IV 

116TH CONGRESS 

1ST SESSION H. RES. 275 

Supporting the goals and ideals of ‘‘Financial Literacy Month’’. 

IN THE HOUSE OF REPRESENTATIVES 

APRIL 1, 2019 

Mrs. BEATTY (for herself and Mr. STIVERS) submitted the following 

resolution; which was referred to the Committee on Oversight and Reform 

RESOLUTION 

Supporting the goals and ideals of ‘‘Financial Literacy 

Month’’. 

Whereas according to the Federal Deposit Insurance Corporation (referred hereinafter as the ‘‘FDIC’’), at least 

25.2 percent of households in the United States, or nearly 32,600,000 households with approximately 63,000,000 

adults, are unbanked or underbanked and therefore have 

not had an opportunity to access savings, lending, and 

other basic financial services; 

Whereas according to the 2018 Consumer Financial Literacy 

Survey final report of the National Foundation for Credit 

Counseling— 

(1) only 41 percent of adults in the United States 

have a budget; 

(2) 79 percent of adults in the United States acknowledged that they could benefit from additional advice 


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•HRES 275 IH 

and answers to everyday financial questions from a professional; 

(3) 1 in 4 adults in the United States admitted they 

do not pay all their bills on time; and 

(4) 61 percent of adults have had credit card debt 

in the past 12 months and most have done nothing to obtain a lower interest rate for their credit card debt; 

Whereas the Report on the Economic Well-Being of U.S. 

households by the Federal Reserve Bank of New York 

found that 40 percent of adults could not cover a $400 

emergency expense without borrowing or selling something of value; 

Whereas according to the statistical release of the Board of 

Governors of the Federal Reserve System for the fourth 

quarter of 2018 entitled ‘‘Financial Accounts of the 

United States: Flow of Funds, Balance Sheets, and Integrated Macroeconomic Accounts’’, outstanding household 

debt in the United States was $15.6 trillion; 

Whereas according to the 2018 Survey of the States: Economic and Personal Finance Education in Our Nation’s 

Schools, a biennial report by the Council for Economic 

Education— 

(1) only 22 States require students to take an economics course as a high school graduation requirement; 

and 

(2) only 17 States require students to take a personal finance course as a high school graduation requirement, either independently or as part of an economics 

course; 

Whereas according to the Gallup-HOPE Index, only 52 percent of students in the United States have money in a 

bank or credit union account; 


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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 empowers individuals to 

make wise financial decisions and 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 

1 Resolved, That the House of Representatives— 

2 (1) supports the goals and ideals of ‘‘Financial 

3 Literacy Month’’ to raise public awareness about— 

4 (A) the importance of personal financial 

5 education in the United States; and 


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1 (B) the serious consequences that may re2 sult from a lack of understanding about per3 sonal finances; and 

4 (2) calls on the Federal Government, States, lo5 calities, schools, nonprofit organizations, businesses, 

6 and the people of the United States to observe Fi7 nancial Literacy Month with appropriate programs 

8 and activities. 

Æ 


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