Congress, CFPB, and NAFSA Show Support for Financial Literacy

May 1, 2019 | News

On April 30, the last day of Financial Literacy Month, the U.S. House of Representatives passed two bipartisan resolutions aimed at promoting financial literacy among young adults and the elderly. On the same day, the Consumer Financial Protection Bureau (CFPB) released a study reviewing financial education research priorities for America’s youth.

Congressmen Bill Foster (D-IL) and French Hill (R-AR) both introduced H. Res. 327, which encouraged “greater public-private sector collaboration to promote financial literacy for students and young adults.” It passed by voice vote. The House also passed by H. Res. 328, which expressed support for “the protection of elders through financial literacy.” The resolution passed overwhelmingly 411 – 6.  

Both of these legislative vehicles are “simple resolutions,” meaning that they only express the sentiments of the House of Representatives and will not be taken up by the U.S. Senate. As resolutions, they do not require any additional actions by federal agencies.

On the same day the House passed its resolutions, the Consumer Financial Protection Bureau (CFPB) released a study on financial literacy entitled, “Youth Financial Education Research Priorities.” The purpose of the report is to list the “key unanswered research questions in youth financial education…[and the CFPB] encourages investigation into these questions to point the way towards evidence-based solutions that are effective, scalable, and invite implementation.”

Alongside Congress and the CFPB, the Native American Financial Services Association (NAFSA) is dedicated to providing financial literacy to everyone. Through their Financial Literacy Program, NAFSA provides free financial literacy modules and tools with easy-to-understand information to help people better understand their finances and make more informed decisions.

Those interested can explore the program today at https://nafsa.everfi-next.net/.

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