Dreier Addresses Jump$tart Coalition
Points to Importance of Financial Literacy In Changing Economic Times

February 25, 2003

WASHINGTON, DC - Congressman David Dreier (R-San Dimas), Chairman of the House Rules Committee, addressed a gathering of representatives from the financial services industry today and asked for their continued support in the effort to make our nation's youth more financially literate. The gathering was sponsored by the Jump$tart Coalition, an organization that seeks to identify key areas of weakness in our school's financial education curriculum.

"Americans have more access than ever to their financial information," Dreier said. "The Internet has given consumers the ability to be fully engaged in saving and investing for their retirement and monitoring their credit. However, this access to information can't be valuable to a consumer who doesn't understand the importance of financial responsibility. As our children prepare to make their way into the world, we need to prepare them now for the financial challenges they will face. If they start out with a strong appreciation for saving and investing, they will obviously be better consumers in the long run. I applaud Jump$tart's continuing effort to give students the tools they need to make smart decisions when it comes to their money."

Dreier recently helped Jump$tart secure a $250,000 grant from the Department of Education to aid their financial literacy initiatives. In 2001, financial literacy language similar to legislation introduced by Dreier and Congressman Earl Pomeroy (D-ND) was included in President Bush's education initiative, The No Child Left Behind Act of 2001, H.R. 1.

In his speech today, Dreier cited recent statistics as compelling evidence that more financial education is needed in our schools. For example:

• A record 1.6 million bankruptcy cases were filed in 2002; and,
• Personal savings as a percentage of disposable income decreased from 4.7 % in 1998 to 2.3 % in 2001.

"The financial services industry plays an equally important role in the effort to financially educate young Americans," Dreier said. "I look forward to continuing to work with them to strengthen the fundamental financial skills of consumers and investors who will be integral to our nation's economy in the future."