BILL ANALYSIS                                                                                                                                                                                                    



                                                                  ACR 147
                                                                  Page  1

          Date of Hearing:   April 15, 2010

                             ASSEMBLY COMMITTEE ON RULES
                                Nancy Skinner, Chair
              ACR 147 (Lieu and Niello) - As Introduced:  March 22, 2010
           
          SUBJECT  :   Financial Aid and Literacy Month.

           SUMMARY  :   Declares April 2010 as Financial Aid and Literacy  
          Month to raise public awareness about the need for increased  
          financial literacy; and encourages public and private  
          organizations and institutions to provide opportunities for  
          financial literacy education for all Californians and to  
          collaborate with members of the California Society of Certified  
          Public Accountants, the California JumpStart Coalition, and  
          others as they provide outreach and education.   Specifically,  
           this resolution  makes the following findings:  

          1)Over 630,000 California homeowners faced losing their homes  
            through foreclosure in 2009, an increase of nearly 21 percent  
            from 2008; and many of these homeowners were unaware of the  
            risks associated with their specific mortgage loan.

          2)As students progress through school, credit card usage  
            increases; and 56 percent of final-year college students carry  
            four or more cards with college seniors carrying an average of  
            $4,138 in credit card debt in 2008.

          3)High school seniors taking part in a national survey of  
            financial knowledge scored an average of 48.3 percent, a  
            failing grade; and in recognition of the importance of  
            teaching financial literacy, the number of states that require  
            high school students to take a personal finance course has  
            increased from seven in 2007 to 13 in 2009.

          4)Financial literacy training may easily be integrated as a  
            valuable component for elementary and secondary schools,  
            colleges and universities, libraries, community groups, and  
            citizen town hall meetings; and many groups are dedicated to  
            increasing the financial literacy of Americans with a broad  
            range of quality personal finance materials and curricula  
            created for the purpose.

           FISCAL EFFECT  :   None









                                                                  ACR 147
                                                                  Page  2

           REGISTERED SUPPORT / OPPOSITION  :   

           Support 
           
          California Society of Certified Public Accountants

           Opposition 
           
          None on file.

           
          Analysis Prepared by  :    Anna McCabe / RLS. / (916) 319-2800