Washington, DC (April 29, 2008) – Today, Congressman Rubén Hinojosa commended the passage of legislation in the U.S. House of Representatives recognizing April as Financial Literacy Month. H. Res. 1079, introduced by Representatives Hinojosa and Judy Biggert (R-IL), supports the goals and ideals of “Financial Literacy Month,” which is intended to call attention to the need to boost financial literacy rates among Americans.

“Every day, we deal with money in some way – whether it’s shopping for groceries or for a new home.  Unfortunately, too many consumers don’t really understand their finances,” said Hinojosa. “At a time of great economic insecurity, we must do more to make sure financial literacy education is incorporated into America’s classrooms and into the day-to-day lives of consumers.”

In light of increasing debt among Americans and reports of a rising number of home foreclosures, government officials are taking an increased interest in boosting financial literacy education among their constituents. In 2006 alone, credit card debt in America totaled $825 billion, while the average baby boomer had only $50,000 in savings apart from the equity in their home. Roughly 10 million households in the United States are considered to be “unbanked,” or without access to mainstream financial services. At the same time, home foreclosures continue to rise across the nation, reaching almost 650,000 in the first quarter of 2008.

H. Res. 1079 aims to provide people with the tools they need to manage their personal finances so they are better equipped to handle today’s tumultuous economic conditions. It also seeks to open up access for America’s unbanked and underbanked to the mainstream financial system. The resolution encourages state and local governments, schools, businesses, and other organizations to observe the month with programs and activities.

“In the wake of the subprime lending crisis, we must redouble our efforts to provide more educational outreach so that consumers can make informed financial transactions,” said Hinojosa. “It will be a detriment to our nation’s economic prosperity if so many Americans continue to mismanage their money, credit, and debt.”

As co-founder and current co-chair of the House Financial and Economic Literacy Caucus, Congressman Hinojosa has long advocated for increased financial education.  Through the Caucus, Hinojosa has worked toward educating more Americans about financial topics such as how to reduce credit card debt and how to obtain a free annual credit report.

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