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[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H. Res. 273 Engrossed in House (EH)]

H. Res. 273

                In the House of Representatives, U. S.,

                                                        April 17, 2007.
Whereas personal financial literacy is essential to ensure that individuals are 
        prepared to manage money, credit, and debt, and become responsible 
        workers, heads of households, investors, entrepreneurs, business 
        leaders, and citizens;
Whereas personal financial management skills and lifelong habits develop during 
        childhood;
Whereas a study completed in 2006 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, and the average scores in both years were failing grades;
Whereas in recent years, the Congress, State legislatures and Governors around 
        the country have increasingly recognized the importance and 
        effectiveness of financial education, and, as a result, an increasing 
        number of States now require financial education during high school, 
        including Alabama, Georgia, Idaho, Illinois, Kansas, Kentucky, 
        Louisiana, Missouri, New York, North Carolina, Ohio, South Carolina, 
        Texas, Utah, Virginia, and West Virginia;
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 United States consumer debt totaled $2,400,000,000,000 in 2006, of which 
        credit card debt alone exceeded $825,000,000,000;
Whereas personal savings as a percentage of income dropped to negative 1 percent 
        in 2006, the lowest since the Great Depression;
Whereas, although more than 42,000,000 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 for retirement and 37 percent of workers say that they 
        are not currently saving for retirement;
Whereas the average baby boomer has only $50,000 in savings apart from equity in 
        their homes;
Whereas a study by the American Institute of Certified Public Accountants found 
        that 55 percent of people between the ages of 25 and 34 maintain an 
        interest-bearing account or other savings instrument, a decrease of 10 
        percent since 1985;
Whereas studies show that as many as 10,000,000 households in the United States 
        are ``unbanked'' or are without access to mainstream financial products 
        and services;
Whereas expanding access to the mainstream financial system provides individuals 
        with lower-cost and safer options for managing finances and building 
        wealth and is likely to lead to increased economic activity and growth;
Whereas public, consumer, community-based, and private sector organizations 
        throughout the United States are working to increase financial literacy 
        rates for Americans of all ages and walks of life through a range of 
        outreach efforts, including media campaigns, websites, and one-on-one 
        counseling for individuals;
Whereas Members of the United States House of Representatives established the 
        Financial and Economic Literacy Caucus (FELC) in February 2005 to (1) 
        provide a forum for interested Members of Congress to review, discuss 
        and recommend financial and economic literacy policies, legislation, and 
        programs, (2) collaborate with the private sector, nonprofits, and 
        community-based organizations, and (3) organize and promote financial 
        literacy legislation, seminars, and events, such as ``Financial Literacy 
        Month'' in April 2007 and the annual ``Financial Literacy Day'' fair on 
        April 24, 2007; and
Whereas the National Council on Economic Education, its State Councils and 
        Centers for Economic Education, the Jump$tart Coalition for Personal 
        Financial Literacy, its State affiliates, and its partner organizations, 
        and JA Worldwide 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
    Resolved,  That the House of Representatives--
            (1) supports the goals and ideals of Financial Literacy Month, 
        including raising public awareness about the importance of financial 
        education in the United States and the serious consequences that have 
        resulted from a lack of understanding about personal finances; and
            (2) requests that the President issue a proclamation calling on the 
        Federal Government, States, localities, schools, nonprofit 
        organizations, businesses, other entities, and the people of the United 
        States to observe the month with appropriate programs and activities 
        with the goal of increasing financial literacy rates for individuals of 
        all ages and walks of life.
            Attest:

                                                                          Clerk.
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