IV 
114TH CONGRESS 
1ST SESSION 
H. RES. 232 
Encouraging greater public-private sector collaboration to promote financial 
literacy for students and young adults. 
IN THE HOUSE OF REPRESENTATIVES 
APRIL 29, 2015 
Mr. FOSTER (for himself, Mr. RANGEL, Mr. MEEKS, Mrs. TORRES, 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 budgeting, financial planning, wealth accumulation, 
higher education loans, 529 savings plans, managing 
credit cards, and managing other debt; 
Whereas many young people are ill-equipped to handle major 
financial decisions in an increasingly complex financial 
marketplace; 
Whereas personal financial management skills begin to de-
velop during childhood; 
Whereas the move away from traditional pensions and toward 
defined contribution plans requires more financial edu-
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•HRES 232 IH 
cation, so workers need to be equipped with the financial 
aptitude to not only save and accumulate assets, but also 
to turn those assets into lifetime income; 
Whereas the Council for Economic Education found that only 
16 States require high schools to offer some type of per-
sonal finance course and only 15 States require that 
course for high school graduation; 
Whereas a biannual 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 in-
creasing number of high school seniors are obtaining 
credit cards and on average, a graduating college student 
has 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 Bureau of Consumer Financial Protection was 
created to educate consumers and help consumers make 
better-informed financial decisions by helping make the 
financial markets safer for consumers, increasing trans-
parency to enable individuals to compare products and 
make informed decisions, and promoting policies that 
help consumers improve their financial knowledge and ca-
pability; 
Whereas the Bureau issued a report in 2013 that included 
a number of recommendations to improve financial lit-
eracy for students; 
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Whereas section 342 of the Dodd-Frank Wall Street Reform 
and Consumer Protection Act (12 U.S.C. 5452) directs 
the Federal financial regulatory agencies to partner with 
high schools in targeted areas to help promote financial 
literacy and to create ‘‘industry internships, summer em-
ployment, 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 
nonprofit 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 System 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 conducted by Daniel Fernandes, John G. 
Lynch, Jr., and Richard Netemeyer entitled ‘‘Financial 
Literacy, Financial Education and Downstream Financial 
Behaviors’’ found that it ‘‘is best to provide assistance 
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— 
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