Reps. Beatty, Stivers Highlight Bipartisan Effort on Financial Literacy

WASHINGTON, D.C. – This April, countless Americans, organizations, nonprofits and other stakeholders are marking Financial Literacy Month by raising awareness on the importance of financial literacy and promoting tools and resources to help more individuals and families develop and maintain healthy financial habits. As co-chairs of the House Financial and Economic Literacy Caucus, Congresswoman Joyce Beatty (OH-03) and Congressman Steve Stivers (OH-15) are working hard in Congress to ensure even more Americans can build a brighter financial future.

Coinciding with the month-long initiative, Beatty and Stivers recently introduced a resolution in the U.S. House of Representatives, H.Res. 806, to officially recognize April as “Financial Literacy Month.” Both will also participate in the annual Financial Literacy Day on the Hill that takes place on April 12, 2018.

“Every day, American are faced with financial decisions that impact their lives and their families. That is why promoting financial and economic literacy is so important and why we draw attention to it each and every April,” Beatty said. “Financial literacy is a lifelong journey, and every American needs to understand the basic principles of planning, saving, and investing for the future.” Beatty continued, “In that spirit, I am proud to work with Congressman Stivers, the Jump$tart Coalition and many others in our collective mission to help Americans of all ages achieve financial independence.”

“Whether you are just graduating from college, purchasing a home, or preparing for retirement, sound financial decision making is essential at every stage of life,” Stivers said. “That’s why, each April, we highlight the tools and resources that can enable individuals to make those sound decisions and work towards a more financially literate America.  I want to thank Congresswoman Beatty and the Jump$tart Coalition for their commitment and leadership on this important issue.”

In addition to H.Res. 806, Beatty and Stivers teamed up to introduce the Housing Financial Literacy Act, H.R. 851, and the Financial Literacy College Education Act, H.R. 5277. The Housing Financial Literacy Act would give first-time homebuyers who complete a Department of Housing and Urban Development (HUD)-certified housing counseling course a discount on their Federal Housing Administration (FHA) mortgage insurance premium of 25 basis points (or 0.25 percent). Modeled after similar housing counseling courses already being offered in Central Ohio, studies confirm that homebuyers who receive pre-purchase housing counseling are nearly one-third less likely to fall behind on their mortgage and thereby face a reduced risk of foreclosure. The Financial Literacy College Education Act would provide colleges, universities and other high institutions of learning with the tools and information to better empower their students to make informed financial decisions.

Throughout the month of April, Beatty and Stivers will be promoting Financial Literacy Month, so please be sure to visit their Facebook and Twitter to see, hear and learn the latest.  Also, do not forget to join the conversation online by using #FLM2018, and get more information on the House Financial and Economic Literacy Caucus by visiting https://financialandeconomicliteracycaucus-stivers.house.gov/.

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