IV 

109TH CONGRESS 

2D SESSION H. RES. 737 

Supporting the goals and ideals of Financial Literacy Month, and for other 

purposes. 

IN THE HOUSE OF REPRESENTATIVES 

MARCH 28, 2006 

Mrs. BIGGERT (for herself, Mr. HINOJOSA, Ms. PRYCE of Ohio, Mr. BASS, Mr. 

DREIER, Ms. MOORE of Wisconsin, Ms. LEE, Mrs. MCCARTHY, Mr. 

BOEHLERT, Mr. POMEROY, Mr. SHAYS, Mr. JONES of North Carolina, 

Mr. HENSARLING, Mr. FEENEY, Mrs. JOHNSON of Connecticut, Mr. 

RAMSTAD, Mr. GUTKNECHT, Mr. ENGLISH of Pennsylvania, Mr. 

EHLERS, Mr. GARRETT of New Jersey, Mr. FITZPATRICK of Pennsylvania, Mr. HOLT, Mr. OWENS, Ms. WASSERMAN SCHULTZ, Mr. BAKER, 

Mr. REICHERT, Ms. MILLENDER-MCDONALD, Mr. TOM DAVIS of Virginia, Ms. HARRIS, Mr. AL GREEN of Texas, Mr. GILCHREST, Mr. 

TIBERI, Mr. FORD, Mr. SCOTT of Georgia, Mr. RYAN of Ohio, Mr. 

OXLEY, Mr. GILLMOR, Mr. HONDA, Mr. BACHUS, Mr. CROWLEY, Mr. 

WELDON of Pennsylvania, Ms. MATSUI, Mr. CASTLE, Mr. JOHNSON of 

Illinois, Mr. LATOURETTE, Mr. MEEKS of New York, Ms. HOOLEY, Mr. 

MOORE of Kansas, Ms. BEAN, Ms. WATERS, Mr. FRANK of Massachusetts, Mr. CLAY, Mr. NEY, Mr. BACA, Mr. DANIEL E. LUNGREN of California, Mr. RYUN of Kansas, Mr. CAMPBELL of California, Mr. LYNCH, 

Mr. DENT, Mr. GUTIERREZ, Mr. KANJORSKI, and Mr. ISRAEL) submitted 

the following resolution; which was referred to the Committee on Government Reform 

RESOLUTION 

Supporting the goals and ideals of Financial Literacy Month, 

and for other purposes. 

Whereas personal financial literacy is essential to ensure that 

individuals are prepared to manage money, credit, and 


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•HRES 737 IH 

debt, and become responsible workers, heads of households, investors, entrepreneurs, business leaders, and citizens; 

Whereas a 2004 survey completed by the National Council on 

Economic Education found that the number of States 

that include personal finance in education standards for 

students in kindergarten through high school has improved since 2002 but still falls below 2000 levels; 

Whereas a study completed in 2004 by the Jump$tart Coalition for Personal Financial Literacy found that high 

school seniors know less about principles of basic personal finance than did high school seniors 7 years earlier; 

Whereas 55 percent of college students acquire their first 

credit card during their first year in college, and 92 percent of college students acquire at least 1 credit card by 

their second year in college, yet only 26 percent of people 

between the ages of 13 and 21 reported that their parents actively taught them how to manage money; 

Whereas studies show that as many as 10 million households 

in the United States are ‘‘unbanked’’ or are without access to mainstream bank products and services; 

Whereas personal savings as a percentage of personal income 

decreased from 7.5 percent in the early 1980s to –0.2 

percent in the last quarter of 2005; 

Whereas, although more than 42 million people in the United 

States participate in qualified cash or deferred arrangements described in section 401(k) of the Internal Revenue Code of 1986 (commonly referred to as ‘‘401(k) 

plans’’), a Retirement Confidence Survey conducted in 

2004 found that only 42 percent of workers surveyed 

have calculated how much money they will need to save 


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for retirement and 37 percent of workers say that they 

are not currently saving for retirement; 

Whereas personal financial management skills and lifelong 

habits develop during childhood; 

Whereas financial literacy has been linked to lower delinquency rates for mortgage borrowers, higher participation 

and contribution rates in retirement plans, improved 

spending and saving habits, higher net worth, and positive knowledge, attitude, and behavior changes; 

Whereas expanding access to the mainstream financial system provides individuals with lower-cost and safer options 

for managing finances and building wealth and is likely 

to lead to increased economic activity and growth; 

Whereas a credit report and credit score can impact an individual’s ability to, for example, obtain a job, insurance, 

or housing, and a March 2005, report by the Comptroller 

General entitled ‘‘Credit Reporting Literacy’’ found that 

‘‘educational efforts could potentially increase consumers’ 

understanding of the credit reporting process’’ and those 

‘‘efforts should target those areas in which consumers’ 

knowledge was weakest and those subpopulations that did 

not score as well on GAO’s survey,’’ including those with 

‘‘less education, lower incomes, and less experience obtaining credit’’; 

Whereas public, consumer, community-based, and private sector organizations throughout the United States are working to increase financial literacy rates for Americans of 

all ages and walks of life through a range of outreach efforts, including media campaigns, websites, and one-onone counseling for individuals; 


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•HRES 737 IH 

Whereas Congress sought to implement a national strategy 

for coordination of Federal financial literacy efforts 

through the establishment of the Financial Literacy and 

Education Commission (FLEC) in 2003, the designation 

of the Office of Financial Education of the Department 

of the Treasury to provide support for the Commission, 

and requirements that the Commission’s materials, 

website, toll-free hotline, annual report, and national 

multimedia campaign be multilingual; 

Whereas Members of the United States House of Representatives established the Financial and Economic Literacy 

Caucus (FELC) in February 2005 to (1) provide a forum 

for interested Members of Congress to work in collaboration with the Financial Literacy and Education Commission, (2) highlight public and private sector best-practices, and (3) organize and promote financial literacy legislation, seminars, and events, such as Financial Literacy 

Month in April 2006 and the annual Financial Literacy 

Day fair on April 25, 2006; and 

Whereas the National Council on Economic Education, its 

State Councils and Centers for Economic Education, the 

Jump$tart Coalition for Personal Financial Literacy, its 

State affiliates, and its partner organizations, and Junior 

Achievement have designated April as Financial Literacy 

Month to educate the public about the need for increased 

financial literacy for youth and adults in the United 

States: Now, therefore, be it 

1 Resolved, That the House of Representatives— 

2 (1) supports the goals and ideals of Financial 

3 Literacy Month, including raising public awareness 

4 about the importance of financial education in the 


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1 United States and the serious consequences that 

2 may result from a lack of understanding about per3 sonal finances; and 

4 (2) requests that the President issue a procla5 mation calling on the Federal Government, States, 

6 localities, schools, nonprofit organizations, busi7 nesses, other entities, and the people of the United 

8 States to observe the month with appropriate pro9 grams and activities with the goal of increasing fi10 nancial literacy rates for individuals of all ages and 

11 walks of life. 

Æ 


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