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[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[S. Res. 94 Agreed to Senate (ATS)]

111th CONGRESS
  1st Session
S. RES. 94

        Designating April 2009 as ``Financial Literacy Month''.

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                             March 31, 2009

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

_______________________________________________________________________

                               RESOLUTION

 
        Designating April 2009 as ``Financial Literacy Month''.

Whereas, in September 2008, consumer bankruptcy filings in the United States 
        increased more than 30 percent from the same period in 2006, according 
        to the Administrative Office of the United States Courts;
Whereas there were more than 1,000,000 personal bankruptcy filings in the United 
        States in 2008, the most since bankruptcy laws were amended in 2005, 
        according to the Administrative Office of the United States Courts;
Whereas, according to a 2008 ``Flow of Funds'' report by the Federal Reserve, 
        the net worth of households in the United States fell for the 4th 
        consecutive quarter, dropping $2,800,000,000,000, the largest decline in 
        the 57-year history of the report;
Whereas, according to a 2008 ``Flow of Funds'' report by the Federal Reserve, 
        household debt in the United States reached $14,000,000,000;
Whereas the 2008 Retirement Confidence Survey conducted by the Employee Benefit 
        Research Institute found that the percentage of workers who were ``very 
        confident'' about having enough money for a comfortable retirement 
        decreased sharply, from 27 percent in 2007 to 18 percent in 2008, the 
        biggest 1-year decline in the 18-year history of the survey;
Whereas the Department of the Treasury sponsored the 2008 National Financial 
        Literacy Challenge, an examination testing knowledge of high school 
        students of important personal finance concepts;
Whereas the average score on the examination was an ``F'', only 56 percent;
Whereas the 2007 ``Survey of the States'' compiled by the Council for Economic 
        Education found that only 22 States require an economics test as a high 
        school graduation requirement, 3 fewer than in 2004;
Whereas many students who graduate from high school lack basic skills in the 
        management of personal financial affairs and are unable to balance a 
        checkbook, according to the Jump$tart Coalition for Personal Financial 
        Literacy;
Whereas, according to the National Foundation for Credit Counseling, fewer than 
        half the people in the United States accessed their credit report in 
        2008, despite the fact that such report can be obtained for free and 
        contains critically important information for consumers;
Whereas approximately 76,000,000 adults say they do not have any non-retirement 
        savings, according to the National Foundation for Credit Counseling;
Whereas expanding access to the mainstream financial system will provide 
        individuals with less expensive and more secure options for managing 
        finances and building wealth;
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 an increasingly complex 
        economy;
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 2009 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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