Supporting the goals and ideals of "Financial Literacy Month".

IV 118TH CONGRESS 1ST SESSION H. RES. 291 Supporting the goals and ideals of ‘‘Financial Literacy Month’’. IN THE HOUSE OF REPRESENTATIVES APRIL 13, 2023 Mrs. BEATTY (for herself and Mrs. KIM of California) submitted the following resolution; which was referred to the Committee on Oversight and Ac- countability RESOLUTION Supporting the goals and ideals of ‘‘Financial Literacy Month’’. Whereas, according to the Federal Deposit Insurance Cor- poration (referred hereinafter as the ‘‘FDIC’’), at least 18.6 percent of households in the United States, or near- ly 24,600,000 households, are unbanked or underbanked and therefore have not had an opportunity to access sav- ings, lending, and other basic financial services; Whereas, according to the 2021 Consumer Financial Literacy and Preparedness Survey final report of the National Foundation for Credit Counseling— (1) only 44 percent of adults in the United States have a budget; (2) 75 percent of adults in the United States ac- knowledged that they could benefit from additional advice VerDate Sep 11 2014 22:41 Apr 13, 2023 Jkt 039200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6300 E:\BILLS\HR291.IH HR291 pbinns on DSKJLVW7X2PROD with $$_JOB 2 •HRES 291 IH and answers to everyday financial questions from a pro- fessional; (3) 1 in 4 adults in the United States admitted they do not pay all their bills on time; and (4) 47 percent of the general population currently holds credit card debt, and almost 2 in 5 carry some amount of credit card debt month to month, with the mean amount of self-reported debt equaling $1,847; Whereas the Report on the Economic Well-Being of U.S. Households in 2021 by the Board of Governors of the Federal Reserve found that 32 percent of adults could not cover a $400 emergency expense without borrowing or selling something of value; Whereas, according to the Quarterly Report on Household on Credit Debt for the fourth quarter of 2022 released by the Federal Reserve Bank of New York’s Center for Microeconomic Data, outstanding household debt in the United States was $16.9 trillion; Whereas, according to the 2022 Survey of the States: Eco- nomic and Personal Finance Education in Our Nation’s Schools, a biennial report by the Council for Economic Education— (1) only 25 States require students to take an eco- nomics course as a high school graduation requirement; and (2) only 23 States require students to take a per- sonal finance course as a high school graduation require- ment, either independently or as part of an economics course; Whereas, according to the Fidelity Investments 2022 Teens and Money Study surveying young people ages 13 to 17, VerDate Sep 11 2014 22:41 Apr 13, 2023 Jkt 039200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6300 E:\BILLS\HR291.IH HR291 pbinns on DSKJLVW7X2PROD with $$_JOB 3 •HRES 291 IH only 49 percent of students in the United States have opened a bank 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 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, 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 House of Representatives— 1 (1) supports the goals and ideals of ‘‘Financial 2 Literacy Month’’ to raise public awareness about— 3 VerDate Sep 11 2014 22:41 Apr 13, 2023 Jkt 039200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\HR291.IH HR291 pbinns on DSKJLVW7X2PROD with $$_JOB 4 •HRES 291 IH (A) the importance of personal financial 1 education in the United States; and 2 (B) the serious consequences that may re- 3 sult from a lack of understanding about per- 4 sonal finances; and 5 (2) calls on the Federal Government, States, lo- 6 calities, schools, nonprofit organizations, businesses, 7 and the people of the United States to observe Fi- 8 nancial Literacy Month with appropriate programs 9 and activities. 10 Æ VerDate Sep 11 2014 22:41 Apr 13, 2023 Jkt 039200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6301 E:\BILLS\HR291.IH HR291 pbinns on DSKJLVW7X2PROD with $$_JOB