Palmetto State News

WASHINGTON – Last week, the Senate passed a resolution declaring the month of April as Financial Literacy Month. The resolution was spearheaded by the co-chairs of the Financial Literacy Caucus, U.S. Senators Tim Scott (R-S.C.), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, and Jack Reed (D-R.I.), who also serves on the Committee.

“Financial education is such an important tool in climbing the ladder of success in America,” said Senator Scott. “I thank my colleague Senator Reed for introducing this resolution with me, as well as the rest of my Senate colleagues for joining us in this effort to bring financial literacy to the forefront of every American family.”

“From managing a household budget to making major purchases, paying for college, starting a business, and laying the foundation for a secure retirement, financial literacy is a lifelong endeavor,” said Senator Reed, co-founder of the Senate Financial Literacy Caucus. “Unfortunately, too many Americans lack basic financial literacy to make informed decisions, and this has impacts on their children, local communities, and generations to come. Raising awareness about the resources available to improve financial literacy is the first step on the path to a financially secure future.”

According to the Federal Deposit Insurance Corporation (FDIC), approximately 7.1 million Americans are unbanked. These individuals have limited or no access to savings, lending, and other basic financial services, reducing their ability to build wealth and achieve long-term financial security.

Joining Senators Scott and Reed were Senators Marsha Blackburn (R-Tenn.), Mike Braun (R-Ind.), Katie Britt (R-Ala.), Shelley Moore Capito (R-W.Va.), Ben Cardin (D-Md.), Bob Casey (D-Pa.), Bill Cassidy (R-La.), Susan Collins (R-Maine), Catherine Cortez Mastro (D-Nev.), Mike Crapo (R-Idaho), Ted Cruz (R-Texas), Steve Daines (R-Mont.), Dick Durbin (D-Ill.), Diane Feinstein (D-Calif.), Maggie Hassan (D-N.H.), John Kennedy (R-La.), Amy Klobuchar (D-Minn.), Ben Ray Luján (D-N.M.), Cynthia Lummis (R-Wyo.), Joe Manchin (D-W.Va.), Jim Risch (R-Idaho), Mike Rounds (R-S.D.), Jacky Rosen (D-Nev.), Marco Rubio (R-Fla.), Sheldon Whitehouse (D-R.I.), Roger Wicker (R-Miss.), and Todd Young (R-Ind.).

Read full text of the resolution here.

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Original source can be found here.