Like Countable?

Install the App
TRY NOW

house Bill H. Res. 328

Should the House Express Support for Financial Literacy Education for Senior Citizens?

Argument in favor

Financial crimes against senior citizens are on the rise, and better-educating seniors about personal finance will help combat these crimes.

SneakyPete's Opinion
···
04/30/2019
EDUCATING OUR SENIORS ON THEIR FINANCIAL AFFAIRS IS A PLUS I’m in agreement that Financial crimes are rising dramatically against senior citizens and it’s a beneficial great step to provide means which will better-educate our seniors about their personal finance and will help combat these crimes. SneakyPete.......... 4*30*19..........
Like (26)
Follow
Share
Hiro9's Opinion
···
04/30/2019
Seniors are especially vulnerable to online white collar financial schemes. The CFPB needs to be fully funded & staffed to protect seniors & all victims of predatory financial practices. So of course the Trump administration had Mick Mulvaney gut it.
Like (21)
Follow
Share
Rob's Opinion
···
05/01/2019
This should be for everyone. Schools don't teach how to use finances. Elderly are our most vulnerable
Like (10)
Follow
Share

Argument opposed

This is a meaningless, non-binding resolution that doesn’t do anything to address the problems it identifies. It’d be better for Congress to spend its time considering bills that do something to solve problems.

Cherie65's Opinion
···
04/30/2019
What a bunch of hooey! Local community volunteers educating seniors won't take much time or any money-we are still cognizant of our surroundings and teachable which a quick class would accomplish. More democrat silliness supporting but not doing anything worthwhile.
Like (16)
Follow
Share
IllWill's Opinion
···
04/30/2019
Again, non-binding toothless legislation like this does nothing. Congress should actually provide funding for these programs rather than passing bills like this that allow them to pretend like they’re actually doing something.
Like (15)
Follow
Share
Tanny's Opinion
···
04/30/2019
It’s not an enumerated Federal power in the United States Constitution. Therefore it is unconstitutional.
Like (8)
Follow
Share

simple resolution Progress


  • The house Passed April 30th, 2019
    Roll Call Vote 411 Yea / 6 Nay
      house Committees
      Committee on Financial Services
    IntroducedApril 25th, 2019

Log in or create an account to see how your Reps voted!

What is House Bill H. Res. 328?

This resolution would express the House’s support for efforts to protect elderly Americans from financial crimes via the promotion of financial literacy specifically for older people.

Under this resolution, the House would:

  • Support Financial Literacy Month’s goals of raising public awareness about 1) the importance of personal financial education in the U.S. and 2) the serious consequences that may result from a lack of personal finance understanding;
  • Acknowledge that raising awareness of threats to personal finance, especially for vulnerable, targeted populations like older adults and their relatives and caregivers, is only one part of financial literacy;
  • Express understanding of the fact that combating elder financial literacy requires encouraging continued education and collaboration between law enforcement, financial institutions, regulatory agencies, and private sector organizations to detect, prevent, report, and investigate financial crimes against seniors;
  • Support FinCEN and its partners’ work to educate the stakeholders that serve and protect the U.S.’ elder community;
  • Urge continued public-private partnership and appropriate information-sharing to prevent, detect, report, and investigate elder financial exploitation; and
  • Urge action to assist with remediation and reporting, as well as prevention and detection, to have the best possible data, feedback, and incident response.

As a simple resolution, this legislation is non-binding and wouldn’t advance beyond the House if passed.

Impact

Seniors; financial literacy education for seniors; financial crimes against seniors; Financial Literacy Month; FinCEN; and the House.

Cost of House Bill H. Res. 328

A CBO cost estimate is unavailable.

More Information

In-DepthRep. Sean Casten (D-IL) introduced this resolution to support elderly Americans’ protection through financial literacy. This resolution has one cosponsor, Rep. John Rose (R-TN).

There is also legislation to address financial crimes against seniors in the current Congress. Rep. Josh Gottheimer’s (D-NJ) Senior Security Act of 2019 would create a Senior Investor Taskforce at the Securities and Exchange Commission (SEC) to examine and identify challenges facing senior investors.


Of NoteA 2015 report found that older Americans lose approximately $36.5 billion a year to financial scams and abuse; and those numbers are increasing as technology makes it easier for scammers to target older Americans. In 2016, a survey by the Investor Protection Trust found that nearly one in five seniors — approximately seven million Americans — have reported being victims of exploitation. In 2018, U.S. banks reported a record 24,454 cases of suspected elder financial abuse to the Treasury Department — more than double the number of suspected cases five years earlier.

Financial advisers agree that Americans’ lack of financial literacy is a problem. In a survey of advisers by InvestmentNews, 78% of respondents strongly agreed that financial literacy is a concern in the U.S. Although the U.S. is the world’s largest economy, the Standard & Poor’s Global Financial Literacy Survey ranks it at 14th globally (tied with Switzerland) when measuring the proportion of adults in the country who are financially literate. For perspective: at 57%, the financial literacy level in the U.S. is only slightly higher than that of Botswana, a country with an economy 1,127% smaller than America’s.

In a 2015 study, Annamaria Lusardi of George Washington University and Olivia Mitchell of the University of Pennsylvania found that only 30% of Americans were able to answer three simple questions about inflation, interest compounding, and risk diversification. In light of the complex financial decisions Americans face, the researchers called the success rate “discouragingly low.”

Additionally, there’s evidence of a downward trend in financial literacy. In a 2015 report, FINRA’s National Financial Capability Study (NFCS) found that the percentage of respondents who were able to answer at least four of five financial literacy questions had decreased, from 42% in 2009 to 39% in 2012 and finally, to 37% in 2015. Alarmingly, within the same time frame, Americans’ perceptions of their own financial knowledge became more positive: so, while Americans demonstrably became less financially knowledgeable, they perceived themselves as more financially savvy.

Across age groups, the 2016 Survey of Consumer Finances (SCF) found that average financial literacy didn’t improve significantly with age. While young Americans (ages 20-35) gained some financial literacy with age (ages 36-50), their financial literacy plateaued in middle age (ages 51-65) and then decreased slightly in seniority (ages 66+). Similarly, when the American Society on Aging sponsored a study to evaluate the financial knowledge of Americans over the age of 50, only one-third of respondents could answer all three questions correctly in a survey of three simple questions assessing the knowledge of concepts such as inflation, risk diversification, and interest rates.


Media:

Summary by Lorelei Yang

(Photo Credit: iStockphoto.com / richard johnson)

AKA

Supporting the protection of elders through financial literacy.

Official Title

Supporting the protection of elders through financial literacy.

    EDUCATING OUR SENIORS ON THEIR FINANCIAL AFFAIRS IS A PLUS I’m in agreement that Financial crimes are rising dramatically against senior citizens and it’s a beneficial great step to provide means which will better-educate our seniors about their personal finance and will help combat these crimes. SneakyPete.......... 4*30*19..........
    Like (26)
    Follow
    Share
    What a bunch of hooey! Local community volunteers educating seniors won't take much time or any money-we are still cognizant of our surroundings and teachable which a quick class would accomplish. More democrat silliness supporting but not doing anything worthwhile.
    Like (16)
    Follow
    Share
    Seniors are especially vulnerable to online white collar financial schemes. The CFPB needs to be fully funded & staffed to protect seniors & all victims of predatory financial practices. So of course the Trump administration had Mick Mulvaney gut it.
    Like (21)
    Follow
    Share
    Again, non-binding toothless legislation like this does nothing. Congress should actually provide funding for these programs rather than passing bills like this that allow them to pretend like they’re actually doing something.
    Like (15)
    Follow
    Share
    Financial literacy should start in 4th grade
    Like (10)
    Follow
    Share
    This should be for everyone. Schools don't teach how to use finances. Elderly are our most vulnerable
    Like (10)
    Follow
    Share
    It’s not an enumerated Federal power in the United States Constitution. Therefore it is unconstitutional.
    Like (8)
    Follow
    Share
    Everyone should be more aware of how to move money and where it goes.
    Like (5)
    Follow
    Share
    Seniors are often vulnerable and taken advantage of because of their retirement savings. They must be protected!
    Like (5)
    Follow
    Share
    Is that all they know is to waste taxpayers money? They already wasting time and money on investigations of Trump! Democrats should have to pay taxpayers back! How about reducing the national debt! Defund Planned Parenthood and all these organizations that can raise money on own! How about immigration? How about the American workers? Thierr other things more important!
    Like (4)
    Follow
    Share
    This is a resolution that goes nowhere! What a complete waste of taxpayers money. Anyone that voted Yea for this should be voted out of office! Pathetic!!
    Like (4)
    Follow
    Share
    Protecting our Senior Citizens from PREDATORS Should be a priority.
    Like (4)
    Follow
    Share
    Who cares if the house supports something or not? What a colossal waste of time and money stolen from the taxpayers. How about doing something meaningful like cutting taxes and repealing regulations?
    Like (4)
    Follow
    Share
    just because you are a senior doesn't mean you don't have opinion regardsless of your age,
    Like (4)
    Follow
    Share
    Many of our seniors are surviving widows. Many grew up and married in a time when their spouse handled the finances. Since there is a preponderance of wives outliving their husbands. Many are unfamiliar with their financial assets and their existence and management.
    Like (4)
    Follow
    Share
    As a senior citizen, I absolutely support this. Actually we must have consumer protection for all citizens.
    Like (3)
    Follow
    Share
    Too many seniors get ripped off by scams and other sick people like that. Seniors need all the help they can get
    Like (3)
    Follow
    Share
    Sure in exchange for 🎯 taxing income from investments like income from work. Billionaires like Warren Buffett pay a lower tax rate than millions of Americans because federal taxes on investment income (unearned income) are lower than the taxes many Americans pay on salary and wage income (earned income). Because Buffett gets a high percentage of his total income from investments, ⁉️ he pays a lower income tax rate than his secretary. Currently, the top statutory tax rate on investment income is just 23.8%, but it’s 43.4% on income from work. To reduce this inequity, we should raise tax rates on capital gains and dividends so they match the tax rates on salaries and wages. These loopholes lose $1.3 trillion over 10 years.
    Like (3)
    Follow
    Share
    Helping anyone read is common sense
    Like (3)
    Follow
    Share
    This looks like a bunch of hooey.
    Like (3)
    Follow
    Share
    MORE