III 

117TH CONGRESS 

1ST SESSION S. RES. 177 

Designating April 2021 as ‘‘Financial Literacy Month’’. 

IN THE SENATE OF THE UNITED STATES 

APRIL 22, 2021 

Mr. REED (for himself, Mr. SCOTT of South Carolina, Mr. WHITEHOUSE, Mrs. 

BLACKBURN, Mr. DURBIN, Mr. CASSIDY, Ms. HASSAN, Ms. ERNST, Mr. 

WICKER, Mr. COONS, Mr. BARRASSO, Mr. CRAPO, Mr. TILLIS, Mrs. 

MURRAY, Mr. MARSHALL, Mr. YOUNG, Mr. CARDIN, Mr. MANCHIN, Mr. 

BRAUN, Mr. DAINES, Ms. ROSEN, Mr. BOOZMAN, Ms. LUMMIS, and Mr. 

PETERS) submitted the following resolution; which was considered and 

agreed to 

RESOLUTION 

Designating April 2021 as ‘‘Financial Literacy Month’’. 

Whereas, according to the 2019 report entitled ‘‘Economic 

Well-Being of U.S. Households’’ by the Board of Governors of the Federal Reserve System, 37 percent of 

adults in the United States cannot cover an unexpected 

expense of $400; 

Whereas, according to the 2019 report entitled ‘‘How America Banks: Household Use of Banking and Financial 

Services’’ by the Federal Deposit Insurance Corporation, 

approximately 5.4 percent of households in the United 

States are unbanked and, therefore, have limited or no 


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•SRES 177 ATS 

access to savings, lending, and other basic financial services; 

Whereas, according to the 2020 Consumer Financial Literacy 

Survey final report of the National Foundation for Credit 

Counseling that was conducted prior to COVID–19 

lockdowns— 

(1) a majority (62 percent) of adults in the United 

States had credit card debt during the 1-year period ending on the date of publication of the report; 

(2) over 2⁄5 (43 percent) of adults in the United 

States carry credit card debt from month to month; and 

(3) approximately 47 percent of adults in the United 

States maintain a budget; 

Whereas, according to the statistical release of the Board of 

Governors of the Federal Reserve System for the fourth 

quarter of 2020 entitled ‘‘Household Debt and Credit’’— 

(1) outstanding household debt in the United States 

has been increasing steadily since 2013 and was 

$414,000,000,000 higher than at the end of 2019; and 

(2) outstanding student loan balances have more 

than doubled in the last decade to approximately 

$1,560,000,000,000; 

Whereas, according to the 2020 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 21 States require students to take a personal finance course as a high school graduation requireVerDate Sep 11 2014 18:39 Apr 23, 2021 Jkt 019200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6300 E:\BILLS\SR177.ATS SR177

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ment, either independently or as part of an economics 

course; 

Whereas, according to the Gallup-HOPE Index, in 2016 only 

57 percent of students in the United States had money 

in a bank or credit union 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— 

(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 


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•SRES 177 ATS 

1 Resolved, That the Senate— 

2 (1) designates April 2021 as ‘‘Financial Lit3 eracy Month’’ to raise public awareness about— 

4 (A) the importance of personal financial 

5 education in the United States; and 

6 (B) the serious consequences that may re7 sult from a lack of understanding about per8 sonal finances; and 

9 (2) calls on the Federal Government, States, lo10 calities, schools, nonprofit organizations, businesses, 

11 and the people of the United States to observe Fi12 nancial Literacy Month with appropriate programs 

13 and activities. 

Æ 


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