Supporting the goals and ideals of "Financial Literacy Month".

Subjects: Finance and Financial Sector


<html><body><pre>[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H. Res. 291 Introduced in House (IH)]

&lt;DOC&gt;






118th CONGRESS
  1st Session
H. RES. 291

    Supporting the goals and ideals of ``Financial Literacy Month''.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 13, 2023

  Mrs. Beatty (for herself and Mrs. Kim of California) submitted the 
following resolution; which was referred to the Committee on Oversight 
                           and Accountability

_______________________________________________________________________

                               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 18.6 percent of households in the 
        United States, or nearly 24,600,000 households, are unbanked or 
        underbanked and therefore have not had an opportunity to access savings, 
        lending, and other basic financial services;
Whereas, according to the 2021 Consumer Financial Literacy and Preparedness 
        Survey final report of the National Foundation for Credit Counseling--

    (1) only 44 percent of adults in the United States have a budget;

    (2) 75 percent of adults in the United States acknowledged that they 
could benefit from additional advice 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) 47 percent of the general population currently holds credit card 
debt, and almost 2 in 5 carry some amount of credit card debt month to 
month, with the mean amount of self-reported debt equaling $1,847;

Whereas the Report on the Economic Well-Being of U.S. Households in 2021 by the 
        Board of Governors of the Federal Reserve found that 32 percent of 
        adults could not cover a $400 emergency expense without borrowing or 
        selling something of value;
Whereas, according to the Quarterly Report on Household on Credit Debt for the 
        fourth quarter of 2022 released by the Federal Reserve Bank of New 
        York's Center for Microeconomic Data, outstanding household debt in the 
        United States was $16.9 trillion;
Whereas, according to the 2022 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 25 States require students to take an economics course as a 
high school graduation requirement; and

    (2) only 23 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 Fidelity Investments 2022 Teens and Money Study 
        surveying young people ages 13 to 17, only 49 percent of students in the 
        United States have opened a bank account;
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

    Resolved, That the House of Representatives--
            (1) supports the goals and ideals of ``Financial Literacy 
        Month'' to raise public awareness about--
                    (A) the importance of personal financial education 
                in the United States; and
                    (B) the serious consequences that may result from a 
                lack of understanding about personal finances; and
            (2) calls on the Federal Government, States, localities, 
        schools, nonprofit organizations, businesses, and the people of 
        the United States to observe Financial Literacy Month with 
        appropriate programs and activities.
                                 &lt;all&gt;
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