On April 6, the House approved, 423-1, a resolution (H. Res. 737) supporting the goals and ideals of Financial Literacy Month. The House Government Reform Committee approved the resolution on March 30 (see The Source, 3/31/06). Two days earlier, the Senate approved a similar resolution (S. Res. 410) designating April 2006 as “Financial Literacy Month.”
Explaining that the Financial Literacy and Education Commission had launched a new website and national strategy report, resolution sponsor Rep. Judy Biggert (R-IL) said that the report “highlights best practices and outlines outreach and education goals for the public and private sectors…It is a great roadmap for how Americans can improve their understanding of issues such as credit management, savings, and homeownership. It is my hope that this national strategy can serve as a focal point for the hundreds of groups out there who are stepping up to the plate on financial literacy. There are so many issues and so many groups of individuals who need help and want to help.”
Highlighting the importance of financial education, Rep. Loretta Sanchez (D-CA) stated, “Sound financial knowledge helps individuals prepare to own a home, to save for retirement, to protect themselves from fraud, to start a business, to plan for college. And the benefits of financial literacy accrue not just to the individual, but to our communities as well. The more people in our communities save, the more they can invest, the more they can create business, the more we create and build America. Financial literacy is really the cornerstone to lasting wealth creation. And, above all, remember it is not how much you make, it is what you do with the money you get.”
