Daniel Akaka: “today I am introducing the College Literacy in Finance and Economics or College LIFE Act. I would like to thank my…”

“today I am introducing the College Literacy in Finance and Economics or College LIFE Act. I would like to thank my colleagues, Senators Sarbanes and Corzine, for their cosponsorship of this important legislation. The problem we're working to address with the College LIFE Act is simple. Our college students are many of America's best and the brightest. They hold the promise of our country in their hands and will go on to become leaders--in business, education, politics, the military, the community--any field you can name. It is wonderful that so many people are pursuing and fulfilling their dreams of higher education in numbers that I did not imagine when I was in college. In fact, as reported by the American Council on Education, total college enrollment surged by 3 million or nearly 27 percent over the past 20 years. However, I am gravely concerned, both as a member of this body and particularly as a grandparent and great-grandparent, that our young people are entering college without proper direction or good skills for money management or economic decisionmaking.”