[Congressional Record (Bound Edition), Volume 162 (2016), Part 3]
[Senate]
[Page 4309]
[From the U.S. Government Publishing Office, www.gpo.gov]




 SENATE RESOLUTION 427--DESIGNATING APRIL 2016 AS ``FINANCIAL LITERACY 
                                MONTH''

  Mr. REED (for himself, Mr. Scott, Mr. Donnelly, Mr. Kirk, Mr. Durbin, 
Mr. Cotton, Mr. Cochran, Mr. Enzi, Ms. Klobuchar, Mr. Blunt, Mr. 
Barrasso, Mr. Brown, Mr. Franken, Mr. Cardin, Mr. Carper, Mr. Crapo, 
Mr. Moran, Mrs. Murray, Mrs. Feinstein, Mr. Boozman, Mrs. Boxer, Ms. 
Heitkamp, Mr. Peters, Mr. Daines, Mr. Inhofe, Mr. Schatz, Mr. Menendez, 
Mr. Wicker, and Mr. Coons) submitted the following resolution; which 
was considered and agreed to:

                              S. Res. 427

       Whereas according to the Federal Deposit Insurance 
     Corporation (referred to in this preamble as the ``FDIC''), 
     at least 27.7 percent of households in the United States, or 
     nearly 34,400,000 households with approximately 67,600,000 
     adults, are unbanked or underbanked and therefore have not 
     had an opportunity to access savings, lending, and other 
     basic financial services;
       Whereas according to the FDIC, approximately 30 percent of 
     banks reported in 2011 that consumers lacked an understanding 
     of the financial products and services banks offered;
       Whereas according to the 2015 Consumer Financial Literacy 
     Survey final report of the National Foundation for Credit 
     Counseling--
       (1) approximately 41 percent of adults in the United States 
     gave themselves a grade of ``C'', ``D'', or ``F'' on their 
     knowledge of personal finance;
       (2) 75 percent of adults in the United States acknowledged 
     that they could benefit from additional advice and answers to 
     everyday financial questions from a professional;
       (3) 24 percent of adults in the United States, or 
     approximately 56,300,000 individuals, admitted to not paying 
     bills on time;
       (4) 1 in 3 households reported carrying credit card debt 
     from month to month;
       (5) only 39 percent of adults in the United States reported 
     keeping close track of their spending, a percentage that held 
     steady since 2007; and
       (6) 13 percent of adults in the United States identified 
     not having enough ``rainy day'' savings for an emergency, and 
     15 percent of adults in the United States identified not 
     having enough money set aside for retirement, as the most 
     worrisome area of personal finance;
       Whereas the 2015 Retirement Confidence Survey conducted by 
     the Employee Benefit Research Institute found that 24 percent 
     of workers were ``not at all confident'' that they had enough 
     money to retire;
       Whereas according to the statistical release of the Board 
     of Governors of the Federal Reserve System for the fourth 
     quarter of 2015 entitled ``Financial Accounts of the United 
     States: Flow of Funds, Balance Sheets, and Integrated 
     Macroeconomic Accounts'', outstanding household debt in the 
     United States was $14,200,000,000,000 at the end of the 
     fourth quarter of 2015;
       Whereas according to the 2016 Survey of the States: 
     Economic and Personal Finance Education in Our Nation's 
     Schools, a biennial report by the Council for Economic 
     Education--
       (1) only 20 States require students to take an economics 
     course as a high school graduation requirement; and
       (2) only 17 States require students to take a personal 
     finance course as a high school graduation requirement, 
     either independently or as part of an economics course;
       Whereas according to the Gallup-HOPE Index, only 52 percent 
     of students in the United States have money in a bank or 
     credit union account;
       Whereas expanding access to the safe, 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--
       (1) to manage money, credit, and debt; and
       (2) to become responsible workers, heads of household, 
     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; and
       Whereas, in 2003, Congress--
       (1) determined that coordinating Federal financial literacy 
     efforts and formulating a national strategy is important; and
       (2) in light of that determination, 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 2016 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 Financial Literacy Month with 
     appropriate programs and activities.

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