IV 

113TH CONGRESS 

2D SESSION H. RES. 721 

Encouraging greater public-private sector collaboration to promote financial 

literacy for students and young adults. 

IN THE HOUSE OF REPRESENTATIVES 

SEPTEMBER 11, 2014 

Mr. FOSTER (for himself, Mr. CARSON of Indiana, Mr. CARTWRIGHT, Mr. 

COHEN, Mr. HASTINGS of Florida, Mr. HINOJOSA, Mr. HOLT, Ms. EDDIE

BERNICE JOHNSON of Texas, Ms. KELLY of Illinois, Mr. LANCE, Mr. 

LANGEVIN, Ms. LEE of California, Mrs. MCCARTHY of New York, Mr. 

MEEKS, Ms. NORTON, Mr. POCAN, Mr. QUIGLEY, Mr. RANGEL, Mr. 

SCHNEIDER, and Mr. TIBERI) submitted the following resolution; which 

was referred to the Committee on Financial Services 

RESOLUTION 

Encouraging greater public-private sector collaboration to 

promote financial literacy for students and young adults. 

Whereas personal financial literacy is essential to ensuring 

that individuals are prepared to make informed decisions 

about financial planning, wealth accumulation, higher 

education loans, 529 savings plans, managing credit 

cards, and other debt along with budgeting; 

Whereas many young people are ill-equipped to handle major 

financial decisions in an increasingly complex financial 

marketplace; 


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Whereas personal financial management skills begin to develop during childhood; 

Whereas the move away from traditional pensions to defined 

contribution plans requires more financial education, so 

workers need to be equipped with the financial aptitude 

to not only save and accumulate assets, but they need to 

be prepared to turn those savings into lifetime income; 

Whereas the Council for Economic Education found that only 

16 States require that some sort of personal finance education be offered in high schools and only 15 States require that course for graduation; 

Whereas a bi-annual study by the Jump$tart Coalition for 

Personal Financial Literacy found that only 5 percent of 

high school seniors and only 25 percent of graduating 

college students can be considered financially literate; 

Whereas, according to a study conducted by Sallie Mae, an 

increasing number of high school seniors are obtaining 

credit cards and the average graduating college student 

has a credit card debt of $4,100; 

Whereas a longitudinal research study by the University of 

Arizona found that high school and college students who 

have been exposed to ongoing financial education show an 

increase in financial knowledge; 

Whereas the Consumer Financial Protection Bureau was created to educate consumers and help them make betterinformed financial decisions by helping make the financial markets safer for consumers, increasing transparency 

to enable individuals to compare products and make informed decisions and promote policies that help consumers improve their financial knowledge and capability; 


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Whereas the Bureau issued a report in 2013 that included 

a number of recommendations to improve financial literacy for students; 

Whereas section 342 of the Dodd-Frank Wall Street Reform 

and Consumer Protection Act directs the Federal financial regulatory agencies to partner with industry organizations and high schools in targeted areas to help promote financial literacy and create ‘‘industry internships, 

summer employment and full-time positions’’ for talented 

minorities and women; 

Whereas the 2012 National Financial Capability Study, developed in consultation with the Department of the 

Treasury and President Obama’s Advisory Council on Financial Capability, updates key measures from the 2009 

National Financial Capability Study of American adults 

and deepens the exploration of topics that are highly relevant today, including student loans and medical debt; 

Whereas the Money as You Learn Initiative, a coalition of 

non-profit and for profit organizations, teachers, and academics, provides concrete tools for educators to show how 

personal finance can provide appropriate context and content for mathematics and English language arts teaching; 

Whereas the Federal Reserve offers publications in English 

and Spanish that provide consumers tips on a broad 

range of topics, from avoiding mortgage foreclosure 

scams to managing a checking account; and 

Whereas a study entitled Financial Literacy, Financial Education and Downstream Financial Behaviors, conducted 

by Daniel Fernandes, John G. Lynch, Jr., and Richard 

Netemeyer, found that it ‘‘is best to provide assistance 


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just before a decision is made in what is known as ‘justin-time education’ ’’: Now, therefore, be it 

1 Resolved, That the House of Representatives— 

2 (1) emphasizes the importance of raising aware3 ness of individual financial capability by providing 

4 relevant information, financial workshops, and other 

5 decisionmaking tools to consumers of all ages; 

6 (2) supports the efforts of the President’s Advi7 sory Council on Financial Literacy in working with 

8 the public and private sectors to increase financial 

9 education for youth in school and for adults in the 

10 workplace, to increase access to financial services, to 

11 establish measures of national financial literacy, to 

12 conduct research on financial knowledge, and to 

13 strengthen financial education programs; 

14 (3) reaffirms the purposes of section 342 of the 

15 Dodd-Frank Act, which directs Federal financial 

16 agencies and the entities which they regulate to 

17 partner with organizations that are focused on devel18 oping opportunities for minorities and women to 

19 place talented young minorities and women in indus20 try internships, summer employment, and full-time 

21 positions; 

22 (4) supports the efforts of the Consumer Finan23 cial Protection Bureau to provide consumers with 


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1 relevant information and decisionmaking tools re2 garding important financial decisions; and 

3 (5) urges the Secretary of the Treasury to con4 sult with the Financial Industry Regulatory Author5 ity and implement future national financial capa6 bility studies. 

Æ 


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