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[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[S. Res. 495 Agreed to Senate (ATS)]

110th CONGRESS
  2d Session
S. RES. 495

        Designating April 2008 as ``Financial Literacy Month''.

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

               April 1 (legislative day, March 13), 2008

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

_______________________________________________________________________

                               RESOLUTION

 
        Designating April 2008 as ``Financial Literacy Month''.

Whereas the personal savings rate of people in the United States declined from 
        negative 0.5 percent in 2005 to negative 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, and the decline 
        continued in the first month of 2008;
Whereas, in April 2007, a survey on personal finances reported that 25 percent 
        of workers in the United States responded as having ``no savings'';
Whereas the 2007 Retirement Confidence Survey conducted by the Employee Benefit 
        Research Institute found that only 43 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 $2,500,000,000,000 in 2007, an increase of 33 
        percent since 2001;
Whereas household debt reached a record $13,750,000,000,000 in 2007;
Whereas, during 2007, a near-record high of more than 14 percent of disposable 
        personal income went to paying the interest on personal debt;
Whereas people in the United States are now facing record numbers of homes in 
        foreclosure, and for the first time in history, they have more total 
        debt than equity in their homes;
Whereas approximately 800,000 families filed for bankruptcy in 2007;
Whereas nearly half of adults in the United States are not aware that they can 
        access their credit reports for free, and 1 in 4 reported having never 
        checked their credit score;
Whereas, in a 2006 survey, the Jump$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 2007 Survey of the States compiled by the National Council on 
        Economic Education found that only 22 States require testing of 
        economics as a high school graduation requirement, 3 fewer States than 
        did so in 2004;
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 passed the Financial Literacy and 
        Education Improvement Act of 2003 (Public Law 108-159; 117 Stat. 2003) 
        establishing the Financial Literacy and Education Commission and 
        designating 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 2008 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 the month with appropriate 
        programs and activities.
                                 <all>
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