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Supporting Financial Literacy Month

Floor Speech

Date: April 28, 2009
Location: Washington, DC
Issues: Finance and Banking Arts, Entertainment, and History


SUPPORTING FINANCIAL LITERACY MONTH -- (House of Representatives - April 28, 2009)

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Mr. MOORE of Kansas. Mr. Speaker, I yield myself 5 minutes.

I would first like to thank my colleague, the gentlewoman from Illinois, for her good work on the issue of financial literacy. I would also like to recognize my colleague, Mr. Hinojosa, as cofounder and cochair of the Financial and Economic Literacy Caucus and to commend him for his work on this issue.

Possessing the skills to make informed financial decisions not only helps American families, but it's important for long-term fiscal soundness. From basic financial tools like balancing a checkbook and making a family budget, to more complex themes such as understanding intricate contracts, everybody can benefit from a little education on financial literacy.

As we have seen with the recent housing market problems, for example, too many people are unfamiliar with basic economic concepts needed to make responsible investments. With serious questions about the long-term viability of Social Security, it's clear that we do need to do a better job of educating people about the importance of private retirement savings.

Most importantly, however, we must ensure that throughout their regular education, our students have access to programs that promote financial literacy so they can form good money management habits before they inadvertently learn bad ones. Studies show that the percentage of undergraduates with credit cards is rising, while their basic understanding of the terms of these cards is on the decline. We must do something to stem this tide.

With responsible money management skills, it is easier for Americans to ride out rough economic times and prosper in times of economic richness. As we face the toughest economic challenge in our country since the Great Depression, it's evident that exercising prudent monetary practice is not a luxury, but a necessity, for all Americans.

We need to highlight the need for financial education and understanding. H. Res. 357 supports these goals and the goals of Financial Literacy Month. I couldn't be happier to be a cosponsor.

Mr. Speaker, I reserve the balance of my time.

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