IV 
113TH CONGRESS 
2D SESSION 
H. RES. 721 
Encouraging greater public-private sector collaboration to promote financial 
literacy for students and young adults. 
IN THE HOUSE OF REPRESENTATIVES 
SEPTEMBER 11, 2014 
Mr. FOSTER (for himself, Mr. CARSON of Indiana, Mr. CARTWRIGHT, Mr. 
COHEN, Mr. HASTINGS of Florida, Mr. HINOJOSA, Mr. HOLT, Ms. EDDIE 
BERNICE JOHNSON of Texas, Ms. KELLY of Illinois, Mr. LANCE, Mr. 
LANGEVIN, Ms. LEE of California, Mrs. MCCARTHY of New York, Mr. 
MEEKS, Ms. NORTON, Mr. POCAN, Mr. QUIGLEY, Mr. RANGEL, Mr. 
SCHNEIDER, and Mr. TIBERI) submitted the following resolution; which 
was referred to the Committee on Financial Services 
RESOLUTION 
Encouraging greater public-private sector collaboration to 
promote financial literacy for students and young adults. 
Whereas personal financial literacy is essential to ensuring 
that individuals are prepared to make informed decisions 
about financial planning, wealth accumulation, higher 
education loans, 529 savings plans, managing credit 
cards, and other debt along with budgeting; 
Whereas many young people are ill-equipped to handle major 
financial decisions in an increasingly complex financial 
marketplace; 
VerDate Mar 15 2010 
22:12 Sep 11, 2014
Jkt 039200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6300
E:\BILLS\HR721.IH
HR721
tkelley on DSK3SPTVN1PROD with BILLS
•HRES 721 IH 
Whereas personal financial management skills begin to de-
velop during childhood; 
Whereas the move away from traditional pensions to 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 they need to 
be prepared to turn those savings into lifetime income; 
Whereas the Council for Economic Education found that only 
16 States require that some sort of personal finance edu-
cation be offered in high schools and only 15 States re-
quire that course for graduation; 
Whereas a bi-annual study by the Jump$tart Coalition for 
Personal Financial Literacy found that only 5 percent of 
high school seniors and only 25 percent of graduating 
college students can be considered financially literate; 
Whereas, according to a study conducted by Sallie Mae, an 
increasing number of high school seniors are obtaining 
credit cards and the average graduating college student 
has a credit card debt of $4,100; 
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 Consumer Financial Protection Bureau was cre-
ated to educate consumers and help them make better- 
informed financial decisions by helping make the finan-
cial markets safer for consumers, increasing transparency 
to enable individuals to compare products and make in-
formed decisions and promote policies that help con-
sumers improve their financial knowledge and capability; 
VerDate Mar 15 2010 
22:12 Sep 11, 2014
Jkt 039200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6300
E:\BILLS\HR721.IH
HR721
tkelley on DSK3SPTVN1PROD with BILLS
•HRES 721 IH 
Whereas the Bureau issued a report in 2013 that included 
a number of recommendations to improve financial lit-
eracy for students; 
Whereas section 342 of the Dodd-Frank Wall Street Reform 
and Consumer Protection Act directs the Federal finan-
cial regulatory agencies to partner with industry organi-
zations and high schools in targeted areas to help pro-
mote financial literacy and create ‘‘industry internships, 
summer employment and full-time positions’’ for talented 
minorities and women; 
Whereas the 2012 National Financial Capability Study, de-
veloped in consultation with the Department of the 
Treasury and President Obama’s Advisory Council on Fi-
nancial Capability, updates key measures from the 2009 
National Financial Capability Study of American adults 
and deepens the exploration of topics that are highly rel-
evant today, including student loans and medical debt; 
Whereas the Money as You Learn Initiative, a coalition of 
non-profit and for profit organizations, teachers, and aca-
demics, provides concrete tools for educators to show how 
personal finance can provide appropriate context and con-
tent for mathematics and English language arts teaching; 
Whereas the Federal Reserve 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; and 
Whereas a study entitled Financial Literacy, Financial Edu-
cation and Downstream Financial Behaviors, conducted 
by Daniel Fernandes, John G. Lynch, Jr., and Richard 
Netemeyer, found that it ‘‘is best to provide assistance 
VerDate Mar 15 2010 
22:12 Sep 11, 2014
Jkt 039200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6300
E:\BILLS\HR721.IH
HR721
tkelley on DSK3SPTVN1PROD with BILLS
•HRES 721 IH 
just before a decision is made in what is known as ‘just- 
in-time education’ ’’: Now, therefore, be it 
Resolved, That the House of Representatives— 
(1) emphasizes the importance of raising aware-
ness of individual financial capability by providing 
relevant information, financial workshops, and other 
decisionmaking tools to consumers of all ages; 
(2) supports the efforts of the President’s Advi-
sory Council on Financial Literacy in working with 
the public and private sectors to increase financial 
education for youth in school and for adults in the 
workplace, to increase access to financial services, to 
establish measures of national financial literacy, to 
conduct research on financial knowledge, and to 
strengthen financial education programs; 
(3) reaffirms the purposes of section 342 of the 
Dodd-Frank Act, which directs Federal financial 
agencies and the entities which they regulate to 
partner with organizations that are focused on devel-
oping opportunities for minorities and women to 
place talented young minorities and women in indus-
try internships, summer employment, and full-time 
positions; 
(4) supports the efforts of the Consumer Finan-
cial Protection Bureau to provide consumers with 
VerDate Mar 15 2010 
20:17 Sep 12, 2014
Jkt 039200
PO 00000
Frm 00004
Fmt 6652
Sfmt 6201
E:\BILLS\HR721.IH
HR721
tkelley on DSK3SPTVN1PROD with BILLS
•HRES 721 IH 
relevant information and decisionmaking tools re-
garding important financial decisions; and 
(5) urges the Secretary of the Treasury to con-
sult with the Financial Industry Regulatory Author-
ity and implement future national financial capa-
bility studies. 
Æ 
VerDate Mar 15 2010 
22:12 Sep 11, 2014
Jkt 039200
PO 00000
Frm 00005
Fmt 6652
Sfmt 6301
E:\BILLS\HR721.IH
HR721
tkelley on DSK3SPTVN1PROD with BILLS