BILL ANALYSIS
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THIRD READING
Bill No: ACR 147
Author: Lieu (D) and Niello (R), et al
Amended: 4/22/10 in Assembly
Vote: 21
WITHOUT REFERENCE TO COMMITTEE OR FILE
ASSEMBLY FLOOR : Read and adopted, 4/22/10
SUBJECT : Financial Aid and Literacy Month
SOURCE : California Society of Certified Public
Accountants
DIGEST : This resolution 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.
ANALYSIS :
This resolution makes the following Legislative findings:
1. Over 630,000 California homeowners faced losing their
homes through foreclosure in 2009, an increase of
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ACR 147
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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 : Fiscal Com.: No
SUPPORT : (Verified 6/16/10)
California Society of Certified Public Accountants (source)
California Bankers Association
California State Controller John Chiang
JJA:do 6/16/10 Senate Floor Analyses
SUPPORT/OPPOSITION: SEE ABOVE
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