Daniel Akaka: “today, I am introducing the TANF Economic and Financial Education Promotion Act of 2006, with my colleagues Senators…”

“today, I am introducing the TANF Economic and Financial Education Promotion Act of 2006, with my colleagues Senators Lautenberg, Stabenow, and Obama. I appreciate the work of our former colleague, Senator Corzine, for initiating this important financial and economic literacy bill, of which I had been an original cosponsor. This bill is a product of revisions suggested by the Jump$tart Coalition for Personal Financial Literacy and the American Savings and Education Council, as well as consultation with other community groups such as the National Association of Securities Dealers and National Council on Economic Education. As noted in the bill's findings, high levels of personal debt and bankruptcy filings combined with a negative personal savings rate in 2005 have put more and more individuals on the edge of financial insolvency. Individuals who are already living with less-than-ideal financial circumstances--such as most Temporary Assistance for Needy Families, TANF, recipients and others who are not financially self- sufficient and live outside the financial mainstream--apply to predatory lenders for short-term loans with comparatively high interest rates or fees, or are able to save little or nothing for emergencies or future events.…”