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[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[S. Res. 490 Agreed to Senate (ATS)]

<DOC>

115th CONGRESS
  2d Session
S. RES. 490

        Designating April 2018 as ``Financial Literacy Month''.

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                             April 26, 2018

  Mr. Reed (for himself, Mr. Scott, Mr. Donnelly, Mrs. Feinstein, Mr. 
    Blunt, Mr. Kennedy, Mr. Manchin, Mr. Boozman, Mrs. Murray, Ms. 
  Klobuchar, Mrs. Capito, Mrs. Ernst, Ms. Smith, Mr. Whitehouse, Mr. 
Coons, Mr. Durbin, Mr. Cardin, Ms. Cantwell, Mr. Booker, Mr. Menendez, 
 Mr. Carper, and Mr. Wicker) submitted the following resolution; which 
                      was considered and agreed to

_______________________________________________________________________

                               RESOLUTION

 
        Designating April 2018 as ``Financial Literacy Month''.

Whereas, according to the Federal Deposit Insurance Corporation (referred to in 
        this preamble as the ``FDIC''), at least 26.9 percent of households in 
        the United States, or nearly 33,500,000 households with approximately 
        66,700,000 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 2017 Consumer Financial Literacy Survey final report 
        of the National Foundation for Credit Counseling--

    (1) 80 percent of adults in the United States acknowledged that they 
could benefit from additional advice and answers to everyday financial 
questions from a professional;

    (2) 39 percent of households in the United States reported carrying 
credit card debt from month to month;

    (3) only 40 percent of adults in the United States maintain a budget;

    (4) 25 percent of adults in the United States do not have any money 
saved for retirement; and

    (5) 16 percent of adults in the United States identified not having 
enough ``rainy day'' savings for an emergency, and 18 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 2017 Retirement Confidence Survey conducted by the Employee Benefit 
        Research Institute found that 73 percent of workers are not currently 
        saving for retirement;
Whereas, according to the statistical release of the Board of Governors of the 
        Federal Reserve System for the fourth quarter of 2017 entitled 
        ``Financial Accounts of the United States: Flow of Funds, Balance 
        Sheets, and Integrated Macroeconomic Accounts'', outstanding household 
        debt in the United States was $15,660,000,000,000 at the end of the 
        fourth quarter of 2017;
Whereas, according to the 2018 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 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;

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 2018 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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