Foster Introduces Bipartisan Resolution to Promote Financial Literacy for Students
Washington, D.C. – Representative Bill Foster (IL-11) introduced a bipartisan resolution, H.Res.721, encouraging collaboration between the public and private sectors to promote financial literacy for students.
The bipartisan legislation has been cosponsored by Representatives Andre Carson (D-IN), Matt Cartwright (D-PA), Steve Cohen (D-TN), Alcee Hastings (D-FL), Ruben Hinojosa (D-TX), Rush Holt (D-NJ), Eddie Bernice Johnson (D-TX), Robin Kelly (D-IL), Leonard Lance (R-NJ), James Langevin (D-RI), Barbara Lee (D-CA), Carolyn McCarthy (D-NY), Gregory Meeks (D-NY), Eleanor Holmes Norton (D-DC), Mark Pocan (D-WI), Mike Quigley (D-IL), Charles Rangel (D-NY), Brad Schneider (D-IL), and Patrick Tiberi (R-OH).
“With an increasingly complicated economy, our students need the knowledge and resources to make smart, informed financial decisions that will impact the rest of their lives,” said Foster. “Young people often don’t get the education they need to make the right choices for their financial futures and are starting their lives saddled with large amounts of student loans and credit card debt.”
Text of the resolution is available here.
According to a bi-annual study by the Jump$tart Coalition for Personal Financial Literacy, only 25 percent of graduating college students can be considered financially literate. Most students do not have the practical financial management skills to properly navigate the complex world of consumer finance.
Foster’s resolution emphasizes the importance of raising individual financial awareness by providing the tools necessary to make informed decisions about financial planning.
The resolution also urges the Secretary of the Treasury to consult with the Financial Industry Regulatory Authority and implement future studies regarding financial capability.
This resolution supports the efforts of the President’s Advisory Council on Financial Literacy to bring the public and private sectors together to strengthen financial education programs. It also reaffirms provisions of the Wall Street Reform Act that direct federal agencies to partner with organizations that are focused on developing opportunities for minorities and women, and supports efforts by the Consumer Financial Protection Bureau to provide consumers with information on financial planning.