) recognizes the importance of savings to financial 
     security;
       (2) supports the goals and ideals of ``America Saves 
     Week'';
       (3) acknowledges the tireless efforts of the late 
     Congresswoman Stephanie Tubbs Jones to eliminate predatory 
     lending, increase the nation's savings rate, and improve the 
     overall economic situation of all those residing in the 
     United States; and
       (4) 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 week with 
     appropriate programs and activities with the goal of 
     increasing the savings rates for individuals of all ages and 
     walks of life.

  The SPEAKER pro tempore. Pursuant to the rule, the gentleman from 
Texas (Mr. Hinojosa) and the gentlewoman from Illinois (Mrs. Biggert) 
each will control 20 minutes.
  The Chair recognizes the gentleman from Texas.


                             General Leave

  Mr. HINOJOSA. Mr. Speaker, I ask unanimous consent that all Members 
may have 5 legislative days within which to revise and extend their 
remarks on this legislation and to insert extraneous material thereon.
  The SPEAKER pro tempore. Is there objection to the request of the 
gentleman from Texas?
  There was no objection.
  Mr. HINOJOSA. Mr. Speaker, I yield myself as much time as I may 
consume.
  I rise today in strong support of House Resolution 180, supporting 
the goals and ideals of the third annual America Saves Week, which runs 
from February 22 to March 1.
  Mr. Speaker, I want to take this opportunity to thank Chairman Frank 
for his assistance in bringing this important and timely resolution to 
the House floor.
  I also want to express my sincere appreciation for all that my 
friend, Congresswoman Judy Biggert, has done over the years to help 
improve the financial literacy rates for all the individuals across the 
United States at all stages of life. In 2004, she and I co-founded and 
currently co-chair the Financial Economic Literacy Caucus. Without 
Congresswoman Biggert, I don't think we would have gotten as far as we 
have promoting financial literacy and, hopefully, making a measurable 
difference. I must say that we definitely have let the financial 
literacy genie out of the bottle.
  I also want to take this opportunity to thank Congresswoman Biggert's 
staff, Nicole Austin and Zachary Cikanek and all they are doing to help 
Judy and me to attain our goal.
  Financial literacy is one of the most important issues for most 
Americans, whether it involves saving enough money for their children's 
college education, saving for an unforeseen emergency, a house, maybe a 
car, or their retirement.
  The personal savings rate has been low, reaching a 12-month average 
of 0.6 percent in 2007 before rebounding to a 12-month average of 1.7 
percent in 2008. The 2007 Federal Reserve Board's Survey of Consumer 
Finances found that only 44 percent of American families reported that 
they did not save in 2007. Furthermore, the survey found that less than 
half of the population has the following: number 1, a savings account; 
number 2, a month of savings or liquid assets; and number 3, the 
Federal Reserve Board's survey also found that those folks residing in 
the United States don't have 6 to 12 months worth of emergency savings 
they might need for an incident such as unexpected unemployment, a 
medical crisis, rent or a mortgage payment adjustment enabling them to 
avoid foreclosure.
  Research has found that there are savers and there are spenders in 
all income classes, and almost all have the ability to build wealth 
through contributions to a workplace retirement program, building home 
equity and other savings.
  Older Americans are more likely to live within 200 percent of poverty 
than any other age group, and more than 60 percent of the current 
elderly population relies on Social Security for three-fourths of their 
annual income. What I find even more alarming is that the average 
savings of retirees remain at $50,000, and the current financial crisis 
is draining those funds.
  To shed light on all these shortcomings, as well as provide ways to 
address them, America Saves, managed by the Consumer Federation of 
America, was established 8 years ago as an annual nationwide campaign 
that encourages consumers, especially lower income households, to 
enroll as American savers and establish a personal savings goal in an 
effort to build personal wealth and to enhance financial security. 
America Saves now has 53 local, State and national campaigns working 
with over 500 mainstream financial institutions like banks, which 
provide no-fee or low-fee or low-opening-balance savings accounts that 
allow small savers to achieve success.
  Government and non-government entities at the local, State and 
national levels organize America Saves campaigns to encourage 
individuals to open savings accounts, to participate in workplace 
retirement programs, and devise a savings plan. As a result of America 
Saves, over 1,000 local, State and national organizations have 
motivated more than 145,000 people to enroll as American savers.
  The primary focus of this year's America Saves Week is establishing 
an automatic and habitual savings, a theme reflected in the work of the 
Financial and Economic Literacy Caucus, Federal agencies, non-profits, 
community-based groups, private sector organizations and the Employee 
Benefit Research Institutes and its America Savings Educational 
Council's Choose to Save Campaign. I personally have a 5 percent 
deduction made from my payroll check and have it placed into my savings 
account in the Federal Thrift Savings Program.
  I want to acknowledge the tireless efforts of the late Congresswoman 
Stephanie Tubbs Jones to eliminate predatory lending, increase the 
Nation's savings rate, and to improve the overall economic situation of 
all those residing in the United States. I respected her personally, 
and want all those listening today, and for all those who will read 
today's Congressional Record far into the future, to know how much we 
respected her, that we miss her and honor her today for her relentless 
dedication to protecting consumers at a very difficult time. Through 
her efforts and hopefully, now those of the Financial and Economic 
Literacy Caucus, Congresswoman Biggert and I co-founded and now co-
chair, we hope to protect our constituents and encourage savings.
  I am very pleased that Federal agencies, States, localities, schools, 
nonprofit organizations, businesses, other entities and the people of 
the United States are observing the third annual America Saves Week 
with a goal of increasing the savings rates for individuals of all ages 
and of all walks of life.
  I strongly encourage my colleagues to support this important 
resolution.
  Mr. Speaker, I reserve the balance of my time.
  Mrs. BIGGERT. Mr. Speaker, I yield myself such time as I may consume.
  Mr. Speaker, I rise today as the lead Republican cosponsor of the 
America Saves Week resolution, and urge my colleagues to support it.
  I'd like to thank my good friend and fellow Chair of the House 
Financial and Economic Literacy Caucus, Congressman Hinojosa, for 
sponsoring this important resolution and for all the work that he has 
done on financial literacy.
  In addition, I'd like to join Congressman Hinojosa in honoring and 
thanking the late Congresswoman Stephanie Tubbs Jones, who previously 
sponsored the resolution in the House and was a strong advocate for 
financial literacy throughout her career. She was a dear friend and 
will be remembered always.

[[Page 5585]]

  Mr. Speaker, in our current economic climate, the need to improve the 
financial literacy and the financial security of Americans is greater 
than ever. Now more than ever, it is clear that promoting savings is 
critical to ensuring that families have the economic buffer they need 
to weather periods of economic hardship. And efforts to stimulate the 
economy cannot succeed unless we equip Americans with the knowledge and 
resources they need to thrive in today's sophisticated market.
  This resolution emphasizes the importance of savings and achieving 
financial security. Less than half the population has a savings 
account, 1 month of savings or liquid assets, let alone the recommended 
6 to 12 months of savings to have on hand in case of unforeseen events 
such as a medical issue or job loss. There are no rainy day things that 
people have today.
  In conjunction with America Saves Week, this resolution encourages 
Americans to plan ahead for such unexpected events and grow wealth, not 
debt. Controlling expenses and increasing savings each month will prove 
to be invaluable in improving the financial security of Americans.
  I strongly urge my colleagues to support this resolution and 
encourage savings during America Saves Week and throughout the year.
  Mr. Speaker, I reserve the balance of my time.
  Mr. HINOJOSA. I reserve the balance of my time.
  Mrs. BIGGERT. Mr. Speaker, I would like to yield 4 minutes to my 
colleague from Texas (Mr. Culberson).
  Mr. CULBERSON. I thank my colleague.
  I have enjoyed working with my good friend, Congressman Hinojosa. We 
in the Texas delegation, I know, Mr. Hinojosa knows, we work more 
closely together, I think, than almost any delegation in the country 
and take a great deal of pride in being Texans.

                              {time}  1045

  I thank my colleague for his earnest and sincere resolution which he 
presents to the Congress today in an effort to encourage individual 
Americans to increase their savings. My good friend Judy Biggert has 
coauthored this, and it is a noble and worthwhile resolution.
  However, as we, the Congress, adopt this resolution that designates 
this week as America Saves Week, I think it's important to point out, 
Mr. Speaker, the incredible and dramatic contrast between the goal we 
are setting here today for individual Americans and the complete 
opposite direction that the leadership of this Congress and the 
President pointed out last night.
  I am reminded that Will Rogers often said he didn't tell jokes; he 
just reported on what Congress did. Today, Congress is asking the 
American people to save money; yet this new liberal majority in 
Congress has spent more money in less time than has any Congress in 
history. Today is the 20th legislative day we've been in session, and 
counting the $400 billion appropriations bill on the floor today, we 
have already spent about $1.3 trillion--all of it debt. The United 
States Congress is paying our mortgage with a credit card; yet we're 
passing a resolution to encourage America to save money. This is 
absurd.
  We have today the new governing majority in Congress, the new 
President. This new direction he has taken us in is off a financial 
cliff. Yet we're telling Americans to save more money? Every nickel we 
spend today this Congress is putting on our children's credit card. We 
are literally, Mr. Speaker, paying America's mortgage with a credit 
card. It is unaffordable and unsustainable. Last night, the President 
laid out all of the new spending programs piled on top of this. It 
really does remind me of what Will Rogers said, that he didn't tell 
jokes; he just reported on what Congress did. This is a wonderful goal 
for not only individual Americans but for the United States Congress.
  How about let us really have the United States Congress follow some 
of the guidelines in this resolution. Let us make sure that we in 
Congress are not spending more than we bring in, as we tell individual 
Americans to do. Let us make sure that we in Congress have enough of a 
cushion, as the resolution tells individual Americans, so that we can 
be ready and that we want individual Americans to be ready ``for an 
incident such as an unexpected crisis.''
  Are we ready for an earthquake in California, America? Are we ready 
for another hurricane? What about a terrorist attack? What financial 
cushion does America have to pay for the cost of another 9/11 when this 
Congress has driven America deeper into debt than any Congress in the 
history of the United States? Never before have so few spent so much 
money in so little time with so little regard for the financial 
security of future generations.
  The SPEAKER pro tempore. The time of the gentleman has expired.
  Mrs. BIGGERT. I yield the gentleman an additional 30 seconds.
  Mr. CULBERSON. Mr. Speaker, I think it's important to remember that 
Americans have always taken pride in the fact that we, current 
generations, have always sacrificed today so that our children would 
live a better life.
  It is important, I think, for the Congress, for this liberal majority 
and for this new President to take my good friend Mr. Hinojosa's and 
Mrs. Biggert's resolution to heart. Let us quit spending money we don't 
have. Let this Congress quit living beyond its means, and let it truly 
secure the financial safety and security of future generations by 
cutting spending and cutting taxes to get this economy back on track. 
Walk away from these massive new expansions of entitlements. We've 
already spent $1.3 trillion in the first 20 days. We've almost doubled 
the annual budget of the United States in one stroke.
  Mr. Hinojosa, Mrs. Biggert, thank you for bringing this resolution to 
Congress. Let us make sure that Congress saves.
  Mr. HINOJOSA. Mr. Speaker, I am quite surprised to hear the thoughts 
and ideas of my friend from Texas, and I am of the total opposite 
belief.
  I say that saving at this time is the right thing for America, and 
that is why we saw such an increase in savings in 2008, because the 
American public has lost confidence, has lost hope in what happened to 
the stock market in 2008. So I say that Americans are correct in saving 
their money in ways that they know how and that they follow the ideas 
that this organization that Mrs. Biggert and I have been championing, 
because it is the right thing to do. I urge all Members of this 
Congress to vote in favor of this resolution.
  I yield back the balance of my time.
  Mrs. BIGGERT. Mr. Speaker, before I close, I would also like to thank 
Greg Davis of Mr. Hinojosa's staff and Andrea Pivarundas from my staff, 
as well as Nicole Austin, for their work on this resolution. I would 
also like to thank Dallas Salisbury of EBRI and all of the other 
individuals and groups promoting savings in America. Particularly, I 
would like to thank Chairman Hinojosa for all the work that he has done 
on this issue. I have enjoyed working with him. Thank you.
  I yield back the balance of my time.
  The SPEAKER pro tempore. The question is on the motion offered by the 
gentleman from Texas (Mr. Hinojosa) that the House suspend the rules 
and agree to the resolution, H. Res. 180.
  The question was taken.
  The SPEAKER pro tempore. In the opinion of the Chair, two-thirds 
being in the affirmative, the ayes have it.
  Mr. HINOJOSA. Mr. Speaker, on that I demand the yeas and nays.
  The yeas and nays were ordered.
  The SPEAKER pro tempore. Pursuant to clause 8 of rule XX and the 
Chair's prior announcement, further proceedings on this motion will be 
postponed.

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