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[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[S. Res. 126 Agreed to Senate (ATS)]

110th CONGRESS
  1st Session
S. RES. 126

        Designating April 2007 as ``Financial Literacy Month''.

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                             March 27, 2007

   Mr. Akaka (for himself, Mr. Dodd, Mrs. Clinton, Mr. Cochran, Mr. 
 Durbin, Mr. Kohl, Mr. Kennedy, Mr. Menendez, Mr. Schumer, Mr. Inouye, 
   Ms. Stabenow, Mr. Cardin, Mr. Levin, Mr. Crapo, Mr. DeMint, Mrs. 
 Feinstein, Mr. Baucus, Mr. Thomas, Mrs. Lincoln, Mr. Allard, and Mr. 
  Enzi) submitted the following resolution; which was considered and 
                               agreed to

_______________________________________________________________________

                               RESOLUTION

 
        Designating April 2007 as ``Financial Literacy Month''.

Whereas the personal savings rate of people in the United States declined from 
        minus 0.5 percent in 2005 to minus 1.0 percent in 2006, making 2005 and 
        2006 the only years since the Great Depression years of 1932 and 1933 
        when the savings rate has been negative;
Whereas the 2006 Retirement Confidence Survey conducted by the Employee Benefit 
        Research Institute found that only 42 percent of workers or their 
        spouses calculated how much they need to save for retirement, down from 
        53 percent in 2000;
Whereas consumer debt exceeded $2,400,000,000,000 in 2006;
Whereas household debt reached a record $12,800,000,000,000 in 2006;
Whereas, during the second quarter of 2006, a record high of 14.5 percent of 
        disposable personal income went to paying the interest on personal debt;
Whereas over 1,000,000 individuals in the United States filed for bankruptcy in 
        2006;
Whereas nearly half of adults in the United States are not aware that they can 
        access their credit reports for free;
Whereas, in a 2006 survey, the Jump$tart Coalition for Personal Financial 
        Literacy found that high school seniors scored an average of only 52.4 
        percent on an exam testing knowledge of basic personal finance;
Whereas approximately 10,000,000 households in the United States do not have 
        accounts at mainstream financial institutions such as banks or credit 
        unions;
Whereas expanding access to the mainstream financial system will provide 
        individuals with less expensive and more secure options for managing 
        their finances and building wealth;
Whereas the 2004 Survey of the States compiled by the National Council on 
        Economic Education found that only 17 States require an economics course 
        to be offered to high school students;
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 the increasingly complex 
        economy of the United States;
Whereas a greater understanding of, and familiarity with, financial markets and 
        institutions will lead to increased economic activity and growth;
Whereas, in 2003, Congress found it important to coordinate Federal financial 
        literacy efforts and formulate a national strategy; and
Whereas, in light of that finding, Congress established the Financial Literacy 
        and Education Commission and designated the Office of Financial 
        Education of the Department of the Treasury to provide support for the 
        Commission: Now, therefore, be it
    Resolved, That the Senate--
            (1) designates April 2007 as ``Financial Literacy Month'' 
        to raise public awareness about--
                    (A) the importance of 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 the month with appropriate 
        programs and activities.
                                 <all>
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