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[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. Res. 185 Introduced in Senate (IS)]

<DOC>

118th CONGRESS
  1st Session
S. RES. 185

        Designating April 2023 as ``Financial Literacy Month''.

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                             April 27, 2023

  Mr. Reed (for himself, Mr. Scott of South Carolina, Mr. Braun, Mrs. 
  Britt, Mrs. Capito, Mr. Cardin, Mr. Casey, Ms. Collins, Ms. Cortez 
Masto, Mr. Crapo, Mr. Cruz, Mr. Daines, Mr. Durbin, Mrs. Feinstein, Ms. 
Hassan, Mr. Kennedy, Ms. Klobuchar, Mr. Lujan, Ms. Lummis, Mr. Manchin, 
   Mr. Risch, Ms. Rosen, Mr. Rounds, Mr. Rubio, Mr. Whitehouse, Mr. 
   Wicker, Mr. Young, Mr. Cassidy, and Mrs. Blackburn) submitted the 
   following resolution; which was referred to the Committee on the 
                               Judiciary

_______________________________________________________________________

                               RESOLUTION

 
        Designating April 2023 as ``Financial Literacy Month''.

Whereas, according to the report entitled ``Economic Well-Being of U.S. 
        Households in 2021'' by the Board of Governors of the Federal Reserve 
        System, a noted increase in financial well-being occurred broadly as the 
        United States recovered from the COVID-19 pandemic, but existing gaps in 
        education, ethnicity, and disability persisted;
Whereas, according to the 2021 Federal Deposit Insurance Corporation National 
        Survey of Unbanked and Underbanked Households--

    (1) approximately 4.5 percent of households, representing 5,900,000 
households in the United States, are unbanked and, therefore, have limited 
or no access to savings, lending, and other basic financial services; and

    (2) an estimated 14.1 percent of households, representing 18,700,000 
million households in the United States, are underbanked;

Whereas, according to the 2021 Consumer Financial Literacy and Preparedness 
        Survey of the National Foundation for Credit Counseling and Wells 
        Fargo--

    (1) 47 percent of the general population in the United States report 
having credit card debt;

    (2) 38 percent of adults in the United States report carrying credit 
card balances from month-to-month; and

    (3) 44 percent of the general population in the United States have a 
budget and keep close track of expenses, such as food, housing, and 
entertainment;

Whereas, according to a report entitled ``Financial Capability of Adults with 
        Disabilities'' by the National Disability Institute and the Financial 
        Industry Regulatory Authority, people with disabilities were more likely 
        to struggle with the key components of financial capability, which are 
        making ends meet, planning ahead, managing financial products, and 
        financial knowledge and decision-making, and could benefit from targeted 
        financial education;
Whereas, according to the statistical release of the Board of Governors of the 
        Federal Reserve System for the fourth quarter of 2022 entitled 
        ``Household Debt and Credit''--

    (1) outstanding household debt in the United States has increased by 
$2,750,000,000,000 since the end of 2019;

    (2) outstanding student loan balances have more than doubled in the 
last decade to nearly $1,600,000,000,000; and

    (3) the share of debt newly transitioning into delinquency increased 
for nearly all debt types, following 2 years of historically low 
delinquency transitions;

Whereas, according to the 2022 report entitled ``Survey of the States: Economic 
        and Personal Finance Education in Our Nation's Schools'' 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 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 make sound money management decisions about credit, debt, 
insurance, financial transactions, and planning for the future; and

    (2) to become responsible workers, heads of household, investors, 
entrepreneurs, business leaders, and citizens;

Whereas financial education in schools in the United States is critical to a 
        long-term financial inclusion strategy to reach students who are not 
        able to get sufficient personal finance guidance at home;
Whereas, according to the 2021 report entitled ``Game Changer: The Evaluation of 
        the Jump$tart Financial Foundations for Educators Professional 
        Development Program'' by the Financial Literacy Group, teacher training 
        regarding financial education improves student outcomes significantly, 
        especially among historically underserved students;
Whereas increased financial literacy--

    (1) empowers individuals to make wise financial decisions; and

    (2) 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

    Resolved, That the Senate--
            (1) designates April 2023 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 Financial Literacy Month with 
        appropriate programs and activities.
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