Floor Statements

Mr. Speaker, I yield myself such time as I may consume.

I am proud to rise in support of H.R. 5293, the Senior Independence Act. I would like to thank Chairman McKeon, Subcommittee Chairman Tiberi, Ranking Member George Miller, and all of the members of the Education and the Workforce Committee who have rolled up their sleeves to produce a bipartisan bill to reauthorize the Older Americans Act.

I would also like to take a moment to commend the outstanding staff on both sides of the aisle for their excellent work. The chairman set up an open process, a process that aimed to engage all of the stakeholders. That kind of process is only successful when you have staff members who are dedicated to getting the job done and able to synthesize the recommendations and build the consensus necessary to move forward. I would especially like to recognize the work of Kate Houston and Lucy House and Angela Klemack on the majority staff, as well as Cheryl Johnson, Ricardo Martinez, and Moira Lenehan on our side of the aisle. They made a sometimes difficult and complicated process go smoothly, and I thank them and appreciate their good and effective service.

Aging is a fact of life. However, through the establishment of Social Security, Medicare, and the enactment of the Older Americans Act, living in

poverty to most Americans no longer is a fact of aging. From 1959 to 2002, the percentage of older people living in poverty fell from 35 percent to only 10 percent.

The Older Americans Act of 1965 is the landmark legislation that articulated our core values as a Nation. The act begins with a declaration of objectives which includes the following: ``Retirement in health, honor, dignity, after years of contribution to the economy.'' This is a statement of our national obligation to older Americans. The Older Americans Act represents our commitment to meeting that obligation. This law provides for supportive services such as transportation, housekeeping, and personal care. It provides nutrition services both in the home and in community settings. It provides preventative health services and supports family caregivers. Finally, it protects the rights of vulnerable older Americans by combating consumer fraud and protecting seniors from abuse.

The legislation before us today, H.R. 5293, the Senior Independence Act, truly represents our good faith effort to respond to the community's will, as expressed at the White House Conference on Aging where the reauthorization of the Older Americans Act was declared the top priority.

The bill before us reauthorizes all of the core programs in the Older Americans Act. It promotes greater access to services for individuals who are more comfortable in a language other than English. It maintains the structure of the Senior Community Service Employment Program that reaffirms the dual purpose of the programs, employment and community service. It strengthens the very successful Family Caregiver Program. It promotes greater choices and health nutrition education so that our seniors can remain at home and in their communities. It promotes financial literacy for family caregivers and seniors so that older Americans' physical and mental health are not jeopardized by poor financial health. It strengthens our system of protecting older Americans from abuse. Finally, it recognizes that seniors are a growing resource for the aging network and for our communities in general. We must continue to look for ways to leverage our older citizens' talents and desires to continue to make a difference.

It is incumbent upon us all to step up and invest in these programs. It is one sure way to help control the cost of our growing entitlement programs. It is the right thing to do. We know that every dollar spent providing a meal or supporting seniors so that they can remain at home and in their communities not only improves their quality of life but saves entitlement spending on long-term care. That is the genius of the Older Americans Act. Yet we know that the Older Americans Act's purchasing power per individual has dropped by 50 percent since 1980.

As we have worked in a bipartisan manner to craft a reauthorization bill, I was pleased that we were able to advocate together for an increase in the nutrition and support services programs in the Older Americans Act in the Labor, HHS, and Education appropriations bill. I hope that as we move forward with the appropriations process, we will restore the funding that was cut for the Senior Community Service Employment Program and that we will continue to look for ways to increase our investment in all of the critical programs under this Older Americans Act.

In closing, Mr. Speaker, I want to say that I look forward to continuing to work with the chairman and all of the members of the committee to move this legislation forward.

Mr. Speaker, I reserve the balance of my time.

Mr. Speaker, it gives me great pleasure to yield 3 minutes to an outstanding individual from the great State of Illinois, the ranking member of the Government Reform Subcommittee and a distinguished member of the Select Education Committee, Congressman Danny Davis.

Mr. Speaker, I yield myself 30 seconds.

Mr. Speaker, I want to acknowledge the presence of and the comments made by Chairman Tiberi from the State of Ohio, and I want to associate myself with many of the comments that he made about the bipartisanship that was seen and experienced as we worked on this legislation. I congratulate him for his leadership and congratulate him for helping us get to this point that we are today.

Mr. Speaker, I yield 5 minutes to the gentleman from Rhode Island (Mr. Kennedy), a friend and colleague who serves on the powerful Appropriations Committee and is recognized for his commitment and passion for education and health care.

Mr. Speaker, I am pleased to be able to give 3 minutes to a hardworking and a valued member of the Education and Workforce Committee and also a member of the Government Reform Committee, Congressman Kucinich from Cleveland, Ohio.

Mr. Speaker, I yield myself such time as I may consume. I would like to make some closing remarks and acknowledge that during this opportunity that I have had in a year and a half to work with Chairman Tiberi, I have learned to appreciate his commitment to helping people, as he said in his opening remarks, and this bill, H.R. 5293, which will amend the Older Americans Act of 1965, to authorize appropriations for fiscal year 2007 through 2011, and for other purposes, is one that makes me feel very proud to be a part of this work that has been accomplished. I am a proud sponsor of this bill, and I urge my colleagues to vote in favor of it.

Mr. Speaker, I yield back the balance of my time.

Mr. Speaker, I rise today to pay tribute, on the anniversary of her passing, to Amy Bryant Kirkpatrick of Granbury, Texas. Mrs. Kirkpatrick passed away June 6, 2005 after a long and fierce battle with cancer at the age of 27.

Mrs. Kirkpatrick was born April 20, 1978 in Denton, Texas to parents Donald and Becky Bryant of Valley View, Texas. She was raised in Valley View and graduated from Valley View High School in 1996. Amy was the spiritual and kinetic center of her family, and was always a beam of light for her family to center around. As a devoted daughter, Amy served her parents as a shining example of caring upbringing through her awards and accolades and most importantly her character. She also served as an inspiring and loving sister to her brother Dustin Bryant. Through thick and thin, Amy always let her character and love for her family guide her through life and this outlook would lead her through struggles later on.

Amy's contagious character and spirit was a draw for many, and it is no doubt that this led to her to the destiny of meeting the love of her life. She met and later married Lance Kirkpatrick of Burleson, Texas on May 23, 1998. They shared a love that stayed true to the vows made at their wedding. Through sickness and in health, for richer and poorer, till death do them part, Lance and Amy personified these vows in the seven years of their marriage.

Answering the call of the passion in her life, Amy sought in her studies a chance to help others, particularly children. After graduating from Tarleton State University in 2000, Amy taught special education for Granbury ISD in Granbury, Texas. She chose to teach students with emotional and behavioral disorders, as it was up to her to guide these children who many had neglected. She saw in them what many others chose to look past, and that was hope. Through her sickness, Amy would only miss a day a week during her chemotherapy treatments to be away from her students. She did instill stability as well as earn the trust of these previously ignored children. During her second year of teaching, the Masonic Lodge of Granbury honored Amy as the Outstanding Teacher of Granbury ISD. In 2005, Amy was once again honored as Outstanding Teacher of the Year by Wal-Mart. The recognition of these awards truly highlights the dedication and devotion that Amy had toward disadvantaged students. She has made a long and lasting impact on many children she taught, as well as her colleagues. Beyond her awards and recognition, Amy will be remembered as a teacher who cared about her students when society was not as compassionate.

Fulfilling her life's dream, Amy gave birth to a precious daughter, Hannah Grace on December 19, 2003. As a child she was told she would never have, Hannah was truly the calm

in Amy's storm. Her legacy will live on through this child she fought so hard to give birth to. We will all bear witness to the traits that Amy has passed onto Hannah, and it will be the duty of many to see the love and sacrifice that Amy gave will not be unknown to her daughter.

As a daughter, sister, wife, and mother, Amy's memory and life will be in the reflection of many who knew her, as she touched so many around her. Her motto through out her sickness was ``I have cancer, cancer does not have me.''

In closing, I would like to leave you with a quote by President John F. Kennedy which reads, ``The courage of life is often a less dramatic spectacle than the courage of a final moment; but it is no less a magnificent mixture of triumph and tragedy.'' We will all miss Amy's presence but never forget her life.

Mr. Chairman, I rise in opposition to this Blumenauer amendment.

Nearly every year an anti-sugar farmer amendment is offered to the agriculture appropriations bill, and almost every year, the same misinformation is recklessly spread about sugar farmers. This is an appropriations bill, not a farm bill.

All U.S. commodities covered under the 2002 farm bill receive loans from the Federal Government. Sugar is not receiving special treatment.

Sugar prices for farmers have declined since 1990. Over that same period, the price of candy, cookies, cake, and ice cream have steadily risen by as much as 50 percent. Food companies, not the sugar farmers, are making the big profits.

America already has one of the most open sugar markets in the world, importing sugar from 41 countries whether we need the sugar or not.

In light of this information and in the spirit of fairness, I ask my House colleagues to oppose this amendment.

The only difference is that sugar farmers rarely default on their loans. Sugar farmers pay loans back with interest.

Loan levels for sugar farmers have remained unchanged for 20 years, even though the cost of doing business has steadily risen--inflation since 1985 has been 81 percent.

Sugar prices in the United States are low by world standards. Grocery shoppers in other developed countries pay 30 percent more for sugar than U.S. consumers. and, U.S. retail prices remained steady, at 43 cents per pound, in 2005, despite the devastating hurricanes that ravaged cane country in Louisiana and Florida. Remarkably, 43 cents was the average U.S. retail sugar price as long ago as in 1990, and even in 1980.

Sugar prices for farmers have declined since 1990. Over that same period the price of candy, cookies, cake and ice cream have steadily risen, by as much as 50 percent. Food companies, not sugar farmers, are making the big profits.

America already has one of the most open sugar markets in the world, importing sugar from 41 countries whether we need the sugar or not. As the world's second largest sugar importer, we're the only major sugar- producing country that is a net importer.

146,000 Americans are employed by sugar and depend on strong sugar policy. A vote for the Blumenauer Amendment to H.R. 5384 is a vote against 146,000 hard-working farmers and workers in 19 States.

In light of this information and in the spirit of fairness, I ask my House colleagues to oppose this amendment.

Mr. Speaker, I regret that I was unavoidably detained in my district due to congressional business. Had I been present, I would have voted ``yea'' on rollcall No. 177 and ``yea'' on rollcall No. 178.

Mr. Speaker, May is Older Americans Month. Let us celebrate Older Americans Month by passing a budget that will promote their dignity and health.

The once-per-decade White House Conference on Aging put reauthorization of the Older Americans Act at the top of its list of national priorities. I am proud that we are working in a bipartisan manner to pass a consensus

bill to reauthorize this essential law that has built the foundation for our aging network.

However, we must couple reauthorization with real resources. We know that every dollar spent providing a meal or supporting seniors so that they can remain at home and in their communities not only improves their quality of life, but saves entitlement spending on long-term care. That is the genius of the Older Americans Act. Yet we know that the Older Americans Act's purchasing power per individual has dropped by 50 percent since 1980.

It is incumbent upon all of us to step up and invest in these programs. It is one sure way to help control the cost of our growing entitlement programs. It is the right thing to do.

Mr. Speaker, on rollcall No. 160, had I been present, I would have voted ``nay.''

Mr. Chairman, on rollcall No. 163, had I been present, I would have voted ``aye.''

Amendments Offered by Mr. Poe

Mr. Speaker, on rollcall No. 153, had I been present, I would have voted ``no.''

Mr. Speaker, this week, the business periodical INC.com named the McAllen-Edinburg-Pharr region in my congressional district in Texas as its second hottest mid-size metropolitan area in the country.

When I first came to Congress nearly 10 years ago, this area was one of the poorest, economically deprived and most neglected regions of the country. It was plagued with three decades of double digit unemployment rates. I made it one of my primary goals to help curb these trends, and I am thankful to have seen that dream come true in 2006.

Today, the area is booming. The population has increased by 48 percent in 10 years. Creation of new jobs is up substantially, and the unemployment rate is now below 8 percent. Children are graduating from high school and accessing higher education, and more students are seeking advanced college degrees. I have seen the increase in Federal resources, investments in human capital and infrastructure. Thanks to business investment, job training programs and open markets, McAllen, Edinburg, and Pharr are models of achievement for the rest of the country.

The successes experienced in this region are the results of a collaborative effort by community leaders and a tremendous amount of hard work.

I congratulate all those involved in so many of the projects, conversations and planning that we had along the way. We must continue our collaborative efforts to improve the quality of life in South Texas.

Mr. Speaker, I rise today to congratulate the staff, the administration, and the students and families of the Science Academy of South Texas and the South Texas High School For Health Professions in my hometown of Mercedes, Texas. I congratulate them on being named among the Newsweek magazine's ``Best High Schools in America for 2006.''

This year, our science academy ranked 11th and our health professions high school ranked 91st. As you can tell, my heart swells with pride for our magnet schools. Both these schools are located in a community that possesses some of the highest rates of poverty and the lowest levels of education attainment in the Nation.

These schools serve as a shining example to our Nation that when students are provided with the right opportunities they can and they will excel despite whatever socioeconomic challenges they must overcome.

I congratulate these institutions and their students for their successful efforts and commend their parents, faculty, administration and staff. I hope that their story will provide our Nation with added inspiration to continue to forge the best educational system possible for our youth.

Mr. Speaker, I rise today to congratulate the staff, administration, students, and families of the Science Academy of South Texas and the South Texas High School for Health Professions in my hometown of Mercedes, TX on being named among Newsweek magazine's ``Best High Schools in America for 2006.'' This year, our Science Academy ranked 11th and our Health Professions High School ranked 91st. As you can tell, my heart swells with pride for our magnet schools.

Both these schools are located in a community that possesses some of the highest rates of poverty and lowest levels of education attainment in the Nation. These schools serve as a shining example to our Nation that when students are provided with the right opportunities they can excel despite whatever socioeconomic challenges they must overcome.

A quality, comprehensive and challenging education is the most valuable gift we can give to our children. This is the third time schools from the South Texas Independent School District have received this prestigious recognition, and it solidifies their standing as a model of excellence and a community that crafts exemplary institutions. The teachers and administrators of this district are truly committed to educating and encouraging our future leaders.

As the country continues to move forward into the 21st century, the need for mathematicians, doctors, scientists, nurses, engineers and the leaders of tomorrow continues to be of the utmost importance, and a high school diploma is the first step to becoming a successful contributor to society.

The programs of study at these high schools ensure that students graduate ready to succeed in college, and more importantly they help students secure the building blocks that lead to successful lives and careers. Their story is truly inspiring.

I would also like to congratulate Superintendent Marla Guerra, as well as the members of the school board of trustees, the faculty, students, parents and alumni on 40 years of achievement. This school district demonstrates a regional commitment to excellence. The recognition that these two high schools have received is just one of many accolades earned by the South Texas Independent School District.

My involvement in establishing the magnet high school system for South Texas is one of my proudest achievements. Over 20 years ago, as a member of the Texas State Board of Education, I led a delegation from South Texas to Houston to visit that city's highly regarded magnet schools.

We knew that we wanted that caliber of opportunity for our students. However, we were told that such a program could not work in South Texas. We were told that we did not have the financial resources and that we could not find the students. But we did not believe the nay- sayers. We knew it could be done.

Today, two South Texas magnet high schools, with student populations that are almost 80 percent Hispanic and over 50 percent eligible for free or reduced priced lunches, are among the most elite high schools in the Nation. Every day, they bring students and observers closer to realizing the vast potential of our community. They are a model of what is possible when we invest in our children and demand the very best.

I ask all of my colleagues to join me in congratulating the Science Academy of South Texas and the South Texas High School for Health Professions on a job well done.

Mr. Speaker, on rollcall No. 121 and rollcall No. 122, had I been present, I would have voted ``yea'' on 121 and ``yea'' on 122.

Mr. Speaker, I would like to submit for the Record the National Council on Economic Education's letter in support of H. Res. 737, a bill Recognizing the Goals and Ideals of Financial Literacy Month that falls in April of each year. Congresswoman Judy Biggert (R- IL) and I introduced the bill earlier this year. The House Committee on Government Reform reported the bill out favorably to the House floor, and it passed the House on April 6, 2006 by a recorded vote of 423-1.

I would like to submit for the Record the Final Results of the 2006 Stock Market Game Capitol Hill Challenge as it pertains to my district. During the Challenge, 78 schools from across the country, and one school in Germany, invested 100,000 hypothetical dollars into the U.S. markets. Ten teams from La Feria High School in my district participated in the Challenge. I want to personally commend them for their valiant efforts to learn the ins and outs of the stock market and congratulate all of them for their excellent performance. I look forward to more high schools in my district participating in this Challenge next year.

Finally, I would like to submit for the Record an article by Brigitte Yuille of Bankrate.com entitled ``10 tips to make your children money- wise.'' I believe that it provides some excellent recommendations for parents to improve their children's financial literacy.

National Council on

Economic Education, April 5, 2006.

Hon. Judy Biggert,

House of Representatives, Longworth House Office Building,

Washington, DC.

Hon. Ruben Hinojosa,

House of Representatives, Rayburn House Office Building,

Washington, DC.

Dear Representatives Biggert and Hinojosa: On behalf of the

National Council on Economic Education (NCEE), I am writing

to express my support for H. Res. 737, a Resolution

Supporting the Goals of Financial Literacy Month. I

understand that the House is scheduled to vote on H. Res. 737

today, and I want to commend you and your colleagues for

highlighting the importance of financial and economic

education.

The NCEE is a nonprofit organization that has worked to

enhance elementary and secondary economic and financial

literacy education since 1949. Since that time, our

organization has established comprehensive programs that

equip teachers with tools to get economics and personal

finance into the classroom, and to help students apply in

their lives what they learn in school. The NCEE operates

through a network of state councils and university-affiliated

centers for economic education, which allows us to reach

teachers, and through them students, across the country.

H. Res. 737 provides a timely ``call to action'' to leaders

in government and education, as well as parents and students,

to improve financial and economic literacy. This national

priority begins with providing students with the solid

grounding in the fundamentals of economics and personal

finance that will lead to sound decisions through life. H.

Res. 737 correctly recognizes that school education is the

beginning of this process, and that it is also important to

``improve financial literacy rates for Americans of all ages

and walks of life.''

We look forward to continuing to work with both of you,

along with the House Financial and Economic Literacy Caucus,

and all Members of the House and Senate, to achieve the goals

reflected in H. Res. 737. Thank you again for your leadership

on this critical issue.

Sincerely,

Robert F. Duvall,

President & CEO.

Mr. Speaker, personal financial literacy is essential to ensure that individuals are prepared to manage money, credit, and debt, and become responsible workers, heads of households, investors, entrepreneurs, business leaders, and citizens. Financial literacy has been linked to lower delinquency rates for mortgage borrowers, higher participation and contribution rates in retirement plans, improved spending and saving habits, higher net worth, and positive knowledge, attitude, and behavior changes. Expanding access to the mainstream financial system provides individuals with lower-cost and safer options for managing finances and building wealth and is likely to lead to increased economic activity and growth.

A March 2005 GAG report entitled Credit Reporting Literacy found that educational efforts could potentially increase consumers' understanding of the credit reporting process and those efforts should target those areas in which consumers' knowledge was weakest and those subpopulations that did not score as well on GAG's survey, including those with less education, lower incomes, and less experience obtaining credit. Public, consumer, community-based, and private sector organizations throughout the United States are working to increase financial literacy rates for Americans of all ages and walks of life through a range of outreach efforts, including media campaigns, websites, and one-on-one counseling for individuals. In February 2005, Congresswoman Judy Biggert (R-IL) and I co-founded, and currently co- chair, the Financial and Economic Literacy Caucus, FELC, to (1) provide a forum for interested Members of Congress to work in collaboration with the Financial Literacy and Education Commission, (2) highlight public and private sector best practices, and (3) organize and promote financial literacy legislation, seminars, and events, such as Financial Literacy Month in April 2006 and the annual Financial Literacy Day fair on April 25, 2006. The Caucus has been a success.

I would like to submit for the Record the following letters in support of a bill Congresswoman Biggert and I co-sponsored and that passed the House: H. Res. 737, a bill Recognizing the Goals and Ideals of Financial Literacy Month that falls in April of each year. The bill was reported to the House favorably by the Committee on Government Reform and passed the House on April 6, 2006 by a recorded vote of 423- 1. The documents I am submitting today include letters of support for H. Res. 737 from the Federal Trade Commission and the National Association of Insurance Commissioners. I am also submitting for the Record three letters in support of Financial Literacy Month. They include a letter from the President, George W. Bush, Rick Perry, Governor of the State of Texas, and the Southeast Regional Financial Education Center.

Federal Trade Commission,

Washington, DC

Dear Member of Congress: Thank you for co-sponsoring House

Resolution 737, designating April 2006 as ``Financial

Literacy Month'' to raise public awareness about the

importance of financial education in the United States, and

calling on various public and private entities to observe the

month with appropriate programs and activities.

Measures such as this help boost consumer education

programs the Federal Trade Commission has developed for

fostering a national ``culture of financial smarts,'' where

all individuals can take steps towards personal financial

stability and contribute to a healthy national economy. Along

these lines, the FTC's Office of Congressional Relations

wanted to share with you new resources launched for Financial

Literacy Month that are available for supporting your

outreach programs.

Enclosed please find the FTC's ``Focus on Finances''

booklet, which we have modified from a newspaper supplement

that ran in The Washington Times. As you will see, the

booklet serves as a guide for young adults, entering a new

phase in their lives in facing new financial challenges and

opportunities. From new college students to graduates

entering the work force, this guide focuses on issues that

all consumers are faced with: credit, budgeting, debt, and

identity theft.

We hope you will agree this booklet will be a valuable tool

for distribution via district offices or as handouts at

community events. The publication can be printed out via the

FTC's Web site at www.ftc.gov/bcp/conline/pubs/misc/ nie0406.pdf, or you can contact me, Derick Rill, at my e-mail

[email protected], or via phone at 202-326-3007.

Beyond the FTC's Focus on Finances booklet, the FTC has a

wide range of consumer education resources we think you will

agree can serve to help your constituents, and we are happy

to discuss with your staff ideas for newsletter items, Web

site assistance areas, town hall events and more. See the

reverse side of this document for details.

Thank you again for being a part of Financial Literacy

Month and please let us know how we can best help your office

reach the goals that your resolution set stressing the

importance of financial education for all Americans. We look

forward to working with you in the future. Please call us at

FTC anytime we can be of service.

Sincerely,

Derick Rill,

Congressional Outreach Specialist.

Mr. Speaker, I would like to submit for the Record the following letters in support of H. Res. 737, a bill ``Recognizing the Goals and Ideals of Financial Literacy Month'' that falls in April of each year. The bill was reported to the House favorably by the Committee on Government Reform and passed the House on April 6, 2006 by a recorded vote of 423-1. The documents I am submitting include letters of support for the bill from the Texas Credit Union League, the Texas State Securities Board, the Credit Union National Association, and the National Association of Mortgage Brokers.

Texas Credit Union League,

Dallas, TX, April 10, 2006.

Hon. Ruben Hinojosa,

House of Representatives,

Washington, DC.

Dear Congressman Hinojosa: On behalf of the Texas Credit

Union League, I would like to thank you for your work to pass

H. Res. 737 and your commitment to improving financial

literacy in our country. Credit Unions see financial

education as a cornerstone of financial independence.

Knowledge of financial products, with their benefits along

with their disadvantages, allows consumers to make better

decisions and improve their lives and the lives of their

families.

Recognizing Financial Literacy month helps in the effort to

educate our citizens about financial products and services.

We look forward to working with you on this important issue

in the future and applaud your leadership in bringing it to

the forefront of the Congressional agenda.

Respectfully,

Dick Ensweiler

President and CEO,

Texas Credit Union League.

Mr. Speaker, I rise in support of House Resolution 737 that the gentlewoman from Illinois, Congresswoman Biggert, and I introduced earlier this year. The legislation supports the ideals and goals of Financial Literacy Month, which falls in April of each year.

Before I proceed, I want to take this opportunity to thank my good friend and colleague, Congressman Danny Davis, the ranking member on the Government Reform Federal Workforce Subcommittee, and especially Tania Shand of the minority staff for helping expedite committee consideration of our bill.

I also want to thank Congressman Westmoreland for managing time on this bill.

My colleague and friend from Illinois, Congressman Davis, has always been a strong supporter of economic education and financial literacy, and I want to thank him for managing the bill today for our side of the aisle.

Mrs. Biggert and I have also worked closely on financial literacy issues with House Rules Chairman David Dreier over the years. I think all of us owe him and Vince Erse, on his staff, a great deal of gratitude for being one of the first Members of Congress to bring attention to the need to improve financial literacy rates here in the United States.

Every day consumers deal with money, from balancing a checking account to shopping for a mortgage or auto loan, researching ways to pay for a college education, checking credit card statements, saving money for retirement, understanding a credit report, or simply deciding whether to pay cash or charge a purchase. The list goes on and on. But many consumers do not really understand their finances.

In 2004 reports from Jump$tart and the National Counsel on Economic Education, the Schwab Foundation and others indicated that almost 66 percent of high school students failed a basic financial literacy exam. The numbers are not much better for adults. High bankruptcy rates, increased credit card debt, data security breaches, and identity theft make it imperative that all of us take an active role in providing financial and economic education during all stages of one's life.

On February 15, 2005, I co-founded, and currently co-chair, the Congressional Financial and Economic Literacy Caucus with Congresswoman Biggert. The caucus seeks to address these issues head on by increasing public awareness of poor financial literacy rates and will work to improve those rates. The caucus has provided a forum for my colleagues to promote policies that advance financial literacy and economic education.

It is my hope that through the Financial and Economic Literacy Caucus we can continue to further educate Americans about financial and economic topics ranging from the importance of saving, reducing credit card debt, obtaining a free annual credit report, and taking care of your finances to lead you down the path to the American dream of homeownership.

At this point, Mr. Speaker, I will insert into the Record letters in support of this resolution. They include a letter from the Financial Planning Association, the Independent Bankers Association of Texas, the Credit Union National Association, from MasterCard, from the Networks Financial Institute, as well as from the North American Securities Administrators Association. And then it includes a press release from the Independent Community Bankers of America.

North American Securities

Administrators Association, Inc.,

Washington, DC, April 5, 2006.

Hon. Judy Biggert,

House of Representatives,

Washington, DC.

Hon. Ruben Hinojosa,

House of Representatives,

Washington, DC.

Dear Congresswoman Biggert and Congressman Hinojosa: On

behalf of NASAA I thank you for introducing H. Res. 737,

which supports the goals and ideals of Financial Literacy

Month. As the Resolution details, the need for financial

education in the United States has never been greater. With a

majority of Americans investing in our capital markets, there

is a growing obligation to ensure our citizens are equipped

with a basic understanding of the principles of savings and

investing and the ability to recognize and avoid financial

fraud.

State securities regulators have a long tradition of

protecting investors through education, and many have

established an investor education department within their

regulatory agency. Several years ago, recognizing the

importance of financial literacy to the prevention of fraud

and abuse, the NASAA Board of Directors created an Investor

Education Section to develop and support financial literacy

and education programs to be delivered at the state level.

As part of the effort to educate our nation's youth, in

April, state securities division staffs will join in

celebrating ``Financial Literacy Month'' by visiting schools

throughout their state to teach students about personal

finance, the capital markets, investment choices and fraud.

Reaching out to our young citizens is just one component of

the ongoing financial education effort undertaken by state

securities regulators. We are dedicated to improving

financial literacy for our constituents of all ages,

recognizing that financial education has a direct impact on

the economic health of our families, communities, states and

this country overall.

We commend you for your continued efforts to draw attention

to the importance of financial literacy programs. Please

contact Daphne Smith, Tennessee Securities Commissioner and

Chair of NASAA's Investor Education Section, or Deborah House

in NASAA's corporate office if we may be of further

assistance to you. We look forward to continuing our work

with you and your offices on this particular issue.

Sincerely,

Patricia D. Struck,

NASAA President,

Wisconsin Securities Administrator.