About

Why Financial Literacy Matters: 

In America, over 50 million people live in a state of financial crisis. As of December 2022, 64% of Americans are living paycheck to paycheck, and 32% of adults say they would not be able to afford an unexpected expense of $400. Systemic issues persist, forcing households to spend excessive time and money to access basic financial services.  In 2021, nearly 1 in 5 households in the U.S. either had no access to mainstream financial services or restored costly alternatives, despite having accounts with banks or credit unions. 

Our goal:

The Financial Literacy and Wealth Creation Caucus aims to equip Americans with the skills and resources they need for economic stability, wealth-building, and prosperity. Our caucus will form and promote comprehensive, result-driven strategy that empowers individuals to make better financial decisions, realize their economic goals, and establish a stronger financial footing for themselves and future generations.  

Education: Knowledge is power, we will work to provide members of Congress with financial and economic resources pertinent to their district and constituents. 

Policy: Our caucus will be a one stop shop to developing and supporting bipartisan pieces of legislation that ensure all Americans have the tools they need to enhance their financial wellness.

Public-Private Collaboration: We recognize the importance of collaboration between the private and public sectors to create pathways for wealth-building.

Legislation: 

H.Res.291 Supporting the goals and ideals of "Financial Literacy Month". H.Res.291 would raise public awareness about the importance of personal finance education in the United States among other provisions. 

H.R. 4899, the Housing Financial Literacy Act of 2023, gives first-time homebuyers a 0.25% discount on their mortgage premium from the Federal Housing Administration (FHA) if they complete a financial literacy housing counseling course before applying for a mortgage or entering into a sales agreement.

H.R. 2943, the Student Empowerment and Financial Literacy Act, creates a grant program within the Department of Education to promote financial literacy programs for K-12 students, prioritizing schools that serve underbanked populations. The legislation promotes partnerships between non-profits, community groups, schools, and financial institutions.

Events:

The Caucus also hosts roundtables, staff briefings and other financial literacy educational forums. It also organizes and coordinates with outside groups that promote financial literacy programs.

For more information:

For more information about the Financial Literacy and Wealth Creation Caucus, please contact us by phone.

Office of Congresswoman Joyce Beatty

Phone: (202) 225-4324

Office of Congresswoman Young Kim 

Phone: (202) 225-4111