Bill Summary
This legislation is a resolution that supports the goals and ideals of "Financial Literacy Month", which aims to raise awareness about the importance of financial education in the United States. It highlights statistics on the lack of financial literacy among adults and students, as well as the negative consequences that may result from this. The resolution calls on various entities, including the federal government, schools, and businesses, to observe Financial Literacy Month and promote programs and activities to improve financial literacy among individuals. This resolution builds upon previous legislation, such as the Financial Literacy and Education Improvement Act, which established the Financial Literacy and Education Commission in 2003.
Possible Impacts
1. This legislation could potentially affect the 32.6 million households in the United States who are unbanked or underbanked by raising awareness about the importance of financial education and the resources available to them.
2. The 79 percent of adults in the United States who could benefit from additional financial advice could be positively impacted by this legislation through increased access to educational programs and resources.
3. The 22 states that do not currently require students to take an economics course as a high school graduation requirement may be affected by this legislation, as it calls on the federal government and localities to observe Financial Literacy Month and promote financial education in schools.
[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H. Res. 275 Introduced in House (IH)]
<DOC>
116th CONGRESS
1st Session
H. RES. 275
Supporting the goals and ideals of ``Financial Literacy Month''.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
April 1, 2019
Mrs. Beatty (for herself and Mr. Stivers) submitted the following
resolution; which was referred to the Committee on Oversight and Reform
_______________________________________________________________________
RESOLUTION
Supporting the goals and ideals of ``Financial Literacy Month''.
Whereas according to the Federal Deposit Insurance Corporation (referred
hereinafter as the ``FDIC''), at least 25.2 percent of households in the
United States, or nearly 32,600,000 households with approximately
63,000,000 adults, are unbanked or underbanked and therefore have not
had an opportunity to access 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) only 41 percent of adults in the United States have a budget;
(2) 79 percent of adults in the United States acknowledged that they
could benefit from additional advice and answers to everyday financial
questions from a professional;
(3) 1 in 4 adults in the United States admitted they do not pay all
their bills on time; and
(4) 61 percent of adults have had credit card debt in the past 12
months and most have done nothing to obtain a lower interest rate for their
credit card debt;
Whereas the Report on the Economic Well-Being of U.S. households by the Federal
Reserve Bank of New York found that 40 percent of adults could not cover
a $400 emergency expense without borrowing or selling something of
value;
Whereas according to the statistical release of the Board of Governors of the
Federal Reserve System for the fourth quarter of 2018 entitled
``Financial Accounts of the United States: Flow of Funds, Balance
Sheets, and Integrated Macroeconomic Accounts'', outstanding household
debt in the United States was $15.6 trillion;
Whereas according to the 2018 Survey of the States: Economic and Personal
Finance Education in Our Nation's Schools, a biennial report 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 52 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 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, financial 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 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 House of Representatives--
(1) supports the goals and ideals of ``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.
<all>