IV 

118TH CONGRESS 

1ST SESSION H. RES. 291 

Supporting the goals and ideals of ‘‘Financial Literacy Month’’. 

IN THE HOUSE OF REPRESENTATIVES 

APRIL 13, 2023 

Mrs. BEATTY (for herself and Mrs. KIM of California) submitted the following 

resolution; which was referred to the Committee on Oversight and Accountability 

RESOLUTION 

Supporting the goals and ideals of ‘‘Financial Literacy 

Month’’. 

Whereas, according to the Federal Deposit Insurance Corporation (referred hereinafter as the ‘‘FDIC’’), at least 

18.6 percent of households in the United States, or nearly 24,600,000 households, are unbanked or underbanked 

and therefore have not had an opportunity to access savings, lending, and other basic financial services; 

Whereas, according to the 2021 Consumer Financial Literacy 

and Preparedness Survey final report of the National 

Foundation for Credit Counseling— 

(1) only 44 percent of adults in the United States 

have a budget; 

(2) 75 percent of adults in the United States acknowledged that they could benefit from additional advice 


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•HRES 291 IH 

and answers to everyday financial questions from a professional; 

(3) 1 in 4 adults in the United States admitted they 

do not pay all their bills on time; and 

(4) 47 percent of the general population currently 

holds credit card debt, and almost 2 in 5 carry some 

amount of credit card debt month to month, with the 

mean amount of self-reported debt equaling $1,847; 

Whereas the Report on the Economic Well-Being of U.S. 

Households in 2021 by the Board of Governors of the 

Federal Reserve found that 32 percent of adults could 

not cover a $400 emergency expense without borrowing 

or selling something of value; 

Whereas, according to the Quarterly Report on Household on 

Credit Debt for the fourth quarter of 2022 released by 

the Federal Reserve Bank of New York’s Center for 

Microeconomic Data, outstanding household debt in the 

United States was $16.9 trillion; 

Whereas, according to the 2022 Survey of the States: Economic and Personal Finance Education in Our Nation’s 

Schools, a biennial report by the Council for Economic 

Education— 

(1) only 25 States require students to take an economics course as a high school graduation requirement; 

and 

(2) only 23 States require students to take a personal finance course as a high school graduation requirement, either independently or as part of an economics 

course; 

Whereas, according to the Fidelity Investments 2022 Teens 

and Money Study surveying young people ages 13 to 17, 


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•HRES 291 IH 

only 49 percent of students in the United States have 

opened a bank account; 

Whereas expanding access to the safe, 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— 

(1) to manage money, credit, and debt; and 

(2) to become responsible workers, heads of household, 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; and 

Whereas, in 2003, Congress— 

(1) determined that coordinating Federal financial 

literacy efforts and formulating a national strategy is important; and 

(2) in light of that determination, passed the Financial Literacy and Education Improvement Act (20 U.S.C. 

9701 et seq.), establishing the Financial Literacy and 

Education Commission: Now, therefore, be it 

1 Resolved, That the House of Representatives— 

2 (1) supports the goals and ideals of ‘‘Financial 

3 Literacy Month’’ to raise public awareness about— 


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•HRES 291 IH 

1 (A) the importance of personal financial 

2 education in the United States; and 

3 (B) the serious consequences that may re4 sult from a lack of understanding about per5 sonal finances; and 

6 (2) calls on the Federal Government, States, lo7 calities, schools, nonprofit organizations, businesses, 

8 and the people of the United States to observe Fi9 nancial Literacy Month with appropriate programs 

10 and activities. 

Æ 


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