[Congressional Record (Bound Edition), Volume 158 (2012), Part 3]
[Senate]
[Page 4356]
[From the U.S. Government Publishing Office, www.gpo.gov]




                        FINANCIAL LITERACY MONTH

  Mr. WHITEHOUSE. Mr. President, I ask unanimous consent that the 
Senate proceed to S. Res. 409, submitted earlier today.
  The PRESIDING OFFICER. The clerk will report the resolution by title.
  The legislative clerk read as follows:

       A resolution (S. Res. 409) designating April 2012 as 
     ``Financial Literacy Month.''

  There being no objection, the Senate proceeded to consider the 
resolution.
  Mr. WHITEHOUSE. Mr. President, I ask unanimous consent that the 
resolution be agreed to, the preamble be agreed to, the motions to 
reconsider be laid upon the table, with no intervening action or 
debate, and that any statements be printed in the Record.
  The PRESIDING OFFICER. Without objection, it is so ordered.
  The resolution (S. Res. 409) was agreed to.
  The preamble was agreed to.
  The resolution, with its preamble, reads as follows:

                              S. Res. 409

       Whereas according to the Federal Deposit Insurance 
     Corporation, at least 25.6 percent of households in the 
     United States, or close to 30,000,000 households with 
     approximately 60,000,000 adults, are unbanked or underbanked 
     and, subsequently, have missed opportunities for savings, 
     lending, and basic financial services;
       Whereas according to the 2011 Consumer Financial Literacy 
     Survey Final Report of the National Foundation for Credit 
     Counseling, 41 percent of adults in the United States, or 
     more than 77,000,000 adults living in the United States, gave 
     themselves a grade of C, D, or F on their knowledge of 
     personal finance;
       Whereas according to the National Bankruptcy Research 
     Center, the number of personal bankruptcy filings reached 
     1,500,000 in 2010, the highest number since 2005, and in 
     2011, the percentage of total consumer filings increased from 
     2010;
       Whereas the 2011 Retirement Confidence Survey conducted by 
     the Employee Benefit Research Institute found that only 13 
     percent of workers were ``very confident'' about having 
     enough money for a comfortable retirement, a sharp decline in 
     worker confidence from the 27 percent of workers who were 
     ``very confident'' in 2007;
       Whereas according to the 2011 Retirement Confidence Survey 
     conducted by the Employee Benefit Research Institute, less 
     than half of workers (42 percent) in the United States have 
     tried to calculate how much they need to save for retirement;
       Whereas according to a 2011 ``Flow of Funds'' report by the 
     Board of Governors of the Federal Reserve System, household 
     debt stood at $13,200,000,000,000 at the end of the third 
     quarter of 2010;
       Whereas according to the 2011 Consumer Financial Literacy 
     Survey Final Report of the National Foundation for Credit 
     Counseling, 28 percent, or nearly 64,000,000 adults, admit to 
     not paying all of their bills on time;
       Whereas according to the 2011 Consumer Financial Literacy 
     Survey Final Report of the National Foundation for Credit 
     Counseling, only 43 percent of adults keep close track of 
     their spending, and more than 128,400,000 adults do not know 
     how much they spend on food, housing, and entertainment, and 
     do not monitor their overall spending;
       Whereas according to the 2011 Consumer Financial Literacy 
     Survey Final Report of the National Foundation for Credit 
     Counseling, 1 in 3 adults in the United States, or more than 
     75,600,000 individuals, report that they have no savings, and 
     only 22 percent of adults in the United States are now saving 
     more than they did a year ago because of the current economic 
     climate;
       Whereas according to the seventh Council for Economic 
     Education biennial Survey of the States 2011: Economic, 
     Personal Finance, and Entrepreneurship Education in Our 
     Nation's Schools, only 22 States require students to take an 
     economics course as a high school graduation requirement, and 
     only 16 States require the testing of student knowledge in 
     economics;
       Whereas according to the seventh Council for Economic 
     Education biennial Survey of the States 2011: Economic, 
     Personal Finance, and Entrepreneurship Education in Our 
     Nation's Schools, only 12 States require students to take a 
     personal finance course either independently or as part of an 
     economics course as a high school graduation requirement;
       Whereas according to the Gallup-Operation HOPE Financial 
     Literacy Index, while 69 percent of American students 
     strongly believe that the best time to save money is now, 
     only 57 percent believe that their parents are saving money 
     for the future;
       Whereas expanding access to the mainstream financial system 
     will provide individuals with less expensive and more secure 
     options for managing finances and building wealth;
       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 an increasingly complex economy;
       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 (20 U.S.C. 
     9701 et seq.), establishing the Financial Literacy and 
     Education Commission: Now, therefore, be it
       Resolved, That the Senate--
       (1) designates April 2012 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.

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