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[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. Res. 658 Agreed to Senate (ATS)]

<DOC>

118th CONGRESS
  2d Session
S. RES. 658

        Designating April 2024 as ``Financial Literacy Month''.

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

               April 20 (legislative day, April 19), 2024

 Mr. Reed (for himself, Mr. Scott of South Carolina, Mr. Barrasso, Mr. 
 Boozman, Mr. Braun, Mr. Budd, Mrs. Capito, Mr. Cassidy, Ms. Collins, 
 Ms. Cortez Masto, Mr. Cramer, Mr. Crapo, Mr. Daines, Mr. Durbin, Ms. 
Hassan, Mrs. Hyde-Smith, Mr. King, Mr. Manchin, Mr. Risch, Mr. Romney, 
   Mr. Rounds, Mr. Rubio, Mr. Scott of Florida, Mr. Whitehouse, Mr. 
Wicker, Mr. Wyden, Mr. Young, Mr. Peters, and Mr. Tuberville) submitted 
      the following resolution; which was considered and agreed to

_______________________________________________________________________

                               RESOLUTION

 
        Designating April 2024 as ``Financial Literacy Month''.

Whereas, according to the report entitled ``Economic Well-Being of U.S. 
        Households in 2022'' by the Board of Governors of the Federal Reserve 
        System, self-reported financial well-being fell sharply and was among 
        the lowest observed since 2016;
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 
households in the United States, are underbanked;

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 decisionmaking, and could benefit from targeted 
        financial education;
Whereas, according to the statistical release of the Federal Reserve Bank of New 
        York for the fourth quarter of 2023 entitled ``Household Debt and Credit 
        Report''--

    (1) outstanding household debt in the United States has increased by 
$3,350,000,000,000 since the end of 2019;

    (2) outstanding student loan balances have increased steadily during 
the last decade to nearly $1,600,000,000,000; and

    (3) delinquency rates increased for all debt types except student 
loans;

Whereas the 2023 Employer Survey of the Employee Benefits Research Institute 
        reported that financial wellness benefits, including broad-based 
        financial education, are a tool to improve worker satisfaction and 
        productivity;
Whereas the 2024 Survey of the States conducted biennially by the Council for 
        Economic Education showed that, compared to the 2022 Survey of the 
        States, 12 more States have passed legislation requiring students to 
        take a financial education course, resulting in 10,000,000 more students 
        gaining access to financial education before graduating from high 
        school;
Whereas, in 2024, research by Tyton Partners, in conjunction with Next Gen 
        Personal Finance, found a lifetime benefit of approximately $100,000 for 
        students who completed personal finance education in high school;
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 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 2024 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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