LEGISLATIVE RESOLUTION memorializing Governor Andrew M. Cuomo to declare
April 2012 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 2012; 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, In 2011, United States consumer debt totaled $2.45 trillion;
the average household carried nearly $8,200 in credit card debt; and
WHEREAS, In recent years, a record high of 15 percent of disposable
personal income went towards paying the interest on personal debt; and
WHEREAS, Approximately 17 million households in the United States do
not have accounts at mainstream financial institutions such as banks or
credit unions; and
WHEREAS, Fifty-five percent of all Americans are living paycheck to
paycheck; 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, Because of the present financial crisis, there is a need for
further support through government and private partnerships that can
provide efficient use of resources to leverage technology advancements
to reach additional consumers; 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 the Legislative Body pause in its deliberations to
memorialize Governor Andrew M. Cuomo to declare April 2012 as 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 Andrew M. Cuomo, Governor of the State of New
York.