Mr. Speaker, I yield myself such time as I may consume. I thank the gentleman from Georgia (Mr. Scott) for his kind words and all he does in the Financial Services Committee on this type of issue and for his management of this resolution.…
Mr. Speaker, I yield myself such time as I may consume.
I thank the gentleman from Georgia (Mr. Scott) for his kind words and all he does in the Financial Services Committee on this type of issue and for his management of this resolution.
I rise today to join not only Mr. Scott but also my good friend, the gentlewoman from Texas (Ms. Eddie Bernice Johnson), in support of this year's resolution making the fourth annual America Saves Week. I am pleased to join Congresswoman Johnson as a cosponsor of the resolution, and I urge my colleagues to give it their full support.
Mr. Speaker, as most of my colleagues are aware, I have been working for some years now to make financial literacy a top priority both in the classroom and here on Capitol Hill. In 2005, I joined the gentleman from Texas (Mr. Hinojosa), a cosponsor of today's resolution, to form the Financial and Economic Literacy Caucus to help equip students and consumers with the tools that they need to prosper in today's sophisticated marketplace.
Since then, the term ``financial literacy'' has become an integral part of our legislative lexicon, especially as the need for financial literacy has become clearer than ever with more and more American families relying on depleted savings to weather this period of financial hardship. When it comes to preparing against economic uncertainty, recognizing deceptive practices, building credit, or making dozens of other day-to-day financial decisions, nothing protects consumers and their financial security more effectively than arming them, even as young students, with a sound foundation in financial literacy, and that lesson begins with saving.
Sixty percent of preteens do not even know the difference between cash, credit cards, and checks; and yet only 26 percent of students are actively learning financial literacy from their parents. It is little wonder why 10 million U.S. households remain completely unbanked or without access to standard financial tools like a savings account. And that is what makes initiatives like America Saves Week important. It represents a special opportunity for financial leaders, from the FDIC and the Federal Trade Commission to the University of Illinois and the Jump$tart Coalition, to share important resources and lessons with future savers who may be able to ride out the next financial downturn, buy a home, or retire more comfortably thanks to the financial tools they gained access to today.
As the text of today's resolution suggests, the national savings rate has risen slightly as Americans spend more conservatively in the down economy. But as we recover, the next step must be to help families set goals, plan effectively, and invest wisely during those times when they are most able to build an economic buffer against future needs.
Mr. Speaker, I would like to take a brief moment here to urge my colleagues to consider joining the Financial and Economic Literacy Caucus, if they haven't already, by contacting either me or my distinguished cochairman, Mr. Hinojosa.
As my colleagues are aware, just last week, the FTC teamed with our caucus to showcase consumer protection resources available to our constituents across America. Now we are getting ready for another exciting Financial Literacy Month, this April, with events and briefings to help Americans of all ages educate themselves on how to become more confident, savvy, and safe investors and consumers. I hope every Member will be able to find time to participate or send staff to learn more about how Members of Congress can help promote financial literacy in their own way.
And I would also like to take a moment to honor a departed colleague and friend, the late Congresswoman Stephanie Tubbs Jones. In previous years, she championed this resolution in the House and was a strong advocate for financial literacy through her career. I know that I am not alone in saying that her presence is missed here on the House floor.
Mr. Speaker, let me just say once again that I urge my colleagues to join Congresswoman Johnson, Congressman Hinojosa, and me in supporting this resolution and sound saving habits during America Saves Week and throughout the year.
I reserve the balance of my time.
I reserve the balance of my time.
Mr. Speaker, having no further requests for time, I would just, in closing, say I urge my colleagues to support this resolution.
I yield back the balance of my time.