Supporting the goals and ideals of "Financial Literacy Month".
- Bill Number
- H.Res. 292
- Origin Chamber
- House
- Congress
- 119th Congress, Session 1
- Policy Area
- Finance and Financial Sector
- Status
- Introduced
- Latest Action
- 2025-04-03: Referred to the House Committee on Oversight and Government Reform.
- Last Updated
- 2025-08-14T20:43:31Z
AI-Generated Summary
Purpose
This House Resolution (H. Res. 292) expresses the U.S. House of Representatives' support for the goals and ideals of "Financial Literacy Month." It aims to raise public awareness about the importance of personal financial education and the risks of inadequate financial knowledge, such as debt, inability to handle emergencies, and limited access to banking services.
Key Provisions
- Background Statistics and Findings: The resolution includes "Whereas" clauses citing data from sources like the Federal Deposit Insurance Corporation (FDIC), Federal Reserve, and others to highlight financial challenges in the U.S., including:
- 14.2% of households (about 19 million) being unbanked or underbanked, limiting access to savings and loans.
- Only 42% of adults having a budget; 80% wanting more professional financial advice; and 1 in 3 not paying bills on time.
- 32% of adults unable to cover a $400 emergency without borrowing or selling assets.
- Total U.S. household debt exceeding $18 trillion in late 2024.
- Limited high school requirements for economics (28 states) or personal finance courses (35 states).
- Only 49% of teens aged 13-17 having a bank account.
- Benefits of Financial Literacy: Emphasizes that better access to mainstream banking reduces costs and builds wealth; financial education helps manage money, credit, and debt; and it fosters responsible citizenship, economic growth, and reduced confusion in a complex economy.
- Reference to Existing Law: Notes the 2003 Financial Literacy and Education Improvement Act, which created the Financial Literacy and Education Commission to coordinate federal efforts.
- Resolution Actions:
- Supports "Financial Literacy Month" to promote awareness of financial education's value and the consequences of its absence.
- Urges the federal government, states, localities, schools, nonprofits, businesses, and the public to observe the month with relevant programs and activities.
Significant Changes to Existing Law
This is a non-binding resolution, so it introduces no changes to existing laws or statutes. It builds on prior legislation like the Financial Literacy and Education Improvement Act by reinforcing its goals but does not amend or create new legal requirements.
Potential Impacts
- On Citizens: Could increase public awareness and encourage voluntary financial education, potentially helping individuals (especially unbanked households, students, and those in debt) make better decisions, build savings, and avoid financial pitfalls like high-interest loans.
- On Government Agencies: Prompts federal, state, and local entities to promote literacy programs, possibly leading to more coordinated outreach without mandating new spending or actions.
- On Education and Economy: May boost school curricula on finance and economics, fostering long-term economic growth through informed consumers and investors; no direct impact on international relations.
- Overall, impacts are indirect and awareness-focused, relying on voluntary participation rather than enforcement.
Main Stakeholders Affected
- Individuals and Households: Particularly unbanked/underbanked families, adults struggling with budgeting/debt, and teens/students lacking financial knowledge.
- Educators and Schools: High schools and teachers, as it highlights gaps in required personal finance and economics courses.
- Government Entities: Federal agencies (e.g., FDIC, Federal Reserve, Financial Literacy and Education Commission), state/local governments, and the House of Representatives.
- Nonprofits and Businesses: Organizations like the National Foundation for Credit Counseling and Fidelity Investments, plus banks and companies involved in financial services or education.
- General Public: All Americans, encouraged to engage in literacy activities.
Notable Legal, Constitutional, or Political Implications
- Legal: As a simple resolution, it has no force of law and requires no presidential approval; it serves as a symbolic endorsement without creating enforceable obligations.
- Constitutional: Aligns with Congress's role in promoting general welfare (under Article I) through education and economic policy encouragement, but imposes no restrictions on rights.
- Political: Demonstrates bipartisan support (cosponsored by 20 members from both parties), signaling broad consensus on financial literacy as a non-partisan issue. It could influence future funding or policies for education commissions without partisan controversy.
This summary was generated by AI and may contain inaccuracies. Refer to the official source document for the authoritative text.
Sponsor
Cosponsors (21)
Rep. Kim, Young [R-CA-40], Rep. Bacon, Don [R-NE-2], Rep. Carson, André [D-IN-7], Rep. Case, Ed [D-HI-1], Rep. Cleaver, Emanuel [D-MO-5], Rep. Fitzpatrick, Brian K. [R-PA-1], Rep. Flood, Mike [R-NE-1], Rep. Garcia, Sylvia R. [D-TX-29], Rep. Johnson, Henry C. "Hank" [D-GA-4], Rep. Meuser, Daniel [R-PA-9], Rep. Salazar, Maria Elvira [R-FL-27], Rep. Scott, David [D-GA-13], Rep. Sewell, Terri A. [D-AL-7], Rep. Stansbury, Melanie A. [D-NM-1], Rep. Thanedar, Shri [D-MI-13], Rep. Valadao, David G. [R-CA-22], Rep. Williams, Nikema [D-GA-5], Rep. Moore, Tim [R-NC-14], Rep. Magaziner, Seth [D-RI-2], Rep. Rutherford, John H. [R-FL-5], Rep. Wagner, Ann [R-MO-2]
Recent Actions
- 2025-04-03: Referred to the House Committee on Oversight and Government Reform.
- 2025-04-03: Submitted in House
- 2025-04-03: Submitted in House
Bill Versions
- Supporting the goals and ideals of "Financial Literacy Month". — issued 2025-04-03 — PDF (4 pages)