Political Quotes

“the state of financial literacy among our children is not good. Sixty percent of preteens do not know the difference between cash, credit and checks; 28 percent of 12-year-olds do not know that credit cards are a form of borrowing; and almost 40 percent of them do not know that banks charge interest on loans. That is why I am introducing today a bill that will better coordinate public and private sector efforts to enhance financial literacy among our youth. The CENTS legislation, as in dollars and cents, establishes a commission that will provide recommendations on how to interrogate high-quality, standards-based economic and financial education. The commission will identify the best practices in the teaching of economics and personal finance and it will recommend how to better coordinate Federal, State and private sector efforts. Mr. Speaker, I urge my colleagues to join me in cosponsoring the CENTS Act to improve the financial literacy of our Nation's young people.”