119-hres292

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H. Res. 292 Introduced in House

    (IH) ]

<DOC>

119th CONGRESS
 1st Session
H. RES. 292

 Supporting the goals and ideals of ``Financial Literacy Month''.

_______________________________________________________________________

 IN THE HOUSE OF REPRESENTATIVES

 April 3, 2025

 Mrs. Beatty (for herself, Mrs. Kim, Mr. Bacon, Mr. Carson, Mr. Case, 
 Mr. Cleaver, Mr. Fitzpatrick, Mr. Flood, Ms. Garcia of Texas, Mr. 
 Johnson of Georgia, Mr. Meuser, Ms. Salazar, Mr. David Scott of 
 Georgia, Ms. Sewell, Ms. Stansbury, Mr. Thanedar, Mr. Valadao, Ms. 
 Williams of Georgia, and Mr. Moore of North Carolina) submitted the 
following resolution; which was referred to the Committee on Oversight 
 and Government 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 14.2 percent of households in the 
 United States, or nearly 19,000,000 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 2024 Consumer Financial Literacy and Preparedness 
 Survey final report of the National Foundation for Credit Counseling--

    (1) only 42 percent of adults in the United States have a budget;

    (2) 80 percent of adults in the United States acknowledged that they 
could benefit from additional advice and answers to everyday financial 
questions from a professional; and

    (3) 1 in 3 adults in the United States admitted they do not pay all 
their bills on time;

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 Debt and Credit for the 
 fourth quarter of 2024 released by the Federal Reserve Bank of New 
 York's Center for Microeconomic Data, outstanding household debt in the 
 United States was $18,040,000,000,000;
Whereas, according to the 2024 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 28 States require students to take an economics course as a 
high school graduation requirement; and

    (2) only 35 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 2023 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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