Madam Speaker, I rise in support of House Resolution 148 that the gentlewoman from Illinois (Mrs. Biggert) and I introduced earlier this year. The legislation supports the ideals and the goals of Financial Literacy Month, which falls in…
Madam Speaker, I rise in support of House Resolution 148 that the gentlewoman from Illinois (Mrs. Biggert) and I introduced earlier this year. The legislation supports the ideals and the goals of Financial Literacy Month, which falls in April of each year.
Before I proceed, I want to take this opportunity to thank the gentlewoman from Virginia (Mrs. Jo Ann Davis), the chairman of the Subcommittee on Civil Service, and especially my Ranking Member, the gentleman from Illinois (Mr. Danny Davis). Also, I would like to recognize and thank Tania Shand on the minority staff for helping expedite committee consideration of our bill. My distinguished colleague, the gentleman from Illinois (Mr. 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.
The gentlewoman from Illinois (Mrs. Biggert) and I have also worked closely on financial literacy issues with the gentleman from California (Mr. Dreier), the chairman of the House Committee on Rules. I think all of us owe him a great deal of gratitude for being one of the first Members of Congress to call for bringing attention to the need to improve financial literacy rates.
To celebrate Financial Literacy Month, a Financial Literacy Day Fair will be held April 27 from noon to 4 p.m. in the Cannon Caucus Room. I join my friend, the gentlewoman from Illinois (Mrs. Biggert), in encouraging all of our colleagues and their staffs to attend this event.
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 Council 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, 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 cofounded, and currently cochair, the Congressional Hispanic and Economic Literacy Caucus with the gentlewoman from Illinois (Mrs. 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 will provide 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 further educate Americans about financial and economic topics ranging from homeownership to credit ratings and, yes, insurance.
At this point, Madam Speaker, I will insert for the Record letters and press releases supporting passage of this resolution. They include a press release from the National Association of Mortgage Brokers and a letter of support from Merrill Lynch. I would also insert letters supporting the creation of the Financial and Economic Literacy Caucus be included in the Record. They include a statement by Treasury Deputy Assistant Secretary Dan Iannicola, a release by the National Council on Economic Education, a letter of support from Junior Achievement, a press release from the Investment Company Institute, a statement from the North American Securities Administrators Association, and a statement by the Savings Coalition of America, and I have them all included here.
National Association of Mortgage Brokers Applauds Resolution Declaring
April ``Financial Literacy Month''
McLean, VA--The National Association of Mortgage Brokers
(NAMB) supports the bi-partisan resolution passed by the U.S.
House of Representatives today designating April as
``Financial Literacy Month.''
``We commend Reps. Judy Biggert (R-IL) and Ruben Hinojosa
(D-TX) for introducing a resolution that calls for the
federal government, states, local governments, schools,
businesses and other groups to observe Financial Literacy
Month,'' said NAMB President Bob Armbruster. ``Financial
education is important for today's consumers who face a
complex array of financial products and services.''
NAMB works closely with the financial services industry as
part of its on-going commitment to consumer education. NAMB
has a long history of promoting consumer financial education.
Last year, for example, NABM initiated a pilot consumer
credit education program using Freddie Mac's CreditSmart
' and CreditSmart ' Espanol financial
literacy curricula. The pilot is currently being managed by
NAMB state affiliates in California, Florida and Texas.
NAMB also has partnered with United Guaranty to create a
consumer information presentation--``Are You Prepared to Head
Down the Road to Homeownership? '''--to help
educate minorities, immigrants and low-to-moderate income
households on the home-buying process. The presentation
covers common home mortgage terminology, important steps in
the home-buying process, fair housing laws, credit reports
and more.
``For consumers, financial education is essential to
protecting oneself against fraud or abusive financial
practices and this education process should begin at a young
age, with some targeted curriculum in our high schools,''
adds Armbruster. ``The more consumers know, the better they
are at managing their finances.''
For more information visit NAMB's consumer home page on the
NAMB Web site, www.namb.org.