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Dreier Promotes Financial Literacy, Savings Recovery
WASHINGTON, DC – Congressman David Dreier (R-San Dimas, CA) expressed support today for a resolution calling for greater financial literacy education of all Americans in the wake of current economic challenges. He also called for passage of the Savings Recovery Act, which will help working families recoup recent losses and once again build up the savings and retirement accounts that are designed to provide for the future. Dreier voted for H.Res. 357, a resolution supporting the goals and ideals of Financial Literacy Month, which passed 419-3. He is also an original co-sponsor of H.R. 2021, the Savings Recovery Act.
“Financial literacy is always important, but especially now,” Dreier said. “In the current economy, it is imperative that we do all we can to encourage a solid understanding of personal finance, from basic spending decisions to deciphering borrowing terms to investing and saving. As we all know, a major factor in the collapse of our financial markets was unscrupulous lending and poor decision making by some consumers, particularly on mortgages. The increase in mortgage delinquencies contributed to the housing downturn and eventually infected Wall Street. Now, even those who played by the rules and lived within their means are paying the price. I believe that through better financial literacy education and stronger incentives to save and invest, we can protect consumers and investors and prevent another downturn of this magnitude.”
Dreier pointed to the Savings Recovery Act, H.R. 2021, as another key to economic security for working families. The legislation would reduce limitations on catch-up contributions to retirement accounts, expand the amount of tax –free contributions that can be made for college savings, temporarily suspends capital gains taxes and increases the amount of capital losses that can be deducted in order to incentivize investments, and will also reduce the earnings penalty, which cuts Social Security benefits for working seniors.
Dreier said that steps like greater Financial Literacy and the Savings Recovery Act are essential to a broader economic recovery that will create jobs and give working families stronger economic security. “During these tough times, we need to help people rebuild their savings and prepare for a brighter future. While I continue to fight for policies that will help restore our entire economy, both financial literacy and a better savings and investment plan will help all of us once again have confidence in our financial futures.