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SCR152...............................................by JUDICIARY AND RULES
FINANCIAL LITERACY MONTH - Stating findings of the Legislature and
declaring April 2000 to be "Idaho Financial Literacy Month" for the
purposes of focusing public awareness on issues of youth and adult
financial literacy, the responsibilities and rights of consumers and how to
detect and avoid fraud.
02/22 Senate intro - 1st rdg - to printing
02/23 Rpt prt - to 10th Ord
02/24 10th ord - ADOPTED - voice vote
Title apvd - to House
02/25 House intro - 1st rdg - to Jud
03/08 Rpt out - to Bus
03/28 Rpt out - rec d/p - to 2nd rdg
03/29 2nd rdg - to 3rd rdg
04/03 3rd rdg - ADOPTED - voice vote - to Senate
04/04 To enrol - rpt enrol - Pres signed
04/05 Sp signed
04/06 To Secretary of State
SCR152
|||| LEGISLATURE OF THE STATE OF IDAHO ||||
Fifty-fifth Legislature Second Regular Session - 2000
IN THE SENATE
SENATE CONCURRENT RESOLUTION NO. 152
BY JUDICIARY AND RULES COMMITTEE
1 A CONCURRENT RESOLUTION
2 PROVIDING FINDINGS OF THE LEGISLATURE AND DECLARING APRIL 2000 "IDAHO FINAN-
3 CIAL LITERACY MONTH" FOR THE PURPOSES OF FOCUSING PUBLIC AWARENESS ON
4 ISSUES OF YOUTH AND ADULT FINANCIAL LITERACY, THE RESPONSIBILITIES AND
5 RIGHTS OF CONSUMERS AND HOW TO DETECT AND AVOID FRAUD.
6 Be It Resolved by the Legislature of the State of Idaho:
7 WHEREAS, consumer debt obligations have been growing twice as fast as
8 wages and salary gains, and consumer debt in Idaho is approximately $5.3 bil-
9 lion owed to Idaho institutions alone and is growing an average of $157 mil-
10 lion per year; and
11 WHEREAS, the number of foreclosures of second mortgage loans has tripled
12 in 1999; and
13 WHEREAS, Idaho's bankruptcy filings, both personal and business, have
14 increased an average of eighteen percent per year over the past five years
15 and, on a nationwide basis, the proportion of bankruptcy filers aged twenty-
16 five years and younger continues to grow;
17 WHEREAS, research has proved a direct relationship between financial lit-
18 eracy and rates of personal bankruptcy with Idaho being one of the six states
19 with the highest proportion of households filing for personal bankruptcy; and
20 WHEREAS, Idaho high school students have results on tests used to measure
21 financial literacy among the lowest in the nation; and
22 WHEREAS, workers understand the need to save for retirement, but six out
23 of ten workers in the private sector reach retirement age with no pension; and
24 the nation has had a negative savings rate for the past five years; and
25 WHEREAS, educational efforts will help Idahoans learn how to protect them-
26 selves and their businesses from unfair and fraudulent transactions and under-
27 stand and adhere to sound credit practices; and
28 WHEREAS, increased financial knowledge will contribute to personal finan-
29 cial stability and, consequently, contribute to the financial and economic
30 success of Idaho; and
31 WHEREAS, the Idaho Financial Literacy Coalition, the first organized
32 coalition of its kind in the nation, whose members represent the public and
33 private areas of finance, general business education, securities, consumer
34 science, banking and consumer education, is partnering with state and national
35 agencies and industry associations to advance and promote financial literacy
36 through antifraud and other consumer protection awareness issues, as well as
37 continuing consumer education.
38 NOW, THEREFORE, BE IT RESOLVED by the members of the Second Regular Ses-
39 sion of the Fifty-fifth Idaho Legislature, the Senate and the House of Repre-
40 sentatives concurring therein, that April 2000 be declared "Idaho Financial
41 Literacy Month" for the purposes of focusing public awareness on issues of
42 youth and adult financial literacy, the responsibilities and rights of con-
43 sumers and how to detect and avoid fraud.