|Sponsor||Rep. Hinojosa, Rubén|
|Committee||Oversight and Government Reform|
|Date||April 28, 2009 (111th Congress, 1st Session)|
|Staff Contact||Christopher Jacobs|
H.Res. 357 is being considered under suspension of the rules, requiring a two-thirds vote for passage. The legislation was introduced by Rep. Ruben Hinojosa (D-TX) on April 23, 2009.
H.Res. 357 would resolve that Congress:
• "Supports the goals and ideals of Financial Literacy Month, including raising public awareness about financial education;
• "Recognizes the importance of managing personal finances, increasing personal savings, and reducing personal debt in the United States; and
• "Requests that the President issue a proclamation calling on the Federal Government, States, localities, schools, nonprofit organizations, businesses, other entities, and the people of the United States to observe the month with appropriate programs and activities with the goal of increasing financial literacy rates for individuals of all ages and walks of life."
According to the resolution's findings, personal savings as a percentage of disposable personal income was 4.2 percent in February, compared with 4.4 percent in January, and up from a 12-month average of 1.7 percent in 2008, according to the Bureau of Economic Analysis. The average baby boomer has only $50,000 in savings apart from equity in their homes, according to the Federal Reserve Board's Survey of Consumer Finances for 2007.
Members of the United States House of Representatives established the Financial and Economic Literacy Caucus (FELC) in February 2005 to provide a forum for interested Members of Congress to review, discuss, and recommend financial and economic literacy policies, legislation, and programs. The Council for Economic Education, its State Councils and Centers for Economic Education, the Jumpstart Coalition for Personal Financial Literacy, its State affiliates, and its partner organizations, and JA Worldwide have designated April as Financial Literacy Month to educate the public about the need for increased financial literacy for youth and adults in the United States.