III 

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, dropVerDate Nov 24 2008 03:41 Apr 01, 2009 Jkt 079200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6300 E:\BILLS\SR94.ATS SR94

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ping $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; 


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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 

1 Resolved, That the Senate— 


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1 (1) designates April 2009 as ‘‘Financial Lit2 eracy Month’’ to raise public awareness about— 

3 (A) the importance of personal financial 

4 education in the United States; and 

5 (B) the serious consequences that may re6 sult from a lack of understanding about per7 sonal finances; and 

8 (2) calls on the Federal Government, States, lo9 calities, schools, nonprofit organizations, businesses, 

10 and the people of the United States to observe the 

11 month with appropriate programs and activities. 

Æ 


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