Sylvia Garcia
09/20/2022 | Press release | Distributed by Public on 09/20/2022 09:16
CONGRESSWOMAN SYLVIA GARCIA INTRODUCES BILL TO STRENGTHEN FINANCIAL LITERACY FOR 26 MILLION LIMITED ENGLISH PROFICIENCY INDIVIDUALS
Washington, D.C.- Today, Congresswoman Sylvia Garcia (TX-29) announced the introduction of the Multilingual Financial Literacy Act - a bill that directs the Financial Literacy Education Commission (FLEC) to carry out a study on the impact of language barriers on financial health. This bill has massive national implications as the United States is home to more than 380 spoken languages, and nearly nine percent of individuals speak English "less than very well."
"Ensuring everyone in the United States has the opportunity to thrive financially is not only the right thing to do, but it's also the smart thing to do as more than 26 million people across our country have limited English proficiency (LEP)," said Congresswoman Garcia. "These individuals are eagerly contributing to our economy but face rigid language barriers on their path to financial health and freedom. Removing these hurdles will create a more inclusive financial industry that will increase their chance of achieving financial health while also strengthening our nation's robust economy."
"Catholic Charities USA welcomes the introduction of the Multilingual Financial Literacy Act. Many of the people the 167 local Catholic Charities agencies serve speak languages other than English as their primary means of communication," said Sister Donna Markham OP, PhD, ABPP, President & CEO of Catholic Charities USA. "Part of our mission includes educating and guiding non-English speakers in accessing available financial services, a critical factor in their integration into U.S. culture and society. This legislation will contribute to a better understanding of how organizations such as Catholic Charities can collaborate with government partners in dismantling barriers to integration resources and services for non-English speakers.
Following the study, FLEC would issue a report with recommendations on how to address these language barriers with the goal of achieving better financial inclusion for LEP individuals. FLEC would also be required to make financial literacy and education resources, including websites and hotlines, available in the eight most spoken languages in the U.S.
You can find the full bill text here.
###
Congresswoman Sylvia R. Garcia was elected to the U.S. House of Representatives in November 2018, becoming the first Latina ever to represent the Texas 29th Congressional District. She serves on the House Judiciary, Financial Services, and Armed Services Committees.