Daniel Akaka: “I rise to reintroduce comprehensive legislation aimed at addressing the issue of economic and financial illiteracy on…”

“I rise to reintroduce comprehensive legislation aimed at addressing the issue of economic and financial illiteracy on college campuses. I am referring to the worrisome problems of skyrocketing debt levels, low rates of saving, and the proliferation of unchecked predatory practices by unscrupulous financial institutions among young adults who hold our country's future in their hands. Entitled the College LIFE or College Literacy In Finance and Economics Act, this bill has the support of Senators Sarbanes and Corzine. I thank my colleagues from Maryland and New Jersey for joining me as original cosponsors of this measure. I also thank Senator Enzi, the Chairman of the Health, Education, Labor, and Pensions Committee, for working with me on financial literacy as it affects all constituencies, including college students. The problem we are working to address with the College LIFE Act is simple. Our college students are many of America's best and the brightest and will go on to become leaders--in business, education, politics, the military, the community--any area you can name.”