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[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H. Res. 1154 Introduced in House (IH)]

<DOC>

118th CONGRESS
  2d Session
H. RES. 1154

    Supporting the goals and ideals of ``Financial Literacy Month''.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                             April 17, 2024

Mrs. Beatty (for herself, Mrs. Kim of California, Mr. Barr, Mr. Carson, 
 Mr. Casten, Mr. Cleaver, Mr. Donalds, Mr. Fitzpatrick, Ms. Garcia of 
Texas, Mr. Gottheimer, Mr. Hill, Mr. Horsford, Mr. Lynch, Mr. McGovern, 
 Mr. Meeks, Mr. Nickel, Mr. David Scott of Georgia, Mr. Valadao, Mrs. 
 Watson Coleman, and Ms. Williams of Georgia) submitted the following 
   resolution; which was referred to the Committee on Oversight and 
                             Accountability

_______________________________________________________________________

                               RESOLUTION

 
    Supporting the goals and ideals of ``Financial Literacy Month''.

Whereas, according to the Federal Deposit Insurance Corporation, at least 18.6 
        percent of households in the United States, or nearly 24,600,000 
        households, are unbanked or underbanked and therefore have not had an 
        opportunity to access savings, lending, and other basic financial 
        services;
Whereas the Report on the Economic Well-Being of U.S. Households in 2022 by the 
        Board of Governors of the Federal Reserve found that 37 percent of 
        adults could not cover a $400 emergency expense without borrowing or 
        selling something of value;
Whereas the Consumer Financial Protection Bureau's Making Ends Meet in 2023 
        survey found that 37.8 percent of households had difficulty paying their 
        bills in the previous year;
Whereas the Financial Health Pulse 2023 U.S. Trends Report published by the 
        Financial Health Network found that 17 percent of Americans are 
        financially vulnerable, with Black, Hispanic, and younger Americans 
        disproportionately represented;
Whereas, according to the Quarterly Report on Household on Credit Debt for the 
        fourth quarter of 2023 released by the Federal Reserve Bank of New 
        York's Center for Microeconomic Data, outstanding household debt in the 
        United States was $17,500,000,000,000;
Whereas 49 percent of cardholders in the United States carry credit card debt 
        from month to month, with emergency expenses as the leading cause of 
        that debt, according to a November 2023 Bankrate survey;
Whereas a survey conducted by the National Endowment for Financial Education 
        found that 83 percent of adults in the United States with outstanding 
        student loan debt will need to make significant budgetary changes in 
        order to make their payments;
Whereas, according to the 2024 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 28 States require students to take an economics course as a 
high school graduation requirement; and

    (2) only 35 States require students to take a personal finance course 
as a high school graduation requirement;

Whereas a survey conducted by the Finra Investor Education Foundation found that 
        a combined math and financial knowledge is tied to better financial 
        outcomes;
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 House of Representatives--
            (1) supports the goals and ideals of ``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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