A resolution designating April 2019 as "Financial Literacy Month".

III 116TH CONGRESS 1ST SESSION S. RES. 168 Designating April 2019 as ‘‘Financial Literacy Month’’. IN THE SENATE OF THE UNITED STATES APRIL 11, 2019 Mr. REED (for himself, Mr. SCOTT of South Carolina, Mr. JONES, Mr. BAR- RASSO, 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. FEIN- STEIN, 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 RESOLUTION Designating April 2019 as ‘‘Financial Literacy Month’’. 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, approxi- mately 25 percent of households in the United States are unbanked or underbanked and therefore have limited or VerDate Sep 11 2014 22:51 Apr 11, 2019 Jkt 089200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6300 E:\BILLS\SR168.ATS SR168 pamtmann on DSKBFK8HB2PROD with BILLS 2 •SRES 168 ATS 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 end- ing 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 eco- nomics course as a high school graduation requirement; and (2) only 17 States require students to take a per- sonal finance course as a high school graduation require- ment, either independently or as part of an economics course; VerDate Sep 11 2014 22:51 Apr 11, 2019 Jkt 089200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6300 E:\BILLS\SR168.ATS SR168 pamtmann on DSKBFK8HB2PROD with BILLS 3 •SRES 168 ATS Whereas, according to the Gallup-HOPE Index, only 57 per- cent 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 house- hold, investors, entrepreneurs, business leaders, and citi- zens; Whereas increased financial literacy— (1) empowers individuals to make wise financial de- cisions; and (2) reduces the confusion caused by an increasingly complex economy; Whereas a greater understanding of, and familiarity with, fi- nancial 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 im- portant; and (2) in light of that determination, passed the Finan- cial 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 VerDate Sep 11 2014 22:51 Apr 11, 2019 Jkt 089200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\SR168.ATS SR168 pamtmann on DSKBFK8HB2PROD with BILLS 4 •SRES 168 ATS (1) designates April 2019 as ‘‘Financial Lit- 1 eracy Month’’ to raise public awareness about— 2 (A) the importance of personal financial 3 education in the United States; and 4 (B) the serious consequences that may re- 5 sult from a lack of understanding about per- 6 sonal finances; and 7 (2) calls on the Federal Government, States, lo- 8 calities, schools, nonprofit organizations, businesses, 9 and the people of the United States to observe Fi- 10 nancial Literacy Month with appropriate programs 11 and activities. 12 Æ VerDate Sep 11 2014 22:51 Apr 11, 2019 Jkt 089200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6301 E:\BILLS\SR168.ATS SR168 pamtmann on DSKBFK8HB2PROD with BILLS