Encouraging greater public-private sector collaboration to promote financial literacy for students and young adults.

Bill Number

H.Res. 1238

Origin Chamber

House

Congress

119th Congress, Session 2

Policy Area

Finance and Financial Sector

Status

Introduced

Latest Action

2026-04-30: Referred to the House Committee on Financial Services.

Last Updated

2026-05-15T18:51:07Z

AI-Generated Summary

Purpose

This House Resolution (H. Res. 1238) encourages stronger collaboration between public agencies and private organizations to improve financial literacy—basic knowledge and skills for managing money—for students and young adults. It highlights the need for education on topics like budgeting, debt, savings plans, and credit to help people make better financial choices in a complex economy.

Key Provisions

• Background ("Whereas" clauses): Cites statistics and studies showing low financial confidence among youth (e.g., only 12% of girls feel very confident), gaps in school curricula (only 22 states require economics, 39 require personal finance), and benefits of early education. References existing programs like the Bureau of Consumer Financial Protection (CFPB)'s initiatives, Federal Reserve resources, and Dodd-Frank Act provisions for internships.
• Actions urged ("Resolved" clauses):

1. Raise awareness through financial information, workshops, and tools for all ages.
2. Reaffirm Dodd-Frank section 342, which promotes partnerships for financial literacy and job opportunities (internships, summer jobs, full-time positions) for talented minorities and women.
3. Support CFPB efforts to provide tools for financial decisions.
4. Urge the Department of the Treasury to work with the Financial Industry Regulatory Authority (FINRA—a self-regulatory organization for broker-dealers) on future national financial capability studies.

Significant Changes to Existing Law

None. This is a non-binding resolution expressing the House's opinion; it does not create new laws, amend statutes, or mandate actions.

Potential Impacts

• Citizens: Could indirectly boost financial skills for students and young adults, leading to better handling of loans, credit, savings, and retirement planning.
• Government agencies: Encourages CFPB, Treasury, Federal Reserve, and financial regulators to expand education and studies, potentially increasing focus on "just-in-time" education (timely help before key decisions).
• Educators and schools: Supports integrating finance into math and English classes via resources like CFPB's Money as You Grow.
• No direct impact on international relations.

Main Stakeholders Affected

• Students and young adults: Primary beneficiaries through improved education.
• Educators and schools: Gain tools and encouragement for financial curricula.
• Government agencies: CFPB, Treasury, Federal Reserve, and financial regulators (encouraged to collaborate and study).
• Private sector: Financial firms, nonprofits (e.g., via internships and partnerships).
• Minorities and women: Targeted for job opportunities under reaffirmed Dodd-Frank provisions.

Notable Legal, Constitutional, or Political Implications

• Legal: Reinforces but does not alter Dodd-Frank mandates; non-binding, so no enforceable changes.
• Constitutional: None significant; falls under Congress's power to express views on policy.
• Political: Bipartisan sponsorship (e.g., Mr. Foster, Ms. Velazquez); signals House support for financial education amid concerns like student debt and pension shifts, potentially influencing future budgets or legislation. Referred to House Financial Services Committee.

This summary was generated by AI and may contain inaccuracies. Refer to the official source document for the authoritative text.

Sponsor

Rep. Foster, Bill [D-IL-11]

Cosponsors (4)

Rep. Velázquez, Nydia M. [D-NY-7], Rep. Beatty, Joyce [D-OH-3], Rep. Bynum, Janelle S. [D-OR-5], Rep. Torres, Ritchie [D-NY-15]

Recent Actions

• 2026-04-30: Referred to the House Committee on Financial Services.
• 2026-04-30: Submitted in House

Bill Versions

• Encouraging greater public-private sector collaboration to promote financial literacy for students and young adults. — issued 2026-04-30 — PDF (4 pages)