Title: Supporting the goals and ideals of "Financial Literacy Month".
Policy area: Finance and Financial Sector

Summary:
This resolution supports the goals and ideals of Financial Literacy Month.

[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H. Res. 285 Introduced in House (IH)]

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117th CONGRESS
  1st Session
H. RES. 285

    Supporting the goals and ideals of ``Financial Literacy Month''.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 1, 2021

  Mrs. Beatty (for herself, Mr. Stivers, and Ms. Titus) submitted the 
following resolution; which was referred to the Committee on Oversight 
                               and Reform

_______________________________________________________________________

                               RESOLUTION


 
    Supporting the goals and ideals of ``Financial Literacy Month''.

Whereas according to the Federal Deposit Insurance Corporation (referred 
        hereinafter as the ``FDIC''), at least 25.2 percent of households in the 
        United States, or nearly 32,600,000 households with approximately 
        63,000,000 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 2018 Consumer Financial Literacy Survey final report of 
        the National Foundation for Credit Counseling--

    (1) only 41 percent of adults in the United States have a budget;

    (2) 79 percent of adults in the United States acknowledged that they 
could benefit from additional advice and answers to everyday financial 
questions from a professional;

    (3) 1 in 4 adults in the United States admitted they do not pay all 
their bills on time; and

    (4) 61 percent of adults have had credit card debt in the past 12 
months and most have done nothing to obtain a lower interest rate for their 
credit card debt;

Whereas the Report on the Economic Well-Being of U.S. households by the Federal 
        Reserve Bank of New York found that 40 percent of adults could not cover 
        a $400 emergency expense without borrowing or selling something of 
        value;
Whereas according to the statistical release of the Board of Governors of the 
        Federal Reserve System for the fourth quarter of 2018 entitled 
        ``Financial Accounts of the United States: Flow of Funds, Balance 
        Sheets, and Integrated Macroeconomic Accounts'', outstanding household 
        debt in the United States was $15.6 trillion;
Whereas according to the 2018 Survey of the States: Economic and Personal 
        Finance Education in Our Nation's Schools, a biennial report by the 
        Council for Economic Education--

    (1) only 22 States require students to take an economics course as a 
high school graduation requirement; and

    (2) only 17 States require students to take a personal finance course 
as a high school graduation requirement, either independently or as part of 
an economics course;

Whereas according to the Gallup-HOPE Index, only 52 percent 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 household, investors, 
entrepreneurs, business leaders, and citizens;

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, financial 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 important; and

    (2) in light of that determination, passed the Financial 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 result from a 
                lack of understanding about personal finances; and
            (2) calls on the Federal Government, States, localities, 
        schools, nonprofit organizations, businesses, and the people of 
        the United States to observe Financial Literacy Month with 
        appropriate programs and activities.
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