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Crapo Promotes Financial Awareness

Co-sponsors Senate legislation designating April as Financial Literacy Month

Washington, DC - Issues ranging from the housing crisis, to federal deficits, bankruptcy and individual finances make this a good time to review personal financial awareness, according to Idaho Senator Mike Crapo. Crapo, a member of the Senate Finance and Banking Committees, co-sponsored Senate Resolution 495, which passed by unanimous consent last night.

"This resolution encourages all Americans to stay abreast of the financial conditions that affect their pocketbook, their savings and their homes and families," Crapo said. "For the first time since the Great Depression, Americans are saving less and going deeper into debt. According to the Federal Reserve, household debt set a new record of approximately $13 trillion last year. More than a million Americans filed for bankruptcy. There are services that allow Americans to access their credit reports for free and financial information is widely available through financial institutions and the Internet."

Crapo, who chairs the Senate Republican Capital Markets Task Force, said the Senate resolution declares April of 2008 to be Financial Literacy Month and encourages Americans to observe the month with appropriate programs and activities. "Updating personal financial information is a great place to start," he added. "Individuals and the Congress can always benefit by paying closer attention to the debts facing both themselves and their government."