Wednesday | April 21, 2021

Scott Introduces Resolution Declaring April Financial Literacy Month

WASHINGTON—U.S. Senator Tim Scott (R-S.C.), co-chair of the Financial Literacy Caucus, introduced a resolution declaring the month of April as Financial Literacy Month. 

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. 

“For far too long, we’ve seen the chasm between the working class and the rest of America grow deeper and wider,” said Senator Tim Scott. “As we celebrate National Financial Literacy Month, we recognize the incredible impact financial literacy has in bridging that gap and uplifting every American. When families are prosperous, our economy is stronger and our future is more secure.”

The resolution was cosponsored by Senate Financial Literacy Co-Chair Reed (D-R.I.) and Sens. Barrasso (R-Wyo.), Blackburn (R-Tenn.), Boozman (R-Ark.), Braun (R-Ind.), Cardin (D-Md.), Cassidy (R-La.), Coons (D-Del.), Crapo (R-Idaho), Daines (R-Mont.), Durbin (D-Ill.), Ernst (R-Iowa), Hassan (D-N.H.), Lummis (R-Wyo.), Manchin (D-W.Va.), Marshall (R-Kan.), Murray (D-Wash.), Peters (Mich.), Tillis (R-N.C.), Whitehouse (D-R.I.), Wicker (R-Miss.), and Young (R-Ind.).

Below are highlights from Senator Scott’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. 
  • Credit Score Competition Act: The law directs the Federal Housing Finance Agency to create a process by which new credit scoring models can be validated and approved for use by Fannie Mae and Freddie Mac (GSEs) when they purchase mortgages. 
  • Credit Access and Inclusion Act of 2019: This bill helps millions of credit-worthy Americans develop a positive credit history by allowing the credit bureaus to consider non-traditional lines of credit.

###

Related Issues: