Date: 2010-03-03
Speaker: EDDIE BERNICE JOHNSON (democrat)
Chamber: H
State: Texas

Mr. Speaker. I rise today in strong support of H. Res. 1082. supporting the goals and ideals of the fourth annual America Saves Week. which really runs from February 21 through February 28. I want to take this opportunity to thank Chairman FRANK for his assistance in bringing this important and timely resolution to the floor. I also would like to thank Congressman HINOJOSA and Congresswoman BIGGERT and Congressman SCOTT for their tireless efforts for consumer protection and financial literacy. America Saves was established 9 years ago as an annual nationwide campaign that encourages consumers. especially those in lowerincome households. to increase their financial literacy. enroll as American savers. and establish a personal savings goal in an effort to build personal wealth and enhance financial security. America Saves focuses on saving. a focus which creates a national culture of financial responsibility. which is incredibly important in these difficult economic times. I believe that a financially literate public is a key component to having a strong and robust economy. We really are only as rich as our poorest citizens. Resolutions like America Saves promote broadbased financial literacy initiatives and are absolutely necessary for the wellbeing of our country. A recent survey done by the National Foundation for Credit Counseling has shown that only 42 percent of adults say they keep close track of their spending. and roughly 7 percent of the adult population. or about 16 million people. dont know how much they spend on food. housing. and entertainment. Other statistics show even more distressing trends: 26 percent of the adults. or 58 million people. admit to not paying all of their bills on time. and 6 percent of the households carry credit card debt of $10.000 or more from month to month. I am always surprised to hear statistics like this. It is alarming because they are very simple things that people can do to save money and lead more financially stable lives. My father said to me when I was a little girl: Whatever you make. large or small. save some of it. That really started me with a little trend. so now for the last 40plus years. I give a piggy bank to all newborns of my family and friends so that saving money becomes an institutionalized activity for small children. And there is some good news. personal savings. as a percentage of disposable income. has risen from 1.2 percent in the first quarter of 2008 to 4.8 percent in the fourth quarter of 2009. And I might say. Mr. Speaker. that that is one of the reasons why the economy is not that great. because people are saving their money. It is important to provide the public with education on financial matters and developing unbiased and successful financial literacy programs. and that will only increase in importance in the coming years. I hold very frequent summits and workshops on financial literacy with adults throughout the Dallas area. and our Dallas Independent School District has made it now a part of the curriculum. So I want to acknowledge and thank all the people involved. Again. I would like to acknowledge former Congresswoman Stephanie Tubbs Jones. who worked hard to improve the overall economic situation for all those residing in the United States. Mr. Speaker. I believe that together we can continue to make a difference and help empower people to take control of their financial lives. I thank you. I thank all of the people involved.