Recognizing the importance of savings to financial security.

Recognizes the importance of savings to financial security.

Supports the goals and ideals of America Saves Week.

[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H. Res. 496 Introduced in House (IH)]

113th CONGRESS
  2d Session
H. RES. 496

      Recognizing the importance of savings to financial security.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           February 28, 2014

  Mr. Hinojosa (for himself and Mr. Stivers) submitted the following 
 resolution; which was referred to the Committee on Financial Services

_______________________________________________________________________

                               RESOLUTION


 
      Recognizing the importance of savings to financial security.

Whereas financial security is one of the most important issues for most 
        Americans whether it involves saving enough for their children's college 
        education, saving for an unforeseen emergency, a house, or their 
        retirement;
Whereas personal savings as a percentage of disposable income reached a 12-month 
        average of 4.5 percent in 2013, according to Bureau of Economic Analysis 
        data;
Whereas student loans outstanding have reached over one trillion dollars, and 
        are hindering young people across America from purchasing their first 
        home;
Whereas 49.5 percent of American families reported they did not save in 2010, 
        according to the 2012 Federal Reserve Board's Survey of Consumer 
        Finances, which also found that less than half of the population has a 
        savings account or one month of savings or liquid assets;
Whereas a 2013 Survey by the Employee Benefit Research Institute found that 
        there are ``savers'' and ``spenders'' in all income classes and almost 
        all have the ability to build wealth through contributions to a 
        workplace retirement program, building home equity, and other savings;
Whereas older Americans are more likely to live within 200 percent of poverty 
        than any other age group, according to the 2010 Employee Benefit 
        Research Institute's Databook, and more than 90 percent of the current 
        elderly population relies on Social Security for over three fourths of 
        their annual income according to a 2013 Social Security Administration 
        report on Income of the Elderly over Age 65, 2013, and the average 
        savings of retirees remains at $50,000 per according to the Employee 
        Benefit Research Institute for 2012, and the current financial crisis is 
        draining those funds;
Whereas America Saves, managed by the Consumer Federation of America, was 
        established 13 years ago as an annual nationwide campaign that 
        encourages consumers, especially lower-income households, to pledge to 
        save and establish a personal savings goal in an effort to build 
        personal wealth and enhance financial security;
Whereas America Saves now has 53 local, State and national campaigns working 
        with over 500 mainstream financial institutions which provide no-fee or 
        low-fee, low-opening balance savings accounts that allow small savers to 
        achieve success;
Whereas government and non-government entities at the local, State and national 
        levels organize America Saves campaigns to encourage individuals to open 
        a savings account, participate in workplace retirement programs, and 
        devise a savings plan;
Whereas according to the 2013 America Saves' Annual National Survey Assessing 
        Household Savings, 54 percent of respondents said they ``have a savings 
        plan with specific goals'', 43 percent said they ``have a spending plan 
        that allows you to save enough money to achieve the goals of your saving 
        plan'', 50 percent of those not retired said they ``save for retirement 
        at work through a 401(k) or other contributory plan'', and 49 percent 
        know their net worth;
Whereas over 1,000 local, State, and national organizations have motivated more 
        than 145,000 people to enroll as American Savers;
Whereas over 2,000 local, State, and national organizations have motivated more 
        than 350,000 people to enroll as American Savers; and
Whereas setting a savings goal, making a savings plan, and making savings 
        automatic is the primary focus for this year's ``America Saves Week'', a 
        theme reflected in the work of the Financial and Economic Literacy 
        Caucus, Federal agencies, non-profits, community-based groups, private 
        sector organizations: Now, therefore, be it
    Resolved, That the House of Representatives--
            (1) recognizes the importance of savings to financial 
        security;
            (2) supports the goals and ideals of ``America Saves 
        Week''; and
            (3) requests that the President issue a proclamation 
        calling on the Federal Government, States, localities, schools, 
        nonprofit organizations, businesses, other entities, and the 
        people of the United States to observe the week with 
        appropriate programs and activities with the goal of increasing 
        the savings rates for individuals of all ages and walks of 
        life.
                                 <all>