III 

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; 


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•SRES 126 ATS 

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; 


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•SRES 126 ATS 

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 

1 Resolved, That the Senate— 

2 (1) designates April 2007 as ‘‘Financial Lit3 eracy Month’’ to raise public awareness about— 

4 (A) the importance of financial education 

5 in the United States; and 

6 (B) the serious consequences that may re7 sult from a lack of understanding about per8 sonal finances; and 

9 (2) calls on the Federal Government, States, lo10 calities, schools, nonprofit organizations, businesses, 

11 and the people of the United States to observe the 

12 month with appropriate programs and activities. 

Æ 


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