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[Pages S2443-S2444]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
SENATE RESOLUTION 168--DESIGNATING APRIL 2019 AS ``FINANCIAL LITERACY
MONTH''
Mr. REED (for himself, Mr. Scott of South Carolina, Mr. Jones, Mr.
Barrasso, Mr. Booker, Mr. Boozman, Mr. Braun, Ms. Cantwell, Mrs.
Capito, Mr. Cardin, Mr. Carper, Mr. Cassidy, Mr. Coons, Mr. Cramer, Mr.
Crapo, Mr. Durbin, Mr. Enzi, Ms. Ernst, Mrs. Feinstein, Ms. Hassan,
Mrs. Hyde-Smith, Mr. Manchin, Mr. Menendez, Mrs. Murray, Mr. Peters,
Mr. Roberts, Ms. Rosen, Mr. Tester, Mr. Tillis, Mr. Whitehouse, Mr.
Wicker, Mr. Young, and Mr. Perdue) submitted the following resolution;
which was considered and agreed to:
S. Res. 168
Whereas, according to the report entitled ``Economic Well-
Being of U.S. Households'' by the Board of Governors of the
Federal Reserve System, 40 percent of adults in the United
States cannot cover an unexpected expense of $400;
Whereas, according to the report entitled ``2017 National
Survey of Unbanked and Underbanked Households'' by the
Federal Deposit Insurance Corporation, approximately 25
percent of households in the United States are unbanked or
underbanked and therefore have limited or no access to
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) a majority (61 percent) of adults in the United States
had credit card debt during the 1-year period ending on the
date of publication of the report;
(2) nearly \2/5\ (38 percent) of adults in the United
States carry credit card debt from month to month; and
(3) approximately 41 percent of adults in the United States
maintain a budget;
Whereas, according to the statistical release of the Board
of Governors of the Federal Reserve System for the fourth
quarter of 2018 entitled ``Household Debt and Credit''--
(1) outstanding household debt in the United States was
$869,000,000,000 higher than the previous peak of
$12,680,000,000,000 in the third quarter of 2008; and
(2) outstanding student loan balances have more than
doubled in the last decade to approximately
$1,500,000,000,000;
Whereas, according to the 2018 report entitled ``Survey of
the States: Economic and Personal Finance Education in Our
Nation's Schools'', the most recent biennial report of that
name 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 57
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--
(1) empowers individuals to make wise financial decisions;
and
(2) 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
[[Page S2444]]
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 Senate--
(1) designates April 2019 as ``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.
____________________
