Floor Situation

H.Res. 180 is being considered on the floor under suspension of the rules, requiring a two-thirds majority vote for passage. This legislation was introduced by Representative Ruben Hinojosa (D-TX) on February 23, 2009.

Bill Summary

H.Res. 180 resolves that the House of Representatives:

• "Recognizes the importance of savings to financial security;

• "Supports the goals and ideals of `America Saves Week';

• "Acknowledges the tireless efforts of the late Congresswoman Stephanie Tubbs Jones to eliminate predatory lending, increase the nation's savings rate, and improve the overall economic situation of all those residing 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 week with appropriate programs and activities with the goal of increasing the savings rates for individuals of all ages and walks of life."

Background

Over 100 national groups are participating in "America Saves Week," which is celebrated February 22 to March 1, 2009. America Saves, managed by the Consumer Federation of America, was established eight years ago as an annual nationwide campaign that encourages consumers to enroll as American Savers and establish a personal savings goal in an effort to build personal wealth and enhance financial security. More than 145,000 people have enrolled as "American Savers."

According to the Bureau of Economic Analysis, the rate of personal savings as a percentage of personal income was .6% in 2007 and 1.7% in 2008. Over 40% of American families reported they did not save in 2007, according to the Federal Reserve Board's Survey of Consumer Finances.