H.Res. 292

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

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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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