IV 

115TH CONGRESS 

1ST SESSION H. RES. 247 

Supporting the goals and ideals of Financial Literacy Month. 

IN THE HOUSE OF REPRESENTATIVES 

APRIL 4, 2017 

Mr. MEEKS (for himself, Mr. GONZALEZ of Texas, Mr. PALLONE, Ms. 

JAYAPAL, Mr. CARSON of Indiana, Mr. GRIJALVA, Ms. CLARKE of New 

York, and Mr. VARGAS) submitted the following resolution; which was referred to the Committee on Oversight and Government Reform 

RESOLUTION 

Supporting the goals and ideals of Financial Literacy Month. 

Whereas according to the 2015 Household Survey of the Federal Deposit Insurance Corporation, 26.9 percent of 

households in the United States, or close to 31,500,000 

households with approximately 83,000,000 adults, are 

unbanked or underbanked and, subsequently, have missed 

opportunities for savings, lending, and basic financial 

services; 

Whereas according to the 2016 Consumer Financial Literacy 

Survey of the National Foundation for Credit Counseling, 

44 percent of adults in the United States, or more than 

110,000,000 adults living in the United States, gave 

themselves a grade of C, D, or F on their knowledge of 

personal finance; 


rfrederick on DSKBCBPHB2PROD with BILLS
2 

•HRES 247 IH 

Whereas the 2016 Retirement Confidence Survey conducted 

by the Employee Benefit Research Institute found that 

only 21 percent of workers were ‘‘very confident’’ about 

having enough money for a comfortable retirement, reflecting a continuing discrepancy with pre-crisis confidence levels; 

Whereas according to the 2016 Retirement Confidence Survey conducted by the Employee Benefit Research Institute, less than half of workers and/or their spouse (48 

percent) in the United States have tried to calculate how 

much they need to save for retirement; 

Whereas according to the February 2017 Quarterly Report 

on Household Debt and Credit by the Federal Reserve 

Bank of New York, household debt stood at 

$12,680,000,000,000 at the end of the fourth quarter of 

2016, reflecting a 1.8 percent increase compared to the 

third quarter of 2016; 

Whereas according to the 2016 Consumer Financial Literacy 

Survey of the National Foundation for Credit Counseling, 

22 percent, or nearly 55,000,000 adults, admit to not 

paying all of their bills on time; 

Whereas according to the 2016 Consumer Financial Literacy 

Survey of the National Foundation for Credit Counseling, 

only 40 percent of adults have a budget and keep close 

track of their spending; 

Whereas according to the 2016 Consumer Financial Literacy 

Survey of the National Foundation for Credit Counseling, 

1 in 3 adults (34 percent) in the United States, or 

85,000,000 adults, report that they have no savings, and 

only 26 percent of adults in the United States are now 


rfrederick on DSKBCBPHB2PROD with BILLS
3 

•HRES 247 IH 

saving more than they did a year ago because of the current economic climate; 

Whereas according to the Council for Economic Education biennial Survey of the States 2016: Economic, Personal Finance, and Entrepreneurship Education in Our Nation’s 

Schools, only 20 States require students to take an economics course as a high school graduation requirement, 

two fewer than in 2014; 

Whereas according to the Council for Economic Education biennial Survey of the States 2016: Economic, Personal Finance, and Entrepreneurship Education in Our Nation’s 

Schools, only 17 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 former Federal Reserve Bank Chairman Ben 

Bernanke in 2011 stressed, before a Senate Subcommittee on Oversight of Government Management, the 

Federal Workforce, and the District of Columbia, the importance of making financial education a life-long pursuit, considering that well-informed consumers are a solid 

defense against the spread of financial products and services that are ‘‘unsuitable, unnecessarily costly, or abusive’’; 

Whereas according to a 2014 study by Annamaria Lusardi 

from George Washington University and Olivia S. Mitchell from the University of Pennsylvania, econometric 

models and experiments are confirming the causal effect 

of financial literacy on economic decision making, separating financial literacy from other factors, such as education and cognitive ability; 


rfrederick on DSKBCBPHB2PROD with BILLS
4 

•HRES 247 IH 

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 and 2011, Congress found it important to 

coordinate Federal financial literacy efforts and formulate a national strategy; and 

Whereas in 2003, 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 

1 Resolved, That the House of Representatives— 

2 (1) supports the goals and ideals of ‘‘Financial 

3 Literacy Month’’, to raise public awareness about— 

4 (A) the importance of personal financial 

5 education in the United States; and 


rfrederick on DSKBCBPHB2PROD with BILLS
5 

•HRES 247 IH 

1 (B) the serious consequences that may re2 sult from a lack of understanding about per3 sonal finances; and 

4 (2) calls on the Federal Government, States, lo5 calities, schools, nonprofit organizations, businesses, 

6 and the people of the United States to support the 

7 goals and ideals of ‘‘Financial Literacy Month’’ with 

8 appropriate programs and activities. 

Æ 


rfrederick on DSKBCBPHB2PROD with BILLS