IV 
109TH CONGRESS 
2D SESSION 
H. CON. RES. 387 
Encouraging minority participation in the goals of Financial Literacy Month 
for April, 2006. 
IN THE HOUSE OF REPRESENTATIVES 
APRIL 6, 2006 
Ms. MILLENDER-MCDONALD submitted the following concurrent resolution; 
which was referred to the Committee on Government Reform 
CONCURRENT RESOLUTION 
Encouraging minority participation in the goals of Financial 
Literacy Month for April, 2006. 
Whereas in order to succeed in our dynamic American econ-
omy, it is imperative that all young people have access to 
the skills, knowledge, and experience necessary to manage 
their personal finances and obtain general financial lit-
eracy; 
Whereas it is important that social and economic factors do 
not hinder the availability of educational tools that young 
adults need to make informed financial decisions; 
Whereas personal financial education integrates instruction in 
valuable life skills with instruction in economics, includ-
ing income and taxes, money management, investment 
and spending, and the importance of personal savings to 
prepare students for the workforce and for financial inde-
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•HCON 387 IH 
pendence by developing their sense of individual responsi-
bility, improving their life skills, and providing them with 
a thorough understanding of consumer economics that 
will benefit them for their entire lives; 
Whereas recent studies have identified the lack of financial 
literacy as a significant problem for minorities and immi-
grants in the United States, and often these groups deal 
in informal cash economies, or rely on ethnic savings and 
credit systems (such as the various cultural informal 
‘‘round robin’’ systems used to pool savings for large pur-
chases), or some combination of the two; 
Whereas studies have found many of minority and immigrant 
individuals and households are reluctant to engage in a 
formal financial relationship with banks because of nega-
tive historical experiences or perceptions; 
Whereas, in a ‘‘new ownership society’’, it is important that 
minorities are taught that financial services can be useful 
tools to manage personal finances more effectively and to 
provide a cushion against unforeseen events; 
Whereas awareness about the benefits of having a deposit re-
lationship with a financial institution will lead to greater 
access to credit for the purpose of purchasing a home or 
other wealth-building items in these communities; 
Whereas this deposit relationship and access to credit will set 
into motion at least 20 consumer protection laws and 
regulations aimed at ensuring that historically disadvan-
taged consumers are safeguarded from unfair, discrimi-
natory, or predatory lending practices; 
Whereas entrepreneurship is one of the pillars of American 
economics and individual financial independence, under-
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•HCON 387 IH 
standing the finances is one of the most important pieces 
to owning and operating a successful small business; 
Whereas, while the 4-year survival rates have risen in recent 
years to 72.6 percent for nonminority-owned businesses 
establishments, the survival rates for minority-owned 
businesses were lower, including Asian and Pacific Is-
lander-owned at 72.1 percent, Hispanic-owned at 68.6 
percent, American Indian and Native Alaskan-owned at 
67 percent, and Black-owned at 61 percent; 
Whereas, with proper management and financial training, 
survival rates rise to 80 to 90 percent; 
Whereas at the heart of the reasons these businesses fail are 
poor financial planning and the general mishandling of 
funds; 
Whereas most Americans believe a long career of hard work 
equates to a fruitful retirement in their older years, more 
than half of working Americans are not putting aside 
enough to maintain anything like our present standard of 
living upon retirement; 
Whereas by the year 2010, when 78,000,000 Americans will 
be 65 years old or older, 30 percent will have no retire-
ment savings and today’s average 50-year old has only 
$2,300 saved toward retirement; 
Whereas homeownership is valued not only as a stabilizing 
factor for families and communities, but also for its con-
tributions to the nation’s economic stability through the 
housing sector; 
Whereas minorities accounted for 40 percent of net new 
homeowners during the past 5 years; 
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Whereas, despite these recent gains, a substantial ‘‘home-
ownership gap’’ continues between white and minority 
households in the United States; 
Whereas more than 70 percent of white Americans own their 
own homes, compared to less than half of African Ameri-
cans and Hispanic Americans; 
Whereas, while 94 percent of 16- to 22-year-old students re-
port that they are likely to turn to their parents for fi-
nancial advice, only 7 percent of parents feel that their 
children understand financial matters well and only 32 
percent of parents talk to their children regularly about 
personal finances; 
Whereas 40 percent of Americans admit to living beyond 
their means; 
Whereas an evaluation by the High School Financial Plan-
ning Program of the National Endowment for Financial 
Education, undertaken jointly with the Cooperative State 
Research, Education, and Extension Service of the 
United States Department of Agriculture, demonstrates 
that as little as 10 hours of classroom instruction can im-
part substantial knowledge and affect significant change 
in how teens handle their money; 
Whereas the programs such as Operation Hope’s Banking on 
Our Future (BOOF) program can deliver financial lit-
eracy education with a focus on urban, under-served com-
munities that impart the principles of such topics as 
‘‘Basics of Banking’’, ‘‘Checking & Savings Accounts’’, 
‘‘The Power of Credit’’, and ‘‘Basic Investments’’ for 
urban and historically disadvantaged youths between the 
ages of 9 and 18 at no cost to school districts; 
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Whereas, in addition to financial education, the students are 
left with a message of empowerment, a message of re-
sponsibility, and most importantly, a message of hope; 
Whereas State educational leaders have recognized the impor-
tance of providing a basic financial education to students 
in kindergarten through grade 12 by integrating financial 
education into State educational standards, but by 2004, 
only 7 States required students to complete a course that 
covered personal finance before graduating from high 
school; 
Whereas ensuring teacher training and professional develop-
ment are critical to achieving youth financial literacy and 
teachers should be given the tools they need to educate 
our Nation’s youth on personal finance and economics; 
Whereas the consumers and investors of tomorrow are in our 
schools today and the teaching of personal finance should 
be encouraged at all levels of our Nation’s educational 
system, from kindergarten through grade 12; and 
Whereas educational and financial institutions; Federal, 
State, and local government entities; and community- 
based organizations can work together to ensure a 
stronger financial education system so that Americans 
can make informed choices about their finances: Now, 
therefore, be it 
Resolved by the House of Representatives (the Senate 
concurring), That the Congress— 
(1) supports the goals and ideals of Financial 
Literacy Month; and 
(2) supports the efforts of States, localities, 
schools, non-profit organizations, businesses, other 
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