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[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H. Res. 180 Engrossed in House (EH)]

H. Res. 180

                In the House of Representatives, U. S.,

                                                     February 25, 2009.
Whereas financial security is one of the most important issues for most 
        Americans whether it involves saving enough for their children's college 
        education, saving for an unforeseen emergency, a house, or their 
        retirement;
Whereas personal savings as a percentage of disposable income has been low, 
        reaching a 12-month average of 0.6 percent in 2007 before rebounding to 
        a 12-month average of 1.7 percent in 2008, according to Bureau of 
        Economic Analysis data;
Whereas 43.5 percent of American families reported they did not save in 2007, 
        according to the 2007 Federal Reserve Board's Survey of Consumer 
        Finances, which also found that less than half of the population has a 
        savings account, one month of savings or liquid assets, much less the 
        recommended 6 to 12 months worth of emergency savings they might need 
        for an incident such as unexpected unemployment, a medical crisis, rent 
        or a mortgage payment adjustment enabling them to avoid foreclosure;
Whereas a 2008 Survey by the Employee Benefit Research Institute found that 
        there are ``savers'' and ``spenders'' in all income classes and almost 
        all have the ability to build wealth through contributions to a 
        workplace retirement program, building home equity, and other savings;
Whereas older Americans are more likely to live within 200 percent of poverty 
        than any other age group, according to the 2009 Employee Benefit 
        Research Institute's Databook, and more than 60 percent of the current 
        elderly population relies on Social Security for over three-fourths of 
        their annual income according to a 2009 Social Security Administration 
        report on Income of the Elderly over Age 55, 2006, and the average 
        savings of retirees remains at $50,000 according to the Federal Reserve 
        Board's Survey of Consumer Finances for 2007, and the current financial 
        crisis is draining those funds;
Whereas America Saves, managed by the Consumer Federation of America, was 
        established 8 years ago as an annual nationwide campaign that encourages 
        consumers, especially lower-income households, to enroll as American 
        Savers and establish a personal savings goal in an effort to build 
        personal wealth and enhance financial security;
Whereas America Saves now has 53 local, State and national campaigns working 
        with over 500 mainstream financial institutions which provide no-fee or 
        low-fee, low-opening-balance savings accounts that allow small savers to 
        achieve success;
Whereas government and non-government entities at the local, State and national 
        levels organize America Saves campaigns to encourage individuals to open 
        a savings account, participate in workplace retirement programs, and 
        devise a savings plan;
Whereas over 1,000 local, State, and national organizations have motivated more 
        than 145,000 people to enroll as American Savers; and
Whereas establishing automatic and habitual savings is a primary focus for this 
        year's America Saves Week, a theme reflected in the work of the 
        Financial and Economic Literacy Caucus, Federal agencies, non-profits, 
        community-based groups, private sector organizations, and the Employee 
        Benefit Research Institute and its America Savings Education Councils 
        Choose-to-Save Campaign: Now, therefore be it
    Resolved, That the House of Representatives--
            (1) recognizes the importance of savings to financial security;
            (2) supports the goals and ideals of ``America Saves Week'';
            (3) acknowledges the tireless efforts of the late Congresswoman 
        Stephanie Tubbs Jones to eliminate predatory lending, increase the 
        nation's savings rate, and improve the overall economic situation of all 
        those residing in the United States; and
            (4) 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 week with appropriate programs and activities with 
        the goal of increasing the savings rates for individuals of all ages and 
        walks of life.
            Attest:

                                                                          Clerk.
```