IV 

113TH CONGRESS 

1ST SESSION H. RES. 172 

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

IN THE HOUSE OF REPRESENTATIVES 

APRIL 23, 2013 

Mr. HINOJOSA (for himself, Mr. STIVERS, Ms. SEWELL of Alabama, Mr. 

CARTWRIGHT, and Ms. EDDIE BERNICE JOHNSON of Texas) submitted 

the following resolution; which was referred to the Committee on Oversight and Government Reform 

RESOLUTION 

Supporting the goals and ideals of ‘‘Financial Literacy 

Month’’. 

Whereas personal financial literacy is essential to ensure that 

individuals are prepared to make informed financial 

choices so that they can become successful heads of 

household, investors, entrepreneurs, and business leaders; 

Whereas financial education is the first line of defense 

against financial fraud and securing a prosperous future; 

Whereas according to the Federal Deposit Insurance Corporation, at least 28.3 percent of households in the 

United States, or close to 33,000,000 households with 

approximately 66,000,000 adults, are unbanked or underbanked and, subsequently, have missed opportunities for 

savings, lending, and basic financial services; 


jbell on DSK7SPTVN1PROD with BILLS
2 

•HRES 172 IH 

Whereas almost 55.3 percent of Black households, and 48.7 

percent of Hispanic households are either unbanked or 

underbanked; 

Whereas according to the 2012 Consumer Financial Literacy 

Survey Final Report of the National Foundation for 

Credit Counseling, 42 percent of adults in the United 

States, gave themselves a grade of C, D, or F on their 

knowledge of personal finance; 

Whereas according to the United States courts figures on 

bankruptcy filings, personal bankruptcy filings reached 

over 1,500,000 in 2010, the highest number since 2005, 

more than 1,400,000 in 2011, and more than 1,200,000 

in 2012; 

Whereas the 2012 Retirement Confidence Survey conducted 

by the Employee Benefit Research Institute found that 

only 14 percent of workers were ‘‘very confident’’ about 

having enough money for a comfortable retirement, up 

only 1 percent point from the previous year, a sharp decline in worker confidence from the 27 percent of workers 

who were ‘‘very confident’’ in 2007; 

Whereas according to the 2012 Retirement Confidence Survey conducted by the Employee Benefit Research Institute, less than half of workers (42 percent) in the United 

States have tried to calculate how much they need to save 

for retirement; 

Whereas according to a 2012 ‘‘Flow of Funds’’ report by the 

Board of Governors of the Federal Reserve System, 

household debt stood at $12,800,000,000,000 at the end 

of the fourth quarter of 2012; 

Whereas according to the 2012 Consumer Financial Literacy 

Survey Final Report of the National Foundation for 


jbell on DSK7SPTVN1PROD with BILLS
3 

•HRES 172 IH 

Credit Counseling, 33 percent, or more than 77,000,000 

adults, admit to not paying all of their bills on time, a 

dramatic increase from 28 percent or 64,000,000 adults 

in 2011; 

Whereas according to the 2012 Consumer Financial Literacy 

Survey Final Report of the National Foundation for 

Credit Counseling, only 43 percent of adults keep close 

track of their spending, and more than 22 percent of 

adults do not know how much they spend on food, housing, and entertainment, and do not monitor their overall 

spending; 

Whereas according to the 2012 Consumer Financial Literacy 

Survey Final Report of the National Foundation for 

Credit Counseling, 39 percent of adults in the United 

States, report that they have no savings, and only 2 in 

5 adults are saying they are saving less in 2012 than the 

year before, the proportion of adults who have savings 

has declined from 67 percent in 2010 to 64 percent in 

2011 down to 59 percent in 2012; 

Whereas according to the seventh Council for Economic Education biennial Survey of the States 2011: Economic, 

Personal Finance, and Entrepreneurship Education in 

Our Nation’s Schools, only 22 States require students to 

take an economics course as a high school graduation requirement, and only 16 States require the testing of student knowledge in economics; 

Whereas according to the seventh Council for Economic Education biennial Survey of the States 2011: Economic, 

Personal Finance, and Entrepreneurship Education in 

Our Nation’s Schools, only 12 States require students to 

take a personal finance course either independently or as 


jbell on DSK7SPTVN1PROD with BILLS
4 

•HRES 172 IH 

part of an economics course as a high school graduation 

requirement; 

Whereas according to the 2013 Girl Scout Research Institute’s report, ‘‘Having It All: Girls & Financial Literacy’’, 90 percent of girls say it is important to learn 

how to manage money but just 12 percent say they feel 

confident in making financial decisions; 

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, establishing the Financial Literacy and Education Commission: Now, therefore, be it 

1 Resolved, That the House of Representatives— 


jbell on DSK7SPTVN1PROD with BILLS
5 

•HRES 172 IH 

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

2 Literacy 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 support the 

11 goals and ideals of ‘‘Financial Literacy Month’’ with 

12 appropriate programs and activities. 

Æ 


jbell on DSK7SPTVN1PROD with BILLS