IV 
115TH CONGRESS 
2D SESSION 
H. RES. 806 
Supporting the goals and ideals of ‘‘Financial Literacy Month’’. 
IN THE HOUSE OF REPRESENTATIVES 
MARCH 23, 2018 
Mrs. BEATTY (for herself and Mr. STIVERS) submitted the following resolu-
tion; 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 (referred hereinafter as the ‘‘FDIC’’), at least 
27.7 percent of households in the United States, or near-
ly 34,400,000 households with approximately 67,600,000 
adults, are unbanked or underbanked and therefore have 
not had an opportunity to access savings, lending, and 
other basic financial services; 
Whereas according to the FDIC, approximately 30 percent of 
banks reported in 2011 that consumers lacked an under-
standing of the financial products and services banks of-
fered; 
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•HRES 806 IH 
Whereas according to the 2017 Consumer Financial Literacy 
Survey final report of the National Foundation for Credit 
Counseling— 
(1) only 40 percent of adults in the United States 
have a budget; 
(2) 80 percent of adults in the United States ac-
knowledged that they could benefit from additional advice 
and answers to everyday financial questions from a pro-
fessional; 
(3) nearly 1 in 4 adults in the United States admit-
ted carrying credit card debt month-to-month, and nearly 
2 in 10 admitted to rolling over $2,500 or more each 
month; 
(4) 18 percent of adults in the United States admit-
ted that their top personal finance worry was not setting 
aside enough money for retirement, with more than 1 in 
4 admitting they do not have anything saved; 
Whereas the Consumer Expectations Credit Access Survey of 
2017 conducted by the Federal Reserve Bank of New 
York found that two-thirds of Americans would not be 
able to come up with $2,000 to deal with an emergency, 
if needed; 
Whereas according to the statistical release of the Board of 
Governors of the Federal Reserve System for the fourth 
quarter of 2017 entitled ‘‘Financial Accounts of the 
United States: Flow of Funds, Balance Sheets, and Inte-
grated Macroeconomic Accounts’’, outstanding household 
debt in the United States was $15.3 trillion at the end 
of the fourth quarter of 2016; 
Whereas according to the 2016 Survey of the States: Eco-
nomic and Personal Finance Education in Our Nation’s 
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Schools, a biennial report by the Council for Economic 
Education— 
(1) only 20 States require students to take an eco-
nomics course as a high school graduation requirement; 
and 
(2) only 17 States require students to take a per-
sonal finance course as a high school graduation require-
ment, either independently or as part of an economics 
course; 
Whereas according to the Gallup-HOPE Index, only 52 per-
cent of students in the United States have money in a 
bank or credit union 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 house-
hold, investors, entrepreneurs, business leaders, and citi-
zens; 
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; and 
Whereas, in 2003, Congress— 
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(1) determined that coordinating Federal financial 
literacy efforts and formulating a national strategy is im-
portant; and 
(2) in light of that determination, 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, 
and the people of the United States to observe Fi-
nancial Literacy Month with appropriate programs 
and activities. 
Æ 
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