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[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H. Res. 327 Engrossed in House (EH)]

<DOC>
H. Res. 327

                In the House of Representatives, U. S.,

                                                        April 30, 2019.
Whereas personal financial literacy is essential to ensuring that individuals 
        are prepared to make informed decisions about budgeting, financial 
        planning, wealth accumulation, higher education loans, 529 savings 
        plans, managing credit cards, and managing other debt;
Whereas often young people are ill-equipped to handle major financial decisions 
        in an increasingly complex financial marketplace;
Whereas personal financial management skills begin to develop during childhood;
Whereas, according to the report of the Girl Scout Research Institute entitled 
        ``Having it All: Girls and Financial Literacy'', only 12 percent of 
        girls feel very confident about making financial decisions;
Whereas the move away from traditional pensions and toward defined contribution 
        plans requires more financial education, so workers need to be equipped 
        with the financial aptitude to not only save and accumulate assets, but 
        also to turn those assets into lifetime income;
Whereas the Council for Economic Education found that only 22 States require 
        high schools to offer some type of personal finance course and only 17 
        States require that course for high school graduation;
Whereas a longitudinal research study by the University of Arizona found that 
        high school and college students who have been exposed to ongoing 
        financial education show an increase in financial knowledge;
Whereas the 2015 National Financial Capability Study, developed in consultation 
        with the Department of the Treasury and President's Advisory Council on 
        Financial Capability, updates key measures from the 2009 National 
        Financial Capability Study of American adults and deepens the 
        exploration of topics that are highly relevant today, including student 
        loans and medical debt;
Whereas the Federal Reserve System offers publications in English and Spanish 
        that provide consumers tips on a broad range of topics, from avoiding 
        mortgage foreclosure scams to managing a checking account;
Whereas a study conducted by Daniel Fernandes, John G. Lynch, Jr., and Richard 
        Netemeyer entitled ``Financial Literacy, Financial Education and 
        Downstream Financial Behaviors'' found that it ``is best to provide 
        assistance just before a decision is made in what is known as `just-in-
        time education'''; and
Whereas on September 6, 2018, the U.S. House of Representatives passed, by a 
        vote of 406 to 4, H.R. 1635, the Empowering Students Through Enhanced 
        Financial Counseling Act, which helps improve financial aid counseling 
        for students receiving a Pell Grant or a Federal loan: Now, therefore, 
        be it
    Resolved, That the House of Representatives--
            (1) emphasizes the importance of raising awareness of individual 
        financial capability by providing relevant information, financial 
        workshops, and other decision-making tools to consumers of all ages;
            (2) supports the efforts of Federal financial agencies to partner 
        with organizations that are focused on developing opportunities for 
        minorities and women to place talented young minorities and women in 
        industry internships, summer employment, and full-time positions;
            (3) supports the efforts of the Federal financial agencies to 
        provide consumers with relevant information and decision-making tools 
        regarding important financial decisions; and
            (4) urges the Department of the Treasury to consult with the 
        Financial Industry Regulatory Authority and implement future national 
        financial capability studies.
            Attest:

                                                                          Clerk.
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