Parliamentary Inquiry

Floor Speech

PARLIAMENTARY INQUIRY -- (House of Representatives - May 17, 2007)

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Ms. EDDIE BERNICE JOHNSON of Texas. Mr. Chairman, I rise today to support this amendment and certainly want to thank the chairman of the committee and other members of the committee.

My amendment, as modified, addresses the need for public knowledge and understanding of basic financial principles. It also seeks to reduce our Nation's already enormous consumer debt. My amendment requires that anyone who receives Federal assistance through the affordable housing fund committee attend a financial literacy program.

We must educate our Nation's consumers to make informed decisions when managing their personal finances. Many consumers, especially first time homeowners, do not fully understand the complex financial agreements into which they are entering. For most families, their home is their single largest financial investment.

Therefore, it is vital to provide working families with the knowledge on how to buy and keep their homes. The number of foreclosures rise every month all over the country. And in the Dallas area, we have one of the highest foreclosure rates in the Nation.

My amendment will work to reduce the number of foreclosures and solidify a strong housing market. Education truly is the key to building a strong housing market and strong communities. Homeownership is a dream for many Americans. It represents security and it builds pride in our neighborhoods, and it is essential in creating positive, productive communities.

My amendment will help families fully understand their financial commitments and allow them to successfully achieve their part of the American dream.

I appreciate the chairman including my amendment en bloc.

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