A resolution designating April 2025 as "Financial Literacy Month".
- Bill Number
- S.Res. 193
- Origin Chamber
- Senate
- Congress
- 119th Congress, Session 1
- Policy Area
- Finance and Financial Sector
- Status
- Passed Senate
- Latest Action
- 2025-04-30: Submitted in the Senate, considered, and agreed to without amendment and with a preamble by Unanimous Consent. (consideration: CR S2710; text: CR S2718-2719)
- Last Updated
- 2026-04-01T18:56:09Z
AI-Generated Summary
Purpose
This Senate Resolution (S. Res. 193) designates April 2025 as "Financial Literacy Month" to increase public awareness of the importance of personal financial education in the United States and the potential negative effects of lacking knowledge about managing personal finances, such as debt and savings.
Key Provisions
- Designation and Awareness Goals: The Senate officially names April 2025 as Financial Literacy Month to highlight the role of financial education in helping people make informed decisions about credit, debt, insurance, and future planning.
- Call to Action: Urges the Federal Government, state and local governments, schools, nonprofit organizations, businesses, and the public to participate through relevant programs and activities, such as workshops or educational campaigns.
- Supporting Background: Includes detailed "Whereas" clauses citing data on financial challenges, including:
- Unbanked (4.2% of households, or 5.6 million) and underbanked (14.2%, or 19 million) households, with higher rates among those without high school diplomas.
- Struggles with financial capability among people with disabilities.
- Rising household debt ($3.89 trillion increase since 2019) and student loans (over $1.6 trillion), with increasing delinquencies in most debt types.
- Benefits of financial education in schools, such as improved credit scores, reduced defaults, better retirement planning, and higher worker productivity.
- Public support for mandatory high school financial courses (83% of adults favor it) and evidence of positive long-term effects on financial behavior.
- Emphasis on financial education as key to economic inclusion, reducing fragility, and fostering growth through better understanding of markets and institutions.
- 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.
Significant Changes to Existing Law
This is a non-binding resolution with no legal force or enforceable requirements. It does not amend or create new laws but reaffirms and builds on prior initiatives, such as the 2003 Act, by promoting awareness without altering statutes, regulations, or mandates.
Potential Impacts
- On Citizens: May encourage greater financial literacy, leading to better personal money management, reduced debt risks, and improved economic stability for vulnerable groups like unbanked households, people with disabilities, students, and low-income workers. It could indirectly support long-term benefits like higher credit scores and retirement planning.
- On Government Agencies: Prompts federal, state, and local entities to promote educational programs, potentially increasing coordination through bodies like the Financial Literacy and Education Commission, but without new funding or obligations.
- On Schools and Education: Reinforces trends in states (27 as of 2025) requiring high school financial courses, possibly inspiring more adoptions and reaching over 50% of U.S. students.
- On Businesses and Nonprofits: Encourages involvement in financial wellness programs, which could boost worker satisfaction and productivity.
- International Relations: No direct impact, as it focuses on domestic financial education.
Main Stakeholders Affected
- Individuals and Households: Unbanked/underbanked families, people with disabilities, students, young adults, and multigenerational households who may gain from improved financial knowledge and access to mainstream banking.
- Educational Institutions: Schools and states implementing or considering mandatory financial education curricula.
- Employers and Workers: Businesses offering financial wellness benefits and employees seeking better financial tools for productivity.
- Government and Nonprofits: Federal agencies (e.g., FDIC, Federal Reserve), state/local governments, and organizations like the National Endowment for Financial Education, tasked with promoting awareness.
- Broader Public: General U.S. population, benefiting from reduced economic confusion in a complex system.
Notable Legal, Constitutional, or Political Implications
- Legal: As a simple resolution agreed to by the Senate, it has no binding effect and cannot enforce actions; it serves as a symbolic endorsement without creating rights, duties, or penalties.
- Constitutional: Aligns with Congress's broad authority to recognize observances and promote public welfare under the Commerce Clause and general legislative powers, with no apparent conflicts.
- Political: Demonstrates bipartisan support (introduced by Sen. Reed with 25 cosponsors from both parties), signaling consensus on financial inclusion as a non-partisan issue. It may influence future policy discussions on education mandates or federal coordination without mandating changes.
This summary was generated by AI and may contain inaccuracies. Refer to the official source document for the authoritative text.
Sponsor
Cosponsors (24)
Sen. Scott, Tim [R-SC], Sen. King, Angus S., Jr. [I-ME], Sen. Durbin, Richard J. [D-IL], Sen. Whitehouse, Sheldon [D-RI], Sen. Tuberville, Tommy [R-AL], Sen. Risch, James E. [R-ID], Sen. Cramer, Kevin [R-ND], Sen. Collins, Susan M. [R-ME], Sen. Hyde-Smith, Cindy [R-MS], Sen. Hassan, Margaret Wood [D-NH], Sen. Wyden, Ron [D-OR], Sen. Cantwell, Maria [D-WA], Sen. Warnock, Raphael G. [D-GA], Sen. Blunt Rochester, Lisa [D-DE], Sen. Kelly, Mark [D-AZ], Sen. Rounds, Mike [R-SD], Sen. Britt, Katie Boyd [R-AL], Sen. Peters, Gary C. [D-MI], Sen. Capito, Shelley Moore [R-WV], Sen. Barrasso, John [R-WY], Sen. Lummis, Cynthia M. [R-WY], Sen. Crapo, Mike [R-ID], Sen. Banks, Jim [R-IN], Sen. Boozman, John [R-AR]
Recent Actions
- 2025-04-30: Submitted in the Senate, considered, and agreed to without amendment and with a preamble by Unanimous Consent. (consideration: CR S2710; text: CR S2718-2719)
- 2025-04-30: Passed/agreed to in Senate: Submitted in the Senate, considered, and agreed to without amendment and with a preamble by Unanimous Consent.
- 2025-04-30: Introduced in Senate
Bill Versions
- Designating April 2025 as Financial Literacy Month. — issued 2025-04-30 — PDF (5 pages)