H. Res. 1257 

In the House of Representatives, U. S., 

April 20, 2010. 

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 

households, investors, entrepreneurs, and business leaders; 

Whereas financially informed individuals are better able to 

take control of their circumstances, improve their quality 

of life, and plan for their financial future; 

Whereas personal financial management skills and lifelong 

habits begin to develop during childhood, making it all 

the more important to support youth financial education; 

Whereas financial education is the first line of defense 

against financial fraud; 

Whereas the results of the National Foundation for Credit 

Counseling’s fourth annual Consumer Financial Literacy 

Survey suggest that while many United States adults are 

improving how they manage their money, and more consumers now have a budget and nonretirement savings, 

many Americans continue to struggle with their finances, 

especially young adults and minorities; 

Whereas the Federal Deposit Insurance Corporation’s ‘‘National Survey of Unbanked and Underbanked House-
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holds, December 2009’’ found that approximately 

60,000,000 people in the United States are either 

unbanked or underbanked; 

Whereas almost 54 percent of Black households, 44.5 percent 

of American Indian/Alaskan households, and 43.3 percent 

of Hispanic households are either unbanked or underbanked; 

Whereas personal saving as a percentage of disposable personal income was 3.1 percent in February 2010, compared with 3.4 percent in January 2010, and a reduction 

from a 12-month average of 4.1 percent in 2009, according to the Bureau of Economic Analysis; 

Whereas public, community-based, and private-sector organizations throughout the United States are working to increase financial literacy rates for Americans of all ages 

and walks of life through a range of outreach efforts, including media campaigns, Web sites, and one-on-one financial counseling for individuals; 

Whereas the National Endowment for Financial Education 

provides consumers with the tools necessary to manage 

their money wisely and empower them to turn their financial education into action; 

Whereas bankers across the United States will teach savings 

skills to young people on April 27, 2010, during ‘‘Teach 

Children to Save Day’’, which was launched by the American Bankers Association Education Foundation in April 

1997 and has now helped more than 80,000 bankers 

teach savings skills to more than 3,200,000 young people; 

Whereas staff from America’s credit unions will focus on the 

financial needs of young people, provide financial literacy 

education, and teach youth under the age of 18 the bene-
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fits of saving and goal setting during ‘‘National Credit 

Union Youth Week’’, April 18–24, 2010; 

Whereas more than 100 Federal agencies have collaborated 

on a Web site, www.consumer.gov, which helps consumers 

shop for a mortgage or auto loan, understand and reconcile credit card statements and utility bills, choose savings and retirement plans, compare health insurance policies, and understand their credit report and how it affects their ability to get credit and on what terms; 

Whereas Members of the United States House of Representatives established the Financial and Economic Literacy 

Caucus in February 2005 to provide a forum for interested Members of Congress to review, discuss and recommend financial and economic literacy policies, legislation, and programs; to collaborate with the private sector, 

and nonprofit and community-based organizations; and to 

organize and promote financial literacy resolutions, legislation, seminars, and events, such as ‘‘Financial Literacy 

Month’’ in April 2010, and the annual ‘‘Financial Literacy Day Fair’’ on April 27, 2010; and 

Whereas the Council for Economic Education, its State 

Councils and Centers for Economic Education, the 

Jump$tart Coalition for Personal Financial Literacy, its 

State affiliates, and its partner organizations, and JA 

Worldwide have designated April as Financial Literacy 

Month to educate the public about the need for increased 

financial literacy for youth and adults in the United 

States: Now, therefore, be it 

Resolved, That the House of Representatives— 
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(1) supports the goals and ideals of Financial Literacy Month, including raising public awareness about 

financial education; 

(2) recognizes the importance of managing personal 

finances, increasing personal savings, and reducing personal debt in the United States; and 

(3) requests that the President issue a proclamation 

calling on the Federal Government, States, localities, 

schools, nonprofit organizations, businesses, other entities, and the people of the United States to observe the 

month with appropriate programs and activities with the 

goal of increasing financial literacy rates for individuals 

of all ages and walks of life. 

Attest: 

Clerk.