•HRES 737 EH 
Whereas studies show that as many as 10 million households 
in the United States are ‘‘unbanked’’ or are without ac-
cess to mainstream bank products and services; 
Whereas personal savings as a percentage of personal income 
decreased from 7.5 percent in the early 1980s to -0.2 
percent in the last quarter of 2005; 
Whereas, although more than 42 million people in the United 
States participate in qualified cash or deferred arrange-
ments described in section 401(k) of the Internal Rev-
enue Code of 1986 (commonly referred to as ‘‘401(k) 
plans’’), a Retirement Confidence Survey conducted in 
2004 found that only 42 percent of workers surveyed 
have calculated how much money they will need to save 
for retirement and 37 percent of workers say that they 
are not currently saving for retirement; 
Whereas personal financial management skills and lifelong 
habits develop during childhood; 
Whereas financial literacy has been linked to lower delin-
quency rates for mortgage borrowers, higher participation 
and contribution rates in retirement plans, improved 
spending and saving habits, higher net worth, and posi-
tive knowledge, attitude, and behavior changes; 
Whereas expanding access to the mainstream financial sys-
tem provides individuals with lower-cost and safer options 
for managing finances and building wealth and is likely 
to lead to increased economic activity and growth; 
Whereas a credit report and credit score can impact an indi-
vidual’s ability to, for example, obtain a job, insurance, 
or housing, and a March 2005 report by the Comptroller 
General entitled ‘‘Credit Reporting Literacy’’ found that 
‘‘educational efforts could potentially increase consumers’
•HRES 737 EH 
understanding of the credit reporting process’’ and those 
‘‘efforts should target those areas in which consumers’ 
knowledge was weakest and those subpopulations that did 
not score as well on GAO’s survey,’’ including those with 
‘‘less education, lower incomes, and less experience ob-
taining credit’’; 
Whereas public, consumer, community-based, and private sec-
tor organizations throughout the United States are work-
ing to increase financial literacy rates for Americans of 
all ages and walks of life through a range of outreach ef-
forts, including media campaigns, websites, and one-on-
one counseling for individuals; 
Whereas Congress sought to implement a national strategy 
for coordination of Federal financial literacy efforts 
through the establishment of the Financial Literacy and 
Education Commission (FLEC) in 2003, the designation 
of the Office of Financial Education of the Department 
of the Treasury to provide support for the Commission, 
and requirements that the Commission’s materials, 
website, toll-free hotline, annual report, and national 
multimedia campaign be multilingual; 
Whereas Members of the United States House of Representa-
tives established the Financial and Economic Literacy 
Caucus (FELC) in February 2005 to (1) provide a forum 
for interested Members of Congress to work in collabora-
tion with the Financial Literacy and Education Commis-
sion, (2) highlight public and private sector best-prac-
tices, and (3) organize and promote financial literacy leg-
islation, seminars, and events, such as Financial Literacy 
Month in April 2006 and the annual Financial Literacy 
Day fair on April 25, 2006; and
•HRES 737 EH 
Whereas the National Council on Economic Education, its 
State Councils and Centers for Economic Education, the 
Jump$tart Coalition for Personal Financial Literacy, its 
State affiliates, and its partner organizations, and Junior 
Achievement have designated April as Financial Literacy 
Month to educate the public about the need for increased 
financial literacy for youth and adults in the United 
States: Now, therefore, be it
Resolved, That the House of Representatives—
(1) supports the goals and ideals of Financial Lit-
eracy Month, including raising public awareness about 
the importance of financial education in the United 
States and the serious consequences that may result 
from a lack of understanding about personal finances; 
and 
(2) requests that the President issue a proclamation 
calling on the Federal Government, States, localities, 
schools, nonprofit organizations, businesses, other enti-
ties, and the people of the United States to observe the 
month with appropriate programs and activities with the 
goal of increasing financial literacy rates for individuals 
of all ages and walks of life.
Attest: 
Clerk.