A resolution designating April 2026 as "Financial Literacy Month".

Bill Number

S.Res. 694

Origin Chamber

Senate

Congress

119th Congress, Session 2

Policy Area

Finance and Financial Sector

Status

Passed Senate

Latest Action

2026-04-28: Submitted in the Senate, considered, and agreed to without amendment and with a preamble by Unanimous Consent. (consideration: CR S2076-2077; text: CR S2084-2085)

Last Updated

2026-05-05T12:03:32Z

AI-Generated Summary

Purpose

This Senate Resolution (S. Res. 694) designates April 2026 as "Financial Literacy Month" to increase public awareness of the importance of personal financial education and the risks of poor financial knowledge, such as financial stress, debt, and limited access to banking services.

Key Provisions

• Designation: Officially names April 2026 as Financial Literacy Month.
• Awareness Focus: Highlights the need for education on managing credit, debt, insurance, savings, and future planning.
• Call to Action: Urges the Federal Government, states, local governments, schools, nonprofit organizations, businesses, and the public to hold programs and activities during the month.
• Supporting Facts: Cites data on financial challenges, including:
• 88% of adults feeling financial stress entering 2026.
• 5.6 million unbanked households and 19 million underbanked households.
• Rising household debt ($3.89 trillion increase since 2019) and student loans ($1.6 trillion).
• Benefits of school-based financial education, like better credit scores and retirement planning.

Significant Changes to Existing Law

• None: This is a non-binding resolution with no legal force or amendments to current laws. It references prior efforts like the 2003 Financial Literacy and Education Improvement Act, which created the Financial Literacy and Education Commission, but does not alter it.

Potential Impacts

• Citizens: Encourages greater financial knowledge to reduce stress, improve decision-making, and promote economic participation; may indirectly boost behaviors like applying for financial aid or avoiding debt defaults.
• Government Agencies: Symbolic support for federal initiatives on financial inclusion; no funding or mandates.
• Schools and Educators: Reinforces push for personal finance courses (30 states already require them for high school graduation).
• No International Relations Impact: Focused solely on U.S. domestic issues.
• Overall: Primarily raises awareness and promotes voluntary programs, with evidence-based emphasis on long-term benefits like higher productivity and wealth-building.

Main Stakeholders Affected

• Individuals and Households: Especially unbanked/underbanked families, those with disabilities, students, and multigenerational households facing financial setbacks.
• Educational Institutions: High schools and colleges, encouraged to expand financial literacy curricula.
• Government Entities: Senate (sponsors include 30+ bipartisan senators), Federal Reserve, FDIC, and Financial Literacy and Education Commission.
• Businesses and Nonprofits: Employers offering financial wellness programs; organizations like National Endowment for Financial Education.
• Broader Public: Workers, investors, and future entrepreneurs benefiting from improved financial skills.

Notable Legal, Constitutional, or Political Implications

• Symbolic and Non-Binding: Carries no enforceable obligations, avoiding constitutional concerns like federal overreach into state education.
• Bipartisan Support: Sponsored by senators from both parties, signaling broad political consensus on financial education.
• Policy Alignment: Builds on existing federal strategy for financial literacy without new regulations or spending.

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

Sponsor

Sen. Reed, Jack [D-RI]

Cosponsors (28)

Sen. Scott, Tim [R-SC], Sen. Banks, Jim [R-IN], Sen. Blunt Rochester, Lisa [D-DE], Sen. Boozman, John [R-AR], Sen. Britt, Katie Boyd [R-AL], Sen. Budd, Ted [R-NC], Sen. Cantwell, Maria [D-WA], Sen. Capito, Shelley Moore [R-WV], Sen. Collins, Susan M. [R-ME], Sen. Cramer, Kevin [R-ND], Sen. Crapo, Mike [R-ID], Sen. Durbin, Richard J. [D-IL], Sen. Gillibrand, Kirsten E. [D-NY], Sen. Hagerty, Bill [R-TN], Sen. Hassan, Margaret Wood [D-NH], Sen. Hyde-Smith, Cindy [R-MS], Sen. Kelly, Mark [D-AZ], Sen. King, Angus S., Jr. [I-ME], Sen. Lummis, Cynthia M. [R-WY], Sen. Peters, Gary C. [D-MI], Sen. Ricketts, Pete [R-NE], Sen. Risch, James E. [R-ID], Sen. Rounds, Mike [R-SD], Sen. Tuberville, Tommy [R-AL], Sen. Whitehouse, Sheldon [D-RI], Sen. Wicker, Roger F. [R-MS], Sen. Moreno, Bernie [R-OH], Sen. Daines, Steve [R-MT]

Recent Actions

• 2026-04-28: Submitted in the Senate, considered, and agreed to without amendment and with a preamble by Unanimous Consent. (consideration: CR S2076-2077; text: CR S2084-2085)
• 2026-04-28: Passed/agreed to in Senate: Submitted in the Senate, considered, and agreed to without amendment and with a preamble by Unanimous Consent.

Bill Versions

• Designating April 2026 as Financial Literacy Month. — issued 2026-04-28 — PDF (5 pages)