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 
2 

•HRES 180 EH 

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 threefourths 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-openingbalance 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; 
3 

•HRES 180 EH 

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, communitybased 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 
4 

•HRES 180 EH 

goal of increasing the savings rates for individuals of all 

ages and walks of life. 

Attest: 

Clerk.