[Congressional Record (Bound Edition), Volume 156 (2010), Part 2]
[House]
[Pages 2367-2369]
[From the U.S. Government Publishing Office, www.gpo.gov]




                           AMERICA SAVES WEEK

  Mr. SCOTT of Georgia. Mr. Speaker, I move to suspend the rules and 
agree to the resolution (H. Res. 1082) supporting the goals and ideals 
of the fourth annual America Saves Week.
  The Clerk read the title of the resolution.
  The text of the resolution is as follows:

                              H. Res. 1082

       Whereas financial security is one of the most important 
     issues for most Americans, whether it involves saving for a 
     college education, an unforeseen emergency, a house, or for 
     retirement;
       Whereas personal savings as a percentage of disposable 
     income has risen from 1.2 percent in the first quarter of 
     2008 to 4.8 percent in the fourth quarter of 2009, according 
     to the Bureau of Economic Analysis;
       Whereas according to the Employee Benefit Research 
     Institute, the percentage of workers very confident about 
     having enough money for a comfortable retirement fell to 13 
     percent in 2009, down from 18 percent in 2008, and more 
     workers expect to work longer to supplement their income in 
     retirement;
       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;
       Whereas the average savings of retirees remains at $50,000 
     according to the Federal Reserve Board's Survey of Consumer 
     Finances for 2007, and recent financial instability has 
     diminished those funds;
       Whereas America Saves, managed by the Consumer Federation 
     of America, was established nine years ago as an annual 
     nationwide campaign that encourages consumers, especially 
     those in lower-income households, to increase their financial 
     literacy, enroll as American Savers, and establish a personal 
     savings goal in an effort to build personal wealth and 
     enhance financial security;
       Whereas over 2,000 local, State, and national 
     organizations, including government agencies, financial 
     institutions, and non-profits, have motivated more than 
     245,000 people to enroll as American Savers through events 
     such as financial literacy classes, financial fairs, free tax 
     preparation assistance programs, and deposit campaigns; and
       Whereas encouraging automatic and habitual savings is a 
     primary focus for this year's America Saves Week, February 
     21, 2010, through February 28, 2010, and that focus is 
     reflected in the work of the Financial and Economic Literacy 
     Caucus, America Saves, and American Savings Education 
     Council's 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''; and
       (3) requests that the President issue a proclamation 
     calling on the Federal Government, States, localities, 
     schools, non-profit organizations, businesses, other 
     entities, and the people of the United States to observe 
     America Saves 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 
Georgia (Mr. Scott) and the gentlewoman from Illinois (Mrs. Biggert) 
each will control 20 minutes.
  The Chair recognizes the gentleman from Georgia.


                             General Leave

  Mr. SCOTT of Georgia. Mr. Speaker, I ask unanimous consent that all 
Members may have 5 legislative days within which to revise and extend 
their remarks on the legislation and to insert extraneous materials 
thereon.
  The SPEAKER pro tempore. Is there objection to the request of the 
gentleman from Georgia?
  There was no objection.
  Mr. SCOTT of Georgia. Mr. Speaker, I yield myself as much time as I 
may need at this point.
  I rise today in strong support of House Resolution 1082, which 
supports the goals and ideals of the fourth annual America Saves Week, 
which was held February 21 through February 28 of this year.
  Mr. Speaker, the primary focus of this year's America Saves Week is 
encouraging automatic and habitual savings, a great need at this time 
in the history of our country. This is a theme that is reflected in the 
work of our Financial and Economic Literacy Caucus; the Treasury's 
Office of Financial Education; as well as the Financial Literacy 
Education Commission; and Federal agencies and nonprofit community-
based groups, private sector organizations, the Consumer Federation of 
America, and the Employee Benefits Research Institute and its American 
Savings Education Council ``Choose to Save'' campaign, a wonderful 
coalition of great Americans who are focusing us on a great need today.

                              {time}  1715

  Mr. Speaker, financial literacy is one of the most important issues 
for Americans today, whether it involves saving enough money for our 
children's college education, saving for an unforeseen medical or 
family emergency, a house, maybe a car, or one's retirement.
  The current economic instability in our Nation today highlights even 
more to all Americans the necessity of having a savings plan, some 
emergency savings, and the value of making savings automatic.
  Research has found that there are higher- and middle- and lower-
income savers; and there are spenders, middle, higher, and lower, and 
almost all have the ability to build wealth through contributions to 
workplace retirement programs, building home equity, and other savings, 
if nothing more than just a simple savings account starting at a very 
young age for our children to get them in the habit of saving.
  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. And what I find even more alarming, Mr. Speaker, is that 
the average savings of retirees remain at $50,000, and the current 
financial crisis is draining these funds every day; hence, the need to 
help address the financial challenges that older Americans face.
  To shed light on all of these shortcomings, as well as provide ways 
to address them, America Saves, managed by the Consumer Federation of 
America, was established 9 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. 
Nothing is more important than savings.
  America Saves now has 53 local, State, and national campaigns working 
with over 500 mainstream financial institutions that provide no-fee or 
low-fee or low-opening-balance savings accounts that allow small savers 
to achieve great success. Government and nongovernment 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 to devise a good 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.
  I am very pleased that Federal agencies, States and localities, 
schools, nonprofit organizations, business and other entities, and the 
people of the United States of America observe the fourth annual 
America Saves Week with a goal of increasing the savings rate for 
individuals of all ages and all walks of life.
  So, Mr. Speaker, I want to take this opportunity to thank Chairman 
Barney Frank and the staff of the Financial Services Committee for 
their assistance in bringing this important resolution to the floor, 
especially Rick Maurano and Tom Duncan.
  I also want to express my sincere appreciation for all that my good 
friend, Congresswoman Judy Biggert, has done. She has been at the 
forefront of

[[Page 2368]]

literacy for many years. In terms of her entire service here in the 
Congress, Judy Biggert has been in a leadership role on financial 
literacy and the importance of saving, and has worked over the years to 
help improve the financial literacy rate of all individuals across 
these United States at all stages of life. Mrs. Judy Biggert certainly 
deserves our commendation. She and Congressman Ruben Hinojosa cofounded 
and currently cochair the Financial and Economic Literacy Caucus, of 
which I am a member.
  Congressman Hinojosa could not be with us here today because 
yesterday was the Texas primary. I am pleased to announce to all of us 
that he won his primary yesterday. So congratulations to Congressman 
Hinojosa, and we are glad to move on and carry this torch in his stead 
today.
  I also want to take this opportunity to thank Congresswoman Biggert's 
staff, Nicole Austin and Zach Cikanek, as well as Chris Crowe on 
Congresswoman Eddie Bernice Johnson's staff. The gentlewoman from Texas 
(Ms. Eddie Bernice Johnson) has done an admiral job in pushing this 
legislation and she deserves to be commended for all of her hard work 
in this area, and what they all are doing, what we all are doing to 
help the financial and economic Literacy Caucus attain its goals. This 
is a tremendous bill for a tremendous purpose.
  Mr. Speaker, I reserve the balance of my time.
  Mrs. BIGGERT. Mr. Speaker, I yield myself such time as I may consume.
  I thank the gentleman from Georgia (Mr. Scott) for his kind words and 
all he does in the Financial Services Committee on this type of issue 
and for his management of this resolution.
  I rise today to join not only Mr. Scott but also my good friend, the 
gentlewoman from Texas (Ms. Eddie Bernice Johnson), in support of this 
year's resolution making the fourth annual America Saves Week. I am 
pleased to join Congresswoman Johnson as a cosponsor of the resolution, 
and I urge my colleagues to give it their full support.
  Mr. Speaker, as most of my colleagues are aware, I have been working 
for some years now to make financial literacy a top priority both in 
the classroom and here on Capitol Hill. In 2005, I joined the gentleman 
from Texas (Mr. Hinojosa), a cosponsor of today's resolution, to form 
the Financial and Economic Literacy Caucus to help equip students and 
consumers with the tools that they need to prosper in today's 
sophisticated marketplace.
  Since then, the term ``financial literacy'' has become an integral 
part of our legislative lexicon, especially as the need for financial 
literacy has become clearer than ever with more and more American 
families relying on depleted savings to weather this period of 
financial hardship. When it comes to preparing against economic 
uncertainty, recognizing deceptive practices, building credit, or 
making dozens of other day-to-day financial decisions, nothing protects 
consumers and their financial security more effectively than arming 
them, even as young students, with a sound foundation in financial 
literacy, and that lesson begins with saving.
  Sixty percent of preteens do not even know the difference between 
cash, credit cards, and checks; and yet only 26 percent of students are 
actively learning financial literacy from their parents. It is little 
wonder why 10 million U.S. households remain completely unbanked or 
without access to standard financial tools like a savings account. And 
that is what makes initiatives like America Saves Week important. It 
represents a special opportunity for financial leaders, from the FDIC 
and the Federal Trade Commission to the University of Illinois and the 
Jump$tart Coalition, to share important resources and lessons with 
future savers who may be able to ride out the next financial downturn, 
buy a home, or retire more comfortably thanks to the financial tools 
they gained access to today.
  As the text of today's resolution suggests, the national savings rate 
has risen slightly as Americans spend more conservatively in the down 
economy. But as we recover, the next step must be to help families set 
goals, plan effectively, and invest wisely during those times when they 
are most able to build an economic buffer against future needs.
  Mr. Speaker, I would like to take a brief moment here to urge my 
colleagues to consider joining the Financial and Economic Literacy 
Caucus, if they haven't already, by contacting either me or my 
distinguished cochairman, Mr. Hinojosa.
  As my colleagues are aware, just last week, the FTC teamed with our 
caucus to showcase consumer protection resources available to our 
constituents across America. Now we are getting ready for another 
exciting Financial Literacy Month, this April, with events and 
briefings to help Americans of all ages educate themselves on how to 
become more confident, savvy, and safe investors and consumers. I hope 
every Member will be able to find time to participate or send staff to 
learn more about how Members of Congress can help promote financial 
literacy in their own way.
  And I would also like to take a moment to honor a departed colleague 
and friend, the late Congresswoman Stephanie Tubbs Jones. In previous 
years, she championed this resolution in the House and was a strong 
advocate for financial literacy through her career. I know that I am 
not alone in saying that her presence is missed here on the House 
floor.
  Mr. Speaker, let me just say once again that I urge my colleagues to 
join Congresswoman Johnson, Congressman Hinojosa, and me in supporting 
this resolution and sound saving habits during America Saves Week and 
throughout the year.
  I reserve the balance of my time.
  Mr. SCOTT of Georgia. Mr. Speaker, it is my pleasure to introduce to 
you and yield to her such time as she may consume, the sponsor and 
author of this bill, the gentlewoman from Texas (Ms. Eddie Bernice 
Johnson), who has put in just a tremendous amount of work on this 
effort. She is certainly to be commended for her hard work and 
dedication to this issue.
  Ms. EDDIE BERNICE JOHNSON of Texas. Mr. Speaker, I rise today in 
strong support of H. Res. 1082, supporting the goals and ideals of the 
fourth annual America Saves Week, which really runs from February 21 
through February 28.
  I want to take this opportunity to thank Chairman Frank for his 
assistance in bringing this important and timely resolution to the 
floor. I also would like to thank Congressman Hinojosa and 
Congresswoman Biggert and Congressman Scott for their tireless efforts 
for consumer protection and financial literacy.
  America Saves was established 9 years ago as an annual nationwide 
campaign that encourages consumers, especially those in lower-income 
households, to increase their financial literacy, enroll as American 
savers, and establish a personal savings goal in an effort to build 
personal wealth and enhance financial security.
  America Saves focuses on saving, a focus which creates a national 
culture of financial responsibility, which is incredibly important in 
these difficult economic times. I believe that a financially literate 
public is a key component to having a strong and robust economy. We 
really are only as rich as our poorest citizens.
  Resolutions like America Saves promote broad-based financial literacy 
initiatives and are absolutely necessary for the well-being of our 
country. A recent survey done by the National Foundation for Credit 
Counseling has shown that only 42 percent of adults say they keep close 
track of their spending, and roughly 7 percent of the adult population, 
or about 16 million people, don't know how much they spend on food, 
housing, and entertainment.
  Other statistics show even more distressing trends: 26 percent of the 
adults, or 58 million people, admit to not paying all of their bills on 
time, and 6 percent of the households carry credit card debt of $10,000 
or more from month to month.
  I am always surprised to hear statistics like this. It is alarming 
because they are very simple things that people

[[Page 2369]]

can do to save money and lead more financially stable lives.
  My father said to me when I was a little girl: Whatever you make, 
large or small, save some of it. That really started me with a little 
trend, so now for the last 40-plus years, I give a piggy bank to all 
newborns of my family and friends so that saving money becomes an 
institutionalized activity for small children.

                              {time}  1730

  And there is some good news; personal savings, as a percentage of 
disposable income, has risen from 1.2 percent in the first quarter of 
2008 to 4.8 percent in the fourth quarter of 2009. And I might say, Mr. 
Speaker, that that is one of the reasons why the economy is not that 
great, because people are saving their money.
  It is important to provide the public with education on financial 
matters and developing unbiased and successful financial literacy 
programs, and that will only increase in importance in the coming 
years. I hold very frequent summits and workshops on financial literacy 
with adults throughout the Dallas area, and our Dallas Independent 
School District has made it now a part of the curriculum. So I want to 
acknowledge and thank all the people involved.
  Again, I would like to acknowledge former Congresswoman Stephanie 
Tubbs Jones, who worked hard to improve the overall economic situation 
for all those residing in the United States.
  Mr. Speaker, I believe that together we can continue to make a 
difference and help empower people to take control of their financial 
lives. I thank you, I thank all of the people involved.
  Mrs. BIGGERT. I reserve the balance of my time.
  Mr. SCOTT of Georgia. Mr. Speaker, I would like to yield 3 minutes to 
the distinguished gentleman from Indiana, Mr. Andre Carson.
  Mr. CARSON of Indiana. Thank you, Representative Scott.
  Mr. Speaker, I come to the floor in support of House Resolution 1082, 
supporting the goals and ideals of the fourth annual America Saves 
Week.
  The economy in the last couple of years has increased everyone's 
awareness of the need to take control of their personal finances. 
Rather than spending more than they have coming in, households are 
making a concerted effort to save.
  Learning to be a disciplined saver is the key to building wealth. It 
really does not make a difference how much your paycheck is each month 
if you're not saving a portion of it for the future. Most importantly, 
we should be able to teach our kids how to save. They should be able to 
understand the concept of money and investment in early childhood. This 
will prepare them to learn money management, especially as they grow 
older and begin to think about credit cards, car loans, and mortgages.
  I also have legislation that will provide grants to programs and 
financial literacy education for young adults and families, as it is of 
utmost importance we begin the financial literacy learning process 
early in life. I applaud this resolution's core principles.
  Mrs. BIGGERT. Mr. Speaker, having no further requests for time, I 
would just, in closing, say I urge my colleagues to support this 
resolution.
  I yield back the balance of my time.
  Ms. JACKSON LEE of Texas. Mr. Speaker, I rise today in support of H. 
Res. 1082, ``Supporting the goals and ideals of the fourth annual 
America Saves Week'' and for other purposes, introduced by my 
distinguished colleague from Texas, Representative Johnson.
  ``America Saves Week'' was established 9 years ago as an annual 
nationwide campaign that encourages consumers, especially those in 
lower-income households, to increase their financial literacy, enroll 
as American Savers, and establish a personal savings goal in an effort 
to build personal wealth and enhance financial security.
  During the 9 years ``America Saves Week'' has been in existence, over 
2,000 local, state, and national organizations, including government 
agencies, financial institutions, and non-profits, have motivated more 
than 245,000 people to enroll as American Savers through events such as 
financial literacy classes, financial fairs, free tax preparation 
assistance programs, and deposit campaigns. Encouraging automatic and 
habitual savings was a primary focus for the 2010 America Saves Week 
that began on February 21, 2010 and concluded on February 28, 2010.
  The primary focus of ``America Saves Week'' is reflected in the work 
of Financial and Economic Literacy Caucus, America Saves, and the 
American Savings Education Council's Choose to Save Campaign. Financial 
security is one of the most important issues for most Americans, 
whether it involves saving for a college education, an unforeseen 
emergency, a house, a new vehicle, or even retirement. Personal savings 
as a percentage of disposable income has risen from 1.2 percent in the 
first quarter of 2008 to 4.8 percent in the fourth quarter of 2009, 
according to the Bureau of Economic Analysis. The Employment Benefit 
Research Institute stated that the percentage of workers very confident 
about having enough money for a comfortable retirement fell to 13 
percent in 2009, down from 18 percent in 2008, and more workers expect 
to work longer to supplement their income in retirement.
  Mr. Speaker, encouraging Americans to save has become even more 
important. Older Americans are more likely to live within 200 percent 
of poverty than any other age group, and more than 60 percent of the 
elderly population relies on Social Security for over three-fourths of 
their annual income, according to the 2009 Employee Benefit Research 
Institute's Databook and the 2009 Social Security Administration 
Report. The 2007 Federal Reserve Board's Survey of Consumer Finances 
findings show that the average savings of retirees remains at $50,000 
and recent financial instability has diminished those funds. I would 
like to take this opportunity to commend the Consumer Federation of 
America for managing the program, and to every local, state, and 
national organization, including government agencies, financial 
institutions, and non-profits, that have promoted and supported the 
goals and ideals of the ``America Saves Week,'' and for taking the time 
to educate Americans about the importance and impact of financial 
literacy.
  Last year, I sponsored a bill during the 111th Congress (H. Res. 1325 
that was referred to the Subcommittee on Higher Education, Lifelong 
Learning, and Competiveness) that would have required colleges and 
universities to provide at least 4 hours of financial counseling to 
students. Student loan borrowers would have received lessons on how to 
invest, budget, and manage debt, including credit cards and student 
loans. I personally felt this was important because many lack 
sufficient knowledge about financial markets, and I believe that we 
have a responsibility to equip our young people with the necessary 
tools.
  Mr. SCOTT of Georgia. Mr. Speaker, having no further requests for 
time, I yield back the balance of my time, and I would urge a positive 
vote on this very, very important and timely legislation.
  The SPEAKER pro tempore. The question is on the motion offered by the 
gentleman from Georgia (Mr. Scott) that the House suspend the rules and 
agree to the resolution, H. Res. 1082.
  The question was taken; and (two-thirds being in the affirmative) the 
rules were suspended and the resolution was agreed to.
  A motion to reconsider was laid on the table.

                          ____________________