IV 
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 Ac-
countability 
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 
18.6 percent of households in the United States, or near-
ly 24,600,000 households, are unbanked or underbanked 
and therefore have not had an opportunity to access sav-
ings, 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 ac-
knowledged that they could benefit from additional advice 
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•HRES 291 IH 
and answers to everyday financial questions from a pro-
fessional; 
(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: Eco-
nomic 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 eco-
nomics course as a high school graduation requirement; 
and 
(2) only 23 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 Fidelity Investments 2022 Teens 
and Money Study surveying young people ages 13 to 17, 
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•HRES 291 IH 
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 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— 
(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— 
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•HRES 291 IH 
(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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