A resolution designating April 2003 as "Financial Literacy for Youth Month".

Mr. President, I am in support of this resolution designating April, 2004, as Financial Literacy Month, and asking the President to issue a proclamation calling on the Federal Government, States, localities, schools, nonprofit organizations, businesses, other entities, and the American people to observe the month with appropriate programs and activities. I thank Senators Allen, Sarbanes, Corzine, Santorum, Kohl, Thomas, Johnson, Kennedy, Schumer, Levin, Lautenberg, Murray, Landrieu, Durbin, Inouye, and Crapo for standing with me in advancing financial and economic literacy for our entire citizenry.

Last year, the Senate designated April, 2003, as Financial Literacy for Youth Month by adopting my resolution, S.Res. 48, to highlight the need for increased financial and economic literacy and education in our country. Since then, there has been wider recognition that we need to broaden the spotlight to include problems resulting from pervasive financial illiteracy among adults of all ages as well, no matter in which region of the country they live, in which sector of the economy they work, or for which side of the aisle they vote. All of us know at least one person in our lives who has suffered the sometimes tragic and often unavoidable results of not knowing how to create and stick to a budget,

not understanding the merits of maintaining good credit history, or not having the analytical skills to make decisions based on factors in the economy.

We are witness to the cumulative results of these individual decisions. Consumer debt rose at a greater rate than was expected in 2003, increasing to nearly $2 trillion in September, 2003, as noted by the Federal Reserve. The rate of foreclosures for FHA loans was the highest ever recorded in the third quarter of 2003, according to the Mortgage Bankers Association National Delinquency Survey. The Congressional Research Service reports that the percentage of income used for household debt payments, including mortgages, credit cards, and student loans, rose to the highest level in more than a decade in 2001 and remained above 13 percent in 2003. Also, that personal savings as a percentage of personal income decreased from 7.5 percent in the early 1980s to 2.3 percent in the first three-quarters of 2003. As reported in the Associated Press, personal bankruptcies nearly doubled in the past decade, including more than 1.6 million people who filed for personal bankruptcy in fiscal year 2003. And a final sign of our times, despite technological advances that make it even more convenient and less costly to manage our money through accounts at banks and credit unions, Fannie Mae reports that between 25 million and 56 million adults are `unbanked', or not using mainstream, insured financial institutions. All of this tells me that we cannot overlook our adult population and their need for financial literacy and education.

Even so, prevention remains key, and education lies at the heart of prevention. We must continue to work in our schools to convey important and practical lessons personal finance and economics, so that our students may leave secondary and postsecondary, and even elementary education, with age-appropriate tools and skills that they may continue to hone throughout their lives. In addition to learning and practicing the essential basics in reading, writing, and arithmetic, they should understand how they can do their part toward helping their families stick to the budget constructed on the kitchen table, saving toward their college tuition, or helping to identify future opportunities that will benefit everyone in their families in the long run.

As an example, the Hawaii Council on Economic Education, with assistance from the Securities Education Division within the Hawaii Department of Commerce and Consumer Affairs, is sponsoring the Hawaii Stock Market Simulation, which is an interactive tool to help students learn about how the U.S. financial market system works. By gaining an understanding of the securities markets, students in third grade through twelfth grade can learn about the importance of saving and investing to help provide a sound economic and financial base for their own future. Student teams invest a hypothetical $100,000 in stocks, bonds, and mutual funds and compete statewide. Last year, I met with some of the winning teams who, in the short 10-week period, raised the value of their portfolio to as much as $130,273.49--an amount accomplished by a team from Kalani High School. In the Fall 2003 competition, a team from Keaau High School achieved a portfolio value of $129,930.42. Even in the elementary division in the most recent competition, a team from Moanalua Middle School invested successfully for a portfolio of $117,877,73. This is just one example of the types of competitions held around the country that gets kids excited in investing and saving while cautioning them about speculation, pulling their parents and other family members into the exercise, and give them the tools to analyze their own personal finance decisions, well into their adult years.

Support for economic and financial literacy efforts in our schools is a worthwhile investment for our country to make in our future generations. I am highlighting this point in this resolution, as well as working to provide more resources through the Excellence in Economic Education Act for K-12 education--rather than terminating this program as President George W. Bush recommended in his fiscal year 2005 budget, and working with my colleague from Wyoming, Senator Enzi, to strengthen this investment in our students in colleges and universities through our bill, S. 1968, the Financial Literacy in Higher Education Act.

And once again, economic and financial literacy must reach adults in this country, particularly to help those who are heads of households, workers, and business owners plan for short- and long-term investment, savings, and retirement, as well as avoid the grasp of predatory lenders that peddle products such as high-interest Refund Anticipation Loans, high-cost remittances, payday lending, and abusive financial marketing practices. I call to the attention of my colleagues the establishment of the Financial Literacy and Education Commission, and look forward to its development of a national strategy that will coordinate Federal efforts in financial and economic literacy. I also recognize the efforts of organizations such as the Jump$tart Coalition for Personal Financial Literacy, the National Council on Economic Education, and others on the forefront of this movement for their parallel endeavors.

I urge my colleagues in the Senate to join me in commemorating all of these efforts to forward financial and economic literacy in this country by recognizing April 2004 as Financial Literacy Month, and I urge that they support this resolution.

Mr. President, I am pleased to submit, along with my colleagues Senators Cochran, Corzine, Johnson, Sarbanes, Schumer, and Stabenow, a resolution designating April of this year as Financial Literacy for Youth Month. This resolution seeks to honor the many activities that take place across the country every April, which recognize the importance of increased financial and economic literacy for all Americans, particularly our children.

As detailed in the resolution, more Americans are using a greater proportion of their income to pay down their debt. In 2002, home foreclosures were the highest rate in 30 years. Consumer bankruptcies in 2001 reached an all-time high in more than a decade, and filings did not slacken in 2002. Personal savings as a percentage of GDP have decreased from 7.5 percent in the early '80s to 2.4 percent last year. Unfortunately, the modern economy is extremely complex and many parents are often unable to teach their children about money management. According to the Jump$tart Coalition, only 26 percent of 13- to 21- year-olds reported that their parents actively taught them how to manage money.

As noted by the Treasury Department, nearly 40 million Americans are ``unbanked,'' which means that they do not have a formal relationship with a mainstream financial institution. The unbanked are unable to take advantage of saving and borrowing opportunities offered by banks and credit unions. Unbanked individuals are susceptible to being taken advantage of by check cashers, payday lenders, and refund anticipation loan providers. Personal financial education can empower the unbanked to participate in and benefit from services of mainstream financial service providers.

While various financial institutions, non-profit organizations, and consumer groups are trying to educate Americans about their finances, we are still not doing enough. I was disturbed to see the results of a 2002 study by the Jump$tart Coalition for Personal Financial Literacy showing that high school seniors knew even less about credit cards, retirement funds, insurance, and other personal finance fundamentals, than did seniors five years ago. Perhaps this is why almost half of college students with credit cards have been assessed fees for late payment. In addition, the 2000 National Postsecondary Student Aid Study reported that nearly three-quarters of the college students owned a credit card in their own name. Of these students, 45

percent carried a credit card debt balance of $3,066. I was further troubled to see a 2002 survey by the National Council on Economic Education showing a decrease in the number of states that include personal finance in their education standards for grades K- through-12. At a time when we should be emphasizing the importance of financial literacy, school-based efforts in this area are actually being de- emphasized.

This is why it is imperative for us to designate a month to serve as the focus for increasing awareness about the need for financial literacy. It is also important to encourage innovative, interactive, and quality events with long-lasting impact that will bring the point home to our children about the importance of financial literacy. I would like to commend those individuals, many of whom are members of the Jump$tart Coalition, for the activities that they already sponsor to increase the level of financial literacy in our country.

For example, the American Bankers Association Education Foundation sponsors National Teach Children to Save Day, which involves thousands of bankers visiting classrooms nationwide to help students in K- through-12 with their ``financial ABC's.'' NASDAQ Stock Market Educational Foundation and the National Council on Economic Education recognize 25 teachers for their innovative approaches to economic education. Last year during Financial Literacy for Youth Month, Junior Achievement paired up with The Goldman Sachs Foundation to create Internet-driven instructional strategies and hands-on, interactive instructional techniques to teach students and parents about everyday personal financial decisions and investment strategies. Credit unions across the nation have engaged in a variety of activities, including financial management classes and the distribution of literature, to increase the financial literacy of youth and their parents. There are many, many other activities that take place during this month, and I congratulate organizations sponsoring them for keeping the needs of America's youth close at heart. A strong show of support from this body and the Administration for Financial Literacy for Youth Month will go a long way toward ensuring that our students will benefit from an increased level of financial literacy through similar activities in 2003.

Many parents fail to speak to their children about credit and debt management or ways to live within limited resources, likely because they did not receive education in these matters themselves. My colleagues and I will work to address the myriad financial and economic literacy needs of these individuals and families. However, we must emphasize the importance of helping those who are children now. Those who are still going through their formative years of schooling. Those who can learn and put into practice good personal financial management skills and lifelong habits that will stay with them, throughout their lives. Perhaps then, these students will grow into adults who will avoid skyrocketing levels of debt, the pitfalls that could cause them to file bankruptcy, or being taken advantage of by unscrupulous or opportunistic lenders. Perhaps then, they will be able to pass along similar wisdom to their children at an even earlier age, and better equip their children with the tools necessary to become responsible workers, heads of households, investors, entrepreneurs, business leaders, and citizens.

I encourage my colleagues to support this resolution.

Mr. President, I ask unanimous consent that the Committee on Agriculture, Nutrition, and Forestry be allowed to conduct a hearing during the session of the Senate on Thursday, March 20, 2003. The purpose of this hearing will be to consider the nomination of Vernon Bernard Parker to be Assistant Secretary of Agriculture.

Mr. President, I ask unanimous consent that the Committee on Armed Services be authorized to meet during the session of the Senate on Thursday, March 20, 2003, at 9:30 a.m., in open session to receive testimony on the Atomic Energy Defense Activities of the Department of Energy, in review of the defense authorization request for fiscal year 2004.

Mr. President, I ask unanimous consent that the Committee on Banking, Housing, and Urban Affairs be authorized to meet during the session of the Senate on March 20, 2003, at 9:30 a.m., to conduct a hearing on ``Issues Relating to HUD's Proposed Rule on the Real Estate Settlement Procedures Act.''

Mr. President, I ask unanimous consent that the Committee on Foreign Relations be authorized to meet during the session of the Senate on Thursday, March 20, 2003 at 2:30 p.m. to hold a hearing on Safer Embassies in Unsafe Places. Witnesses

Mr. Jess Ford, Director, International Affairs & Trade, U.S. General Accounting Office, Washington, DC.

Major General Charles E. Williams (Ret.), Director, Overseas Buildings Operations, Department of State, Washington, DC.

The Honorable Francis X. Taylor, Assistant Secretary for Diplomatic Security, Department of State, Washington, DC.

Mr. President, I ask unanimous consent that the Committee on Governmental Affairs be authorized to meet on Thursday, March 20, 2003 at 9:30 a.m. for a hearing entitled ``Cargo Containers: The Next Terrorist Target?''

Mr. President, I ask unanimous consent that the Committee on the Judiciary be authorized to meet to conduct a markup on Thursday, March 20, 2003, at 4:00 p.m. in Dirksen Room 226.

I. Nominations

Priscilla Richmond Owen to be U.S. Circuit Judge for the Fifth Circuit; Cormac J. Carney to be U.S. District Judge for the Central District of California; James V. Selna to be U.S. District Judge for the Central District of California; Philip P. Simon to be U.S. District Judge for the Northern District of Indiana; Theresa Lazar Springmann to be U.S. District Judge for the Northern District of Indiana; Mary Ellen Coster Williams to be Judge for the Court of Federal Claims; Victor J. Wolski to be Judge for the Court of Federal Claims; Ricardo H. Hinojosa to be U.S. Sentencing Commissioner; Michael E. Horowitz to be U.S. Sentencing Commissioner; Gregory A. White to be U.S. Attorney for the Northern District of Ohio; Thomas Dyson Hurlburt, Jr. to be U.S. Marshal for the Middle District of Florida; Christina Pharo to be U.S. Marshal for the Southern District of Florida; Dennise Arthur Williamson to be U.S. Marshal for the Northern District of Florida; Richard Zenos Winget to be U.S. Marshal for the District of Nevada.

II. Committee Business

Committee Rules Subcommittee Organization

III. Bills

S. 330: A bill to further the protection and recognition of veterans' memorials and for other purposes [Campbell].

S. Res. 48: A resolution designating April 2003 as ``Financial Literacy for Youth Month'' [Akaka].

S. Res. 52: A resolution recognizing the social problem of child abuse and neglect, and supporting efforts to enhance public awareness of the problem [Campbell].

S. Res. 58: A resolution expressing the sense of the Senate that the President should designate the week beginning June 1, 2003, as ``National Citizen Soldier Week'' [Allen].

Mr. President, I ask unanimous consent that the Committee on Veterans' Affairs be authorized to meet during the session of the Senate on Thursday, March 20, 2003, for a joint hearing with the House of Representatives' Committee on Veterans' Affairs, to hear the legislative presentations of AMVETS, American Ex-Prisoners of War, the Vietnam Veterans of America, the Military Officers Association of America, and the National Association of State Directors of Veterans Affairs.

The hearing will take place in room 345 of the Cannon House Office Building at 10:00 a.m.

Mr. President, I ask unanimous consent that the Special Committee on Aging be authorized to meet Thursday, March 20, 2003 from 10:30 a.m. to 1;00 p.m. in Dirksen 562 for the purpose of conducting a hearing.

Mr. President, I ask unanimous consent that the Subcommittee on Clean Air, Climate Change, and Nuclear Safety be authorized to meet on Thursday, March 20 at 9:30 a.m. to conduct a hearing on legislative proposals amending the Clean Air Act regarding fuel additives and renewable fuels.

The meeting will be held in SD 406.

Mr. President, it is with great pleasure that I rise today to submit a resolution to designate February 11, 2003, as ``National Inventors' Day,'' together with my colleague, the Ranking Minority Member of the Judiciary Committee, Senator Leahy. The Ranking Minority Member and I have worked together on many issues related to intellectual property, and I am pleased to be joined by him in offering this resolution designating the anniversary of perhaps America's greatest inventor, Thomas Edison, as a day to honor all of America's inventors.

Doing so is particularly fitting this year. Exactly one hundred years ago this year, on the shores of Kitty Hawk, NC, Orville and Wilbur Wright achieved what mankind had dreamed of for centuries: the first heavier-than-air, machine-powered flight in the world. While that flight covered only 120 feet and lasted only 12 seconds, it launched a revolution in air travel that continues to this day.

Throughout history, inventions have helped people discover new worlds, build communities, and cure sickness and disease. From the Wright Brothers to Philo Farnsworth, from Thomas Edison to today's high tech entrepreneurs, America's inventors have immeasurably enriched our lives. America's technological prowess and high standard of living all stems from the creativity, determination, and entrepreneurial drive of men and women who turned dreams into realities.

It is no coincidence that the United States is the most powerful technological force in history. Nor is it a coincidence that creative people from all over the world flock to our shores to pursue their dreams.

Our Founding Fathers understood that an agrarian Nation would never grow to be an economic and technological giant unless there was an incentive for inventors to create and for other inventors to study and improve upon the creations. From this foresight, enshrined in Article 1 section 8 of our Constitution, came the American system of intellectual property protection, which give inventors and authors the ability to enjoy, for a limited period of time, the exclusive economic benefits of their genius.

One of the most significant results of the Founders' foresight was the creation of the U.S. patent system, which today has issued over six million patents--from the light bulb to life-saving pharmaceuticals. What the patent system really comes down to is what President Lincoln, a patent holder himself, noted many years ago: it ``adds the fuel of interest to the spark of genius.''

Today intellectual property-based enterprises, patents, trademarks, and copyrights, represent the largest single sector of the American economy--almost 5 percent of the Gross Domestic Product--and employ over 4 million Americans. More than 50 percent of U.S. exports now depend on some form of IP protection.

America is forever indebted to our inventors. So this year, on the centennial of mankind's first flight, I hope my colleagues will join me in recognizing February 11 as ``National Inventors' Day.''

Mr. President, more than 200 years ago, on July 30, 1790, Samuel Hopkins, a resident of Vermont, was granted the first United States patent. He had discovered a process for making potash, and was awarded his patent by President George Washington, Attorney General Edmund Randolph and Secretary of State Thomas Jefferson.

Samuel Hopkins is just one of the many resourceful and creative inventors from Vermont. The town of Brandon can boast Thomas Davenport, a self-educated blacksmith interested in electricity and magnetism. Through hands-on experiments with electromagnets, he built the first true electric motor in 1834. Initially, his patent request was denied because there was no prior patent on electric machinery. But he garnered the support of numerous professors and philosophers who examined his invention

and endorsed his right to a patent on his novel device. In 1837, his determinism paid off, and he secured a patent.

John Deere was born in Rutland, VT and spent most of his early life in Middlebury. After moving out West, John Deere realized the cast-iron plows he and other settlers brought with them were not going to work in the Midwest soil. He studied the problem and developed the first successful steel plow using steel from a broken saw blade. This new steel plow became the key for successful farming in the West, and ``John Deere'' is still synonymous with farming equipment today.

Vermont continues to be a leader in inventing and obtaining patents. My State ranks fourth in the Nation for number of patents issued. IBM's Essex Junction Plant, which designs and makes computer technology for a wide range of products, received 411 patents from the U.S. Patent & Trademark Office in 2002. Vermont's plant also has 18 inventors who together have earned more than 600 patents. One of those inventors is Steve Voldman, the top patent winner. Over the past 10 years, he has received 110 patents. In 2002, he received 29. Many of his 2002 patents had to do with silicon germanium, a new technology that has produced the world's fastest chip.

Today's inventors are individuals in a shop, garage or home lab. They are teams of scientists working in our largest corporations or at our colleges and universities. In the spirit of independent inventors, small businesses, venture capitalists and larger corporations in Vermont and all over the United States, I would like to recognize February 11, 2003, as National Inventors' Day.