Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Second State Legislature

Regular Session of 2003

State of Hawaii

Sir:

Your Committee on Education, to which was referred H.C.R. No. 160 entitled:

begs leave to report as follows:

The purpose of this bill is to designate April 2003 as financial literacy for youth in Hawaii month.

The Department of Education and the Hawaii Credit Union League submitted testimony in support of this measure.

Your Committee finds that consumer bankruptcy filings in the United States increased in 2001 by 19 percent over those in the previous year and that home foreclosures reached their highest rate in 30 years in 2002. Your Committee further finds that financial literacy empowers individuals to make wise financial decisions.

Your Committee has amended this measure by designating April as financial literacy month and removing the specified year.

As affirmed by the record of votes of the members of your Committee on Education that is attached to this report, your Committee concurs with the intent and purpose of H.C.R. No. 160, as amended herein, and recommends its adoption in the form attached hereto as H.C.R. No. 160, H.D. 1.