Daniel Akaka: “With each passing day, the need for increased economic literacy becomes more and more apparent. Our nation's economy is…”

“With each passing day, the need for increased economic literacy becomes more and more apparent. Our nation's economy is undergoing enormous changes. When I first introduced economic education legislation, we were in the midst of unprecedented economic growth and the longest peacetime economic expansion in our nation's history. More recently, however, the stock market experienced serious volatility and the NASDAQ suffered a sharp downturn. A number of employers, especially in the technology sector, have released a substantial number of their employees. The Federal Reserve has cut interest rates five times this year, the most recent cut occurring yesterday, in an effort to prevent our nation from sliding into an economic recession. Economic changes such as these highlight the importance of economic and financial literacy. I am convinced that increased education about basic economic principles such as money management, personal finance, interest rates, and inflation will assist all Americans in making informed decisions about their financial situations.”