Foster Financial Literacy Resolution

Summary

SIFMA supports H. Res. 327, encouraging greater public-private sector collaboration to promote financial literacy for students and young adults, introduced by Rep. Bill Foster (D-Ill.) and Rep. French Hill (R-Ark.).

We commend Congressman Foster and Congressman Hill for sponsoring this important, bipartisan resolution. The resolution highlights how essential financial literacy is in ensuring young adults are prepared for an increasingly complex financial marketplace, and resolves to support the efforts of federal agencies to partner with organizations that are focused on developing opportunities for minorities and women to place talented young minorities and women in industry internships, summer employment, and full-time positions, and to support the efforts of the Federal financial agencies to provide consumers with relevant information and decision-making tools regarding important financial decisions.

The resolution also urges the Department of the Treasury to consult with FINRA and implement future national financial capability studies.

Excerpt

The Honorable Bill Foster

U.S. House of Representatives

2366 Rayburn House Office Building

Washington, DC 20515

The Honorable French Hill

U.S. House of Representatives

1533 Longworth House Office Building

Washington, DC 20515

Dear Representative Foster and Representative Hill,

The Securities Industry and Financial Markets Association (SIFMA)[1] would like to express our support for H. Res. 327, encouraging greater public-private sector collaboration to promote financial literacy for students and young adults, introduced by Rep. Bill Foster (D-Ill.) and Rep. French Hill (R-Ark.). We commend Congressman Foster and Congressman Hill for sponsoring this important,  bipartisan resolution. The resolution highlights how essential financial literacy is in ensuring young adults are prepared for an increasingly complex financial marketplace, and resolves to support the efforts of federal agencies to partner with organizations that are focused on developing opportunities for minorities and women to place talented young minorities and women in industry internships, summer employment, and full-time positions, and to support the efforts of the Federal financial agencies to provide consumers with relevant information and decision-making tools regarding important financial decisions. The resolution also urges the Department of the Treasury to consult with the Financial Industry Regulatory Authority (FINRA) and implement future national financial capability studies.

SIFMA is dedicated to promoting financial literacy and giving students the necessary tools to build a solid foundation of information regarding investing and saving so they can one day achieve their financial goals. Throughout the year, SIFMA and the SIFMA Foundation provide financial education for young people of all backgrounds through innovative programs promoting financial independence and real-world learning, such as InvestWrite, the Capitol Hill Challenge, and the Stock Market Game. SIFMA believes that investing in students’ financial capability is an investment in their future success and is committed to enhancing knowledge of the financial markets.

[1] SIFMA is the leading trade association for broker-dealers, investment banks and asset managers operating in the U.S. and global capital markets. On behalf of our industry’s nearly 1 million employees, we advocate for legislation, regulation and business policy, affecting retail and institutional investors, equity and fixed income markets and related products and services. We serve as an industry coordinating body to promote fair and orderly markets, informed regulatory compliance, and efficient market operations and resiliency. We also provide a forum for industry policy and professional development. SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA). For more information, visit http://www.sifma.org.

Continue Reading >