Senate - 03/09/2004 Submitted in the Senate, considered, and agreed to without amendment and with a preamble by Unanimous Consent. (consideration: CR S2459-2461; text as passed Senate: CR S2460-2461; text of measure as introduced: CR S2450-2451) (All Actions)
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[actionDate] => 2004-03-09
[displayText] => Passed/agreed to in Senate: Submitted in the Senate, considered, and agreed to without amendment and with a preamble by Unanimous Consent.(consideration: CR S2459-2461; text as passed Senate: CR S2460-2461; text of measure as introduced: CR S2450-2451)
[externalActionCode] => 17000
[description] => Agreed to in Senate
[chamberOfAction] => Senate
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Shown Here: Agreed to Senate (03/09/2004)
[Congressional Bills 108th Congress]
[From the U.S. Government Printing Office]
[S. Res. 316 Agreed to Senate (ATS)]
108th CONGRESS
2d Session
S. RES. 316
Designating April 2004 as ``Financial Literacy Month''.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
March 9, 2004
Mr. Akaka (for himself, Mr. Allen, Mr. Sarbanes, Mr. Corzine, Mr.
Santorum, Mr. Kohl, Mr. Thomas, Mr. Johnson, Mr. Kennedy, Mr. Schumer,
Mr. Levin, Mr. Lautenberg, Mrs. Murray, Ms. Landrieu, Mr. Durbin, Mr.
Inouye, and Mr. Crapo) submitted the following resolution; which was
considered and agreed to
_______________________________________________________________________
RESOLUTION
Designating April 2004 as ``Financial Literacy Month''.
Whereas only 26 percent of 13- to 21-year olds reported that their parents
actively taught them how to manage money;
Whereas a 2002 survey by the National Council on Economic Education found that a
decreasing number of States include personal finance in their education
standards for students in kindergarten through grade 12;
Whereas a 2002 study by the Jump$tart Coalition for Personal Financial Literacy
found that high school seniors know even less about credit cards,
retirement funds, insurance, and other personal finance basics than high
school seniors did 5 years ago;
Whereas 55 percent of college students acquire their first credit card during
their first year in college, and 83 percent of college students have at
least 1 credit card;
Whereas personal savings as a percentage of personal income decreased from 7.5
percent in the early 1980s to 2.3 percent in the first 3 quarters of
2003;
Whereas today more than 42,000,000 people in the United States participate in
401(k) plans;
Whereas a 2002 Retirement Confidence Survey found that only 32 percent of
workers surveyed have calculated how much money they will need to save
for retirement;
Whereas only 30 percent of those surveyed in a 2003 Employee Benefit Trend Study
are confident in their ability to make the right financial decisions for
themselves and their families, and 25 percent have done no specific
financial planning;
Whereas between 25,000,000 and 56,000,000 adults are unbanked, i.e., not using
mainstream, insured financial institutions;
Whereas millions of people in the United States derive great benefits from the
wide variety of products and services offered by the financial services
industry in the United States, and such financial products and services
allow individuals and families to build homes, start businesses, finance
educations, buy cars, and meet the everyday needs of everyday life;
Whereas expanding access to the mainstream financial system provides individuals
with lower cost, safer options for managing their finances and building
wealth;
Whereas a greater understanding and familiarity with financial markets and
institutions will lead to increased economic activity and growth;
Whereas financial education has been linked to lower delinquency rates for
mortgage borrowers, higher participation and contribution rates in
retirement plans, improved spending and saving habits, higher net worth,
and positive knowledge, attitude, and behavior changes;
Whereas financial literacy empowers individuals to make wise financial decisions
and reduces the confusion of an increasingly complex economy;
Whereas personal financial management skills and life-long habits develop during
childhood;
Whereas personal financial education is essential to ensure that individuals are
prepared to manage money, credit, and debt, and become responsible
workers, heads of households, investors, entrepreneurs, business
leaders, and citizens; and
Whereas Congress found it important enough to ensure coordination of Federal
financial literacy efforts and formulate a national strategy that it
established the Financial Literacy and Education Commission in 2003 and
designated the Office of Financial Education of the Department of the
Treasury to provide support for the Commission: Now, therefore, be it
Resolved, That the Senate--
(1) designates April 2004 as ``Financial Literacy Month''
to raise public awareness about the importance of financial
education in the United States and the serious consequences
that may be associated with a lack of understanding about
personal finances; and
(2) requests that the President issue a proclamation
calling on the Federal Government, States, localities, schools,
nonprofit organizations, businesses, other entities, and the
people of the United States to observe the month with
appropriate programs and activities.
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