IV 

118TH CONGRESS 

1ST SESSION H. RES. 392 

Encouraging greater public-private sector collaboration to promote financial 

literacy for students and young adults. 

IN THE HOUSE OF REPRESENTATIVES 

MAY 11, 2023 

Mr. FOSTER (for himself and Mr. HILL) 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 budgeting, financial planning, wealth accumulation, 

higher education loans, 529 savings plans, managing 

credit cards, and managing other debt; 

Whereas many young people are ill-equipped to handle major 

financial decisions in an increasingly complex financial 

marketplace; 

Whereas personal financial management skills begin to develop during childhood; 

Whereas, according to the report of the Girl Scout Research 

Institute entitled ‘‘Having it All: Girls and Financial LitVerDate Sep 11 2014 00:56 May 12, 2023 Jkt 039200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6300 E:\BILLS\HR392.IH HR392

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•HRES 392 IH 

eracy’’, only 12 percent of girls feel very confident about 

making financial decisions; 

Whereas the move away from traditional pensions and toward 

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 also 

to turn those assets into lifetime income; 

Whereas the Council for Economic Education found that only 

22 States require high schools to offer some type of personal finance course and only 17 States require that 

course for high school graduation; 

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 Bureau of Consumer Financial Protection was 

created to educate consumers and help consumers make 

better-informed financial decisions by helping make the 

financial markets safer for consumers, increasing transparency to enable individuals to compare products and 

make informed decisions, and promoting policies that 

help consumers improve their financial knowledge and capability; 

Whereas the Bureau issued a report in 2016 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 (12 U.S.C. 5452) directs 

the Federal financial regulatory agencies to partner with 

high schools in targeted areas to help promote financial 

literacy and to create ‘‘industry internships, summer emVerDate Sep 11 2014 00:56 May 12, 2023 Jkt 039200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6300 E:\BILLS\HR392.IH HR392

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•HRES 392 IH 

ployment, and full-time positions’’ for talented minorities 

and women; 

Whereas the 2015 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 System 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 conducted by Daniel Fernandes, John G. 

Lynch, Jr., and Richard Netemeyer entitled ‘‘Financial 

Literacy, Financial Education and Downstream Financial 

Behaviors’’ found that it ‘‘is best to provide assistance 

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 decision-making tools to consumers of all ages; 


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•HRES 392 IH 

1 (2) reaffirms the purposes of section 342 of the 

2 Dodd-Frank Act (12 U.S.C. 5452), which directs 

3 Federal financial agencies to partner with organiza4 tions that are focused on developing opportunities 

5 for minorities and women to place talented young 

6 minorities and women in industry internships, sum7 mer employment, and full-time positions; 

8 (3) supports the efforts of the Bureau of Con9 sumer Finance Protection to provide consumers with 

10 relevant information and decision-making tools re11 garding important financial decisions; and 

12 (4) urges the Department of the Treasury to 

13 consult with the Financial Industry Regulatory Au14 thority and implement future national financial ca15 pability studies. 

Æ 


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