IV 
112TH CONGRESS 
2D SESSION 
H. RES. 633 
Supporting the goals and ideals of ‘‘Financial Literacy Month’’. 
IN THE HOUSE OF REPRESENTATIVES 
APRIL 25, 2012 
Mr. MEEKS (for himself, Mr. HINOJOSA, and Mrs. BIGGERT) submitted the 
following resolution; which was referred to the Committee on Oversight 
and Government Reform 
RESOLUTION 
Supporting the goals and ideals of ‘‘Financial Literacy 
Month’’. 
Whereas according to the Federal Deposit Insurance Cor-
poration, at least 25.6 percent of households in the 
United States, or close to 30,000,000 households with 
approximately 60,000,000 adults, are unbanked or under-
banked and, subsequently, have missed opportunities for 
savings, lending, and basic financial services; 
Whereas according to the 2011 Consumer Financial Literacy 
Survey Final Report of the National Foundation for 
Credit Counseling, 41 percent of adults in the United 
States, or more than 77,000,000 adults living in the 
United States, gave themselves a grade of C, D, or F on 
their knowledge of personal finance; 
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Whereas according to the National Bankruptcy Research 
Center, the number of personal bankruptcy filings 
reached 1,500,000 in 2010, the highest number since 
2005, and in 2011, the percentage of total consumer fil-
ings increased from 2010; 
Whereas the 2011 Retirement Confidence Survey conducted 
by the Employee Benefit Research Institute found that 
only 13 percent of workers were ‘‘very confident’’ about 
having enough money for a comfortable retirement, a 
sharp decline in worker confidence from the 27 percent 
of workers who were ‘‘very confident’’ in 2007; 
Whereas according to the 2011 Retirement Confidence Sur-
vey conducted by the Employee Benefit Research Insti-
tute, less than half of workers (42 percent) in the United 
States have tried to calculate how much they need to save 
for retirement; 
Whereas according to a 2011 ‘‘Flow of Funds’’ report by the 
Board of Governors of the Federal Reserve System, 
household debt stood at $13,200,000,000,000 at the end 
of the third quarter of 2010; 
Whereas according to the 2011 Consumer Financial Literacy 
Survey Final Report of the National Foundation for 
Credit Counseling, 28 percent, or nearly 64,000,000 
adults, admit to not paying all of their bills on time; 
Whereas according to the 2011 Consumer Financial Literacy 
Survey Final Report of the National Foundation for 
Credit Counseling, only 43 percent of adults keep close 
track of their spending, and more than 128,400,000 
adults do not know how much they spend on food, hous-
ing, and entertainment, and do not monitor their overall 
spending; 
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•HRES 633 IH 
Whereas according to the 2011 Consumer Financial Literacy 
Survey Final Report of the National Foundation for 
Credit Counseling, 1 in 3 adults in the United States, or 
more than 75,600,000 individuals, report that they have 
no savings, and only 22 percent of adults in the United 
States are now saving more than they did a year ago be-
cause of the current economic climate; 
Whereas according to the seventh Council for Economic Edu-
cation biennial Survey of the States 2011: Economic, 
Personal Finance, and Entrepreneurship Education in 
Our Nation’s Schools, only 22 States require students to 
take an economics course as a high school graduation re-
quirement, and only 16 States require the testing of stu-
dent knowledge in economics; 
Whereas according to the seventh Council for Economic Edu-
cation biennial Survey of the States 2011: Economic, 
Personal Finance, and Entrepreneurship Education in 
Our Nation’s Schools, only 12 States require students to 
take a personal finance course either independently or as 
part of an economics course as a high school graduation 
requirement; 
Whereas according to the Gallup-Operation HOPE Financial 
Literacy Index, while 69 percent of American students 
strongly believe that the best time to save money is now, 
only 57 percent believe that their parents are saving 
money for the future; 
Whereas expanding access to the mainstream financial sys-
tem will provide individuals with less expensive and more 
secure options for managing finances and building 
wealth; 
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•HRES 633 IH 
Whereas quality personal financial education is essential to 
ensure that individuals are prepared to manage money, 
credit, and debt, and to become responsible workers, 
heads of households, 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, fi-
nancial markets and institutions will lead to increased 
economic activity and growth; 
Whereas, in 2003, Congress found it important to coordinate 
Federal financial literacy efforts and formulate a national 
strategy; and 
Whereas, in light of that finding, Congress passed the Finan-
cial 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 re-
sult from a lack of understanding about per-
sonal finances; and 
(2) calls on the Federal Government, States, lo-
calities, schools, nonprofit organizations, businesses, 
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and the people of the United States to support the 
goals and ideals of ‘‘Financial Literacy Month’’ with 
appropriate programs and activities. 
Æ 
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