WASHINGTON –U.S. Senators Bill Cassidy, M.D. (R-LA), Ranking Member of the Finance Subcommittee on Fiscal Responsibility and Economic Growth, and Tim Scott (R-SC) introduced a Senate resolution declaring April as Financial Literacy Month.
“Everyone needs a baseline understanding of personal finance for long-term financial security,” said Dr. Cassidy.“Financial Literacy Month is about giving families the tools and knowledge needed gain that understanding and take control of their financial futures.”
“We live in an America where there is a deep divide between many of our working class who live in distressed communities and the rest of the country,” said Senator Scott. “Financial literacy is one of the bridges to closing these gaps and encouraging economic prosperity in our communities. I am excited that I’ve been able to pass legislation that creates real tangible results for the American people.”
The resolution was cosponsored by U.S. Senators Jack Reed (D-RI), John Barrasso (R-WY), Marsha Blackburn (R-TN), John Boozman (R-AR), Mike Braun (R-IN), Ben Cardin (D-MD), Chris Coons (D-DE), Mike Crapo (R-ID), Steve Daines (R-MT), Dick Durbin (D-IL), Joni Ernst (R-IA), Maggie Hassan (D-NH), Cynthia Lummis (R-WY), Joe Manchin (D-WV), Roger Marshall (R-KS), Patty Murray (D-WA), Thom Tillis (R-NC), Sheldon Whitehouse (D-RI), Roger Wicker (R-MS), and Todd Young (R-IN).
According to the 2019 Survey of Household Use of Banking and Financial Services report by the Federal Deposit Insurance Corporation (FDIC), approximately 5.4 percent of households in the United States are unbanked and, therefore, have limited or no access to savings, lending, and other basic financial services. Financial literacy empowers individuals to make wise financial decisions and makes it easier for consumers to navigate in an increasingly complex economy.
Below are highlights from the senator’s previous legislative efforts to promote financial inclusion:
- Protecting Children From Identity Theft Act: This law aims to stop illegal SSN activity by directing the Social Security Administration (SSA) to accept electronic signatures as consumer consent for financial institutions trying to verify customer ID and root out synthetic ID fraud.