Resolution co-sponsored by Reps. Hinojosa and Biggert

Washington, DC (March 30, 2006) – Today the U.S. House of Representatives passed House Resolution 737. The resolution, introduced by Representatives Rubén Hinojosa (TX-15) and Judy Biggert (IL-13), was introduced last month and supports the goals and ideals of “Financial Literacy Month,” which falls in April of every year. Eighty-one members of Congress co-sponsored the legislation.

Prior to the passage of H. Res. 737, Congress passed two similar resolutions introduced by Hinojosa and Biggert to support the goals and ideals of financial literacy month.

“Every day, consumers deal with money – from balancing a checking account to shopping for a mortgage or auto loan, to researching ways to pay for a college education, the list goes on and on,” said Hinojosa.  “However, many consumers don’t really understand their finances.  It is imperative that all of us take an active role in providing financial and economic education for children and adults alike.”

Specifically, the goals of H. Res. 737 are provide people with the tools they need to manage their personal finances; to expand access to the mainstream financial system for the unbanked; to engage the financial services industry and show how their products and services can benefit consumers; and, encourage the federal government, states, municipalities, schools, businesses and other entities, to observe the month with appropriate programs and activities.

“Financial literacy means empowerment – power to manage money, credit, and debt and become responsible workers, heads of households, investors, entrepreneurs, and leaders,” continued Hinojosa.  “It means banking the unbanked and bringing them into the mainstream financial system to protect them from abusive, predatory, or deceptive credit offers and financial products.”

As co-founder and current co-chair of the House Financial and Economic Literacy Caucus, Congressman Hinojosa has long supported financial education. 

“Through the Caucus, we will continue working toward educating Americans about financial and economic topics ranging from the importance of saving, reducing credit card debt, obtaining a free annual credit report, to homeownership,” said Hinojosa.  “It is never too late to take control of your personal finances – and it’s something that all of us in the United States can start today!” 

On April 25, Reps. Hinojosa and Biggert will collaborate with Senator Daniel Akaka (D-HI), Jump$tart, the National Council on Economic Education and Junior Achievement on a Financial Literacy Fair, which will showcase dignitaries, representatives from the financial services sector, associations, non-profits, and others.