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

WHEREAS, Personal financial literacy is essential to ensure that indi-
viduals are prepared to manage money, credit, and debt, and become
responsible workers, heads of households, investors, entrepreneurs,
business leaders, and citizens; and
WHEREAS, Personal financial management skills and lifelong habits
develop during childhood and continue throughout one's life; and
WHEREAS, This Legislative Body is justly proud to memorialize Governor
David A. Paterson to proclaim May 2009 as Personal Financial Literacy
Month in the State of New York; and
WHEREAS, It is recognized that at the core of the National mortgage
crisis are men and women not being sufficiently educated about the
language and management of money, the consequences of unreasonable sub-
prime mortgage loans, and the value of savings; and
WHEREAS, United States consumer debt totaled $2.4 trillion in 2006, of
which credit card debt alone exceeded $825 billion; and
WHEREAS, Personal savings as a percentage of income dropped to nega-
tive one percent in 2006, and remained at that level through 2008, the
lowest since the Great Depression; and
WHEREAS, The current economic crisis reinforces our belief that the
teaching of financial literacy should no longer be a curricular option
for the children in New York State's schools; and
WHEREAS, There is a need to help teachers integrate financial literacy
into the existing curriculum and to make learning relevant to the needs
of today's students; and
WHEREAS, Studies show that as many as 10 million households in the
United States are "unbanked" or without access to mainstream financial
products and services; and
WHEREAS, Expanding understanding and access to the mainstream finan-
cial system provides individuals with lower-cost and safer options for
managing finances, building wealth and is likely to lead to increased
economic activity and growth; and
WHEREAS, Public, consumer, community-based, and private sector organ-
izations throughout the United States, such as participants in the 2nd
Annual New York Financial Literacy Forum, are working to increase finan-
cial literacy rates for New Yorkers and all Americans of all ages
through a range of outreach efforts, including media campaigns,
websites, and one-on-one counseling for individuals; now, therefore, be
it
RESOLVED, That May 2009 has been designated as Personal Financial
Literacy Month in order to educate the public about the need for
increased financial literacy for the citizens of this great Empire
State; and be it further
RESOLVED, That this Legislative Body supports the goals and ideals of
Personal Financial Literacy Month, and the serious consequences that
have resulted from a lack of understanding about personal finances; and
be it further
RESOLVED, That this Legislative Body pause in its deliberations to
memorialize Governor David A. Paterson to proclaim May 2009 as Personal
Financial 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.