Recognizing Financial Planning Week

RECOGNIZING FINANCIAL PLANNING WEEK -- (Extensions of Remarks - September 29, 2006)

SPEECH OF HON. BETTY McCOLLUM OF MINNESOTA
IN THE HOUSE OF REPRESENTATIVES
THURSDAY, SEPTEMBER 28, 2006

* Ms. MCCOLLUM of Minnesota. Mr. Speaker, today I rise in strong support for House Resolution 973--recognizing Financial Planning Week. Now more than ever, working families need the tools and resources to make sound financial decisions.

* American families are struggling with financial burdens--from growing student loan and credit card debts to increasing interest rates. Flattened wages and negative savings rates mean that too may families have to choose between sending their children to college and saving for retirement.

* The financial situation for most American families is grim. In fact in 2005--for the first time since the Great Depression--the personal savings rate of Americans was negative. Americans have depleted their savings to pay off debt and to simply make ends meet. This is a dangerous trend for Americans that must be reversed.

* That is why financial planning is more critical than ever. Americans need the tools and resources to know how to save for a variety of life opportunities and situations--including retirement, college, starting a new business, and buying a first home. Many families simply need assistance with budgeting for everyday needs. I commend the financial institutions that have included in their business models financial planning assistance for their customers. These institutions help to strengthen the economic situation for our communities and families.

* What is unfortunate is that this Republican Congress has done little to provide relief to struggling families. Instead, families are being squeezed--flat wages, increased costs of health care, skyrocketing prices at the gas pump, and double digit college tuition increases. In nearly every aspect of life, American families are faced with financial burdens and tough budget decisions.

* Congress could benefit from better financial planning--America deserves a Government that knows how to model good budget decisions. Unfortunately, this Republican Congress has led our Government into a negative savings rate--spending and borrowing more than our Nation can afford--while passing budgets that benefit the Nation's wealthiest while shortchanging hardworking, middle class families.

* Today, I rise to support this important resolution. I will continue to work to support legislation that will encourage working families to save for their futures and to ensure that working families have the resources to make sound budget decisions.

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