LEGISLATIVE RESOLUTION memorializing Governor David A. Paterson to
declare April 2009 as Financial Literacy Month in the State of New York

WHEREAS, The State of New York takes great pride in acknowledging months
of recognition of important issues; and
WHEREAS, Financial Literacy Month will be celebrated during the month
of April 2009; and
WHEREAS, Personal financial literacy ensures that individuals are
prepared to manage money, credit, and debt; it also helps them become
responsible workers, heads of households, investors, entrepreneurs,
business leaders, and citizens; and
WHEREAS, Many states are now requiring financial education as part of
their high school curriculum; and
WHEREAS, United States consumer debt totaled $2.57 trillion in 2008;
credit card debt alone exceeded $976 billion; and
WHEREAS, During the third quarter of 2008, 14.01 percent of disposable
personal income went towards paying the interest on personal debt; and
WHEREAS, Approximately nine million households in the United States do
not have accounts at mainstream financial institutions such as banks or
credit unions; and
WHEREAS, Expanding access to these mainstream financial institutions
will provide individuals with less expensive and more secure options for
managing their finances and building wealth; and
WHEREAS, Increased financial literacy empowers individuals to make
wise decisions and reduces the confusion caused by the increasingly
complex economy; and
WHEREAS, A greater understanding of, and familiarity with, financial
markets and institutions will lead to increased economic activity and
growth; now, therefore, be it
RESOLVED, That this Legislative Body pause in its deliberations to
memorialize Governor David A. Paterson to declare April 2009 as Finan-
cial Literacy Month in the State of New York; and be it further
RESOLVED, That a copy of this Resolution, suitably engrossed, be tran-
smitted to The Honorable David A. Paterson, Governor of the State of New
York.