FOR IMMEDIATE RELEASE		CONTACT: MURFY ALEXANDER
JUNE 26, 2006		ANNE SMART
		615.736.5295

COOPER WARNS AMERICANS AGAINST FINANCIAL PREDATORS
—calls for financial literacy education as part of
Congressional Savings and Ownership Caucus initiative

 

WASHINGTON — U.S. Rep. Jim Cooper is calling for greater support of financial literacy education to help American consumers fight back against financial predators.

"This is the golden age for financial predators in America,” Cooper said. “Financial literacy is necessary and essential, but that’s playing defense. To play offense you have to crack down on financial predators. We need a good defense and offense so consumers don’t have to worry about being taken to the cleaners.”

Cooper made the remarks at a discussion on Capitol Hill hosted by the New America Foundation in association with the Congressional Savings and Ownership Caucus. He was joined by U.S. Reps. Judy Biggert of Illinois and Ruben Hinojosa of Texas and the Honorable Dan Iannicola, Jr. from the U.S. Department of the Treasury to talk about the importance of financial education for America’s youth.

The discussion comes at an important time. The Jump Start Coalition for Personal Financial Literacy, a national nonprofit organization, recently released the findings of a nationwide survey indicating that American high school students have a lot to learn about personal finance. The national average for high school students who took the personal finance test was 52.4 percent. Tennessee high school students earned an even lower average with 48.9 percent. The test covered questions on money management, savings, spending and debt.

Cooper said that financial education is essential for all young people to learn and he pointed to recent Congressional spending as an example. “Just take a look at our behavior. We need financial literacy in Congress as well,” he said. “Because of irresponsible government spending, the nation is at least $8.3 trillion in debt. You can’t be a saver or an owner without financial literacy,” he said.

As co-chair of the bipartisan, bicameral Congressional Savings and Ownership Caucus, Cooper is working to advance policies in Congress that help build personal savings and assets for all Americans and low-income Americans in particular. In addition to Cooper, the 31-member Congressional Savings and Ownership Caucus includes co-chair U.S. Rep. Harold Ford, Jr. and Reps. Lincoln Davis, and John Tanner, all of Tennessee.

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