In today’s society, Americans have been increasingly asked to take more responsibility for their retirement and financial futures.  As a result, households must now deal with the complex and sometimes confusing financial planning decisions and financial products offered in the marketplace.  These circumstances mean that it is imperative for all Americans to be financially literate in today’s world.

This is why I introduced H. RES. 65.  The resolution supports the efforts of the President's Advisory Council on Financial Literacy in working with the public and private sectors to: (1) increase financial education for youth in school and for adults in the workplace; (2) increase access to financial services; (3) establish measures of national financial literacy; (4) conduct research on financial knowledge; and (5) strengthen financial education programs.

The resolution also recognizes John Hope Bryant for his efforts to raise awareness in the United States about the importance of financial and economic literacy.

Research undertaken in the United States on financial literacy shows that many households, especially those led by women, are unfamiliar with even the basic economic concepts needed to make sensible savings and investment decisions.  This lack of knowledge has serious long-term implications for saving, retirement planning, retirement, mortgage, and other financial decisions.  The decision of how much to save for the future is a complex one, because it requires the collection and processing of information on Social Security and pensions, inflation, and interest rates.

For minorities, it is essential to have financial literacy as a part of every educational institution’s curriculum.  Studies show that minorities are more than likely to be financially illiterate.  When financial literacy programs are offered in the form of brochures or seminars, Americans increase their participation in retirement plans, which allow them to save and invest in their futures.

John Hope Bryant, founder of the nonprofit organization Operation HOPE, has been working with minority and poor communities to educate children and adults on the importance of financial literacy.  The mission of Operation HOPE is to expand economic opportunity in underserved communities through economic education and empowerment.

I am pleased Operation Hope has built a bridge with the White House to Historical Black Colleges and Universities to offer a financial education program to students.  This program will help educate young people to make better financial decisions.  Understanding how the use of credit cards, changing interest rates, managing debt, and long-term financial planning shape their lives is essential to a promising and healthy financial future.

In light of today’s current economic conditions, and what has happened to people who did not understand adjustable interest rates and debt levels, and signed agreements for mortgages that were not in their best interest, I hope every student that takes advantage of the programs offered by Operation Hope and the National Association of Black School Educators walks away with a better sense of how to make sound financial decisions and better prepare themselves for their own financial future.

Thank you John and Mr. Lawson for taking the time out of your busy schedules to come to the Capitol to share your insight on the importance and need to expand financial literacy programs across this country.  I look forward to continuing the fight with you two so we can witness the realization of a financial literate America.