The end of last month (April) saw the introduction in the US House of Representatives of a Resolution encouraging greater public-private sector collaboration to promote financial literacy for students and young adults.
H.Res 327 was introduced by Representative Bill Foster (D-ILL), who serves on the House Financial Services Committee and is a member of its Consumer Protections and Financial Institutions Subcommittee.
The resolution noted that personal financial literacy is essential to ensuring that individuals are prepared to make informed decisions about budgeting, financial planning, wealth accumulation, higher education loans, 529 savings plans, managing credit cards, and managing other debt. It requires that the House of Representatives:
(1) emphasizes the importance of raising awareness of individual financial capability by providing relevant information, financial workshops, and other decision-making tools to consumers of all ages;
(2) supports the efforts of Federal financial agencies to partner with organizations that are focused on developing opportunities for minorities and women to place talented young minorities and women in industry internships, summer employment, and full-time positions;
(3) supports the efforts of the Federal financial agencies to provide consumers with relevant information and decision-making tools regarding important financial decisions; and
(4) urges the Department of the Treasury to consult with the Financial Industry Regulatory Authority and implement future national financial capability studies.
The resolution was agreed to on April 30th.
NILA applauds Rep. Foster in sponsoring this resolution, which we support wholeheartedly. NILA members are determined to do what they can to promote greater financial capability throughout our nation.
A PDF of the resolution can be viewed and downloaded HERE.