Bill Summary
This resolution expresses the support of the House of Representatives for the goals and ideals of "Financial Literacy Month." It highlights the concerning statistics of financial illiteracy in the United States and acknowledges the importance of financial education in managing money, credit, and debt. The resolution also calls on various government entities, schools, and organizations to observe Financial Literacy Month and promote financial education among individuals.
Possible Impacts
1. The legislation aims to increase financial literacy among individuals in the United States, particularly those who are unbanked or underbanked. This could affect these individuals by providing them with access to savings and other basic financial services that they may have previously been unable to access.
2. The legislation highlights the need for personal financial education in schools, but according to the 2022 Survey of the States, only 23 states currently require students to take a personal finance course as part of their high school graduation requirements. This could potentially affect students by limiting their knowledge and understanding of managing money, credit, and debt.
3. The legislation acknowledges the impact of an increasingly complex economy and the importance of understanding financial markets and institutions. This could affect individuals by empowering them to make informed and wise financial decisions, leading to increased economic activity and growth.
[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H. Res. 291 Introduced in House (IH)]
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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 Accountability
_______________________________________________________________________
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 18.6 percent of households in the
United States, or nearly 24,600,000 households, are unbanked or
underbanked and therefore have not had an opportunity to access savings,
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 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) 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: Economic 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 economics course as a
high school graduation requirement; and
(2) only 23 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 Fidelity Investments 2022 Teens and Money Study
surveying young people ages 13 to 17, 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 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.
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