III 

116TH CONGRESS 

1ST SESSION S. RES. 168 

Designating April 2019 as ‘‘Financial Literacy Month’’. 

IN THE SENATE OF THE UNITED STATES 

APRIL 11, 2019 

Mr. REED (for himself, Mr. SCOTT of South Carolina, Mr. JONES, Mr. BARRASSO, Mr. BOOKER, Mr. BOOZMAN, Mr. BRAUN, Ms. CANTWELL, Mrs. 

CAPITO, Mr. CARDIN, Mr. CARPER, Mr. CASSIDY, Mr. COONS, Mr. 

CRAMER, Mr. CRAPO, Mr. DURBIN, Mr. ENZI, Ms. ERNST, Mrs. FEINSTEIN, Ms. HASSAN, Mrs. HYDE-SMITH, Mr. MANCHIN, Mr. MENENDEZ, 

Mrs. MURRAY, Mr. PETERS, Mr. ROBERTS, Ms. ROSEN, Mr. TESTER, 

Mr. TILLIS, Mr. WHITEHOUSE, Mr. WICKER, Mr. YOUNG, and Mr. 

PERDUE) submitted the following resolution; which was considered and 

agreed to 

RESOLUTION 

Designating April 2019 as ‘‘Financial Literacy Month’’. 

Whereas, according to the report entitled ‘‘Economic WellBeing of U.S. Households’’ by the Board of Governors of 

the Federal Reserve System, 40 percent of adults in the 

United States cannot cover an unexpected expense of 

$400; 

Whereas, according to the report entitled ‘‘2017 National 

Survey of Unbanked and Underbanked Households’’ by 

the Federal Deposit Insurance Corporation, approximately 25 percent of households in the United States are 

unbanked or underbanked and therefore have limited or 


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•SRES 168 ATS 

no access to savings, lending, and other basic financial 

services; 

Whereas, according to the 2018 Consumer Financial Literacy 

Survey final report of the National Foundation for Credit 

Counseling— 

(1) a majority (61 percent) of adults in the United 

States had credit card debt during the 1-year period ending on the date of publication of the report; 

(2) nearly 2⁄5 (38 percent) of adults in the United 

States carry credit card debt from month to month; and 

(3) approximately 41 percent of adults in the United 

States maintain a budget; 

Whereas, according to the statistical release of the Board of 

Governors of the Federal Reserve System for the fourth 

quarter of 2018 entitled ‘‘Household Debt and Credit’’— 

(1) outstanding household debt in the United States 

was $869,000,000,000 higher than the previous peak of 

$12,680,000,000,000 in the third quarter of 2008; and 

(2) outstanding student loan balances have more 

than doubled in the last decade to approximately 

$1,500,000,000,000; 

Whereas, according to the 2018 report entitled ‘‘Survey of 

the States: Economic and Personal Finance Education in 

Our Nation’s Schools’’, the most recent biennial report of 

that name by the Council for Economic Education— 

(1) only 22 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; 


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Whereas, according to the Gallup-HOPE Index, only 57 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— 

(1) empowers individuals to make wise financial decisions; and 

(2) 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 

1 Resolved, That the Senate— 


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•SRES 168 ATS 

1 (1) designates April 2019 as ‘‘Financial Lit2 eracy Month’’ to raise public awareness about— 

3 (A) the importance of personal financial 

4 education in the United States; and 

5 (B) the serious consequences that may re6 sult from a lack of understanding about per7 sonal finances; and 

8 (2) calls on the Federal Government, States, lo9 calities, schools, nonprofit organizations, businesses, 

10 and the people of the United States to observe Fi11 nancial Literacy Month with appropriate programs 

12 and activities. 

Æ 


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