Reid Cramer: All Publications, Events and Press

Rental Assistance Asset Accounts

Asset Building — Tue, 28 Oct 2008 11:07:00 -0400

The rental housing market in the United States is characterized by a fundamental disconnect between rents and household incomes. Millions of Americans simply earn too little to afford to rent a decent home. To meet these families' basic needs for shelter, the federal government spends more than $25 billion each year to provide rental assistance to more than four million poor and near-poor households. This assistance is delivered through a mix of housing vouchers and deep subsidies to public housing agencies and private owners to maintain a stock of affordable housing developments built in prior decades. Despite this large and important federal investment, the unmet need remains vast. As of 2007, some eight to nine million renter households spent more than half their incomes for rent and utilities.

Given current budget deficits and political realities, dramatic increases in federal rental assistance are not feasible. Some have argued that we should spread out the available assistance to a larger number of households. While this idea is worth investigating further, many practitioners believe that the reduced assistance amounts will be too low to enable families to achieve stable rental housing in a decent neighborhood, undermining a fundamental objective of housing assistance.

An alternative approach, which we propose here, is to revise federal rental assistance rules to create stronger incentives for existing beneficiaries of rental assistance programs to make progress toward economic self-sufficiency. If successful, this policy would help existing residents transition more quickly to private-market housing and help those who remain on assistance to achieve higher incomes so that they need lower levels of assistance. Both outcomes would free up funds for assisting additional families.

There are certainly many challenges in designing a rental assistance policy that provides the right bundle of incentives to support this process. People are different, their needs are diverse, and many of the tools that are needed to fully accomplish these objectives lie outside the housing assistance system. Despite these challenges, we believe a system of housing assistance can be designed that more effectively encourages work, promotes savings, and creates a path to future independence. In this paper, we introduce an idea for achieving these objectives, articulate its policy rationale, explore how it might be tested and implemented, and consider the potential implications for future policy development.

What We Need Out of a Second Stimulus Package

Articles — Wed, 22 Oct 2008 14:06:00 -0400

Central bankers usually don’t like to admit that their economies are in recession. But Federal Reserve Chairman Ben Bernanke did just that earlier this week in testimony before Congress. He had little choice. The financial storm he has been weathering has almost certainly unleashed a global and national recession. The pain of the recession and the accompanying job loss is already being felt by families and communities across the country, and it is likely to get worse before it gets better. Bernanke realizes that the job… more

Asset Building Report in the Washington Independent | 'Shop Till We Drop — or Save?'

Articles — Fri, 17 Oct 2008 11:46:00 -0400

New America in the News:

In a policy paper issued last month by the New America Foundation, researchers Reid Cramer, Rourke O’Brien and Alejandra Lopez-Fernandini summarize the trend: “Millions of low-income Americans,” they wrote, “are hearing two conflicting messages from their government: Save and Don’t Save.” LINK

The Predator State

Communications — Mon, 06 Oct 2008 04:15:00 -0400

A New America Event
10/06/2008 - 12:15pm

As the myth of the free market is overcome by current events, James K. Galbraith's new book explains both its rise and fall. His description of the dynamic and troublesome interaction between the public and private sectors is timely, instructive, and ultimately devastating. The rise of a free market ideology blurred both the distinction between these sectors and the growth of government. It did so in ways that not only contributed to greater wealth and income inequality, but also directly… more

Presidential Promises

Asset Building — Fri, 19 Sep 2008 09:17:00 -0400

The presidential election of 2008 has been historic by many measures. The campaign has featured an extended and competitive primary season, which has given way to a general election contest between Democrat Barack Obama and Republican John McCain. As the campaign has unfolded, economic conditions have worsened along with rising levels of unemployment, personal debt, and mortgage defaults. The erosion of savings and household assets have increased the economic insecurity of many families and heightened interest into each candidate’s prescription for a policy response. This paper will describe the policy proposals made by Senators Obama and McCain during the course of the presidential campaign which focus on the broad issues of savings and asset building as they contribute to economic opportunity and security.

For the full text of this report, please see the attached PDF file.

Asset Building and Low-Income Families

Asset Building — Fri, 12 Sep 2008 04:00:00 -0400

This was presented at the 2008 Assets Learning Conference, and is in PDF format.

The Assets Agenda

Asset Building — Wed, 03 Sep 2008 07:25:00 -0400

The current economic downturn, triggered in part by excessive household debt and deflating housing prices, underscores the central role asset ownership plays in the economic security of American families and the broader economy. Broad asset ownership, whether through savings or investment, has the potential to connect economic opportunity with economic security and ensure that every member of society is afforded a real stake in the commonwealth. Assets are important not only because they can be deployed productively or tapped to help individuals and families weather unexpected events, but because they have behavioral effects that can change the manner in which people think about and plan for the future.

Past efforts to democratize access to property, capital, and credit have had positive effects. Yet the most notable feature of our current policy paradigm is how many it excludes. Through targeted tax breaks, affluent families are given many options to acquire assets, while those with fewer resources are offered less attractive ways to build wealth. The poorest families among us are given limited access to income supports and social services. This approach misses the potential of assets to help chart a path out of poverty. If we are to successfully broaden savings and assets ownership, our policy efforts must be expanded, strengthened, and directed toward those with the greatest need.

The purpose of this report is to outline a federal public policy agenda to broaden savings and asset ownership opportunities for lower-income Americans who have limited resources at their disposal. In developing our thinking on the subject, we have drawn on the research and expert analysis of many others in the field. The agenda we present here includes calls for new structures and policies at the federal level, as well as changes to existing tax systems, government programs, and financial products. Some of these policies are well developed, others need more seasoning, but all of them have the potential to contribute to the economic well-being of millions of American families.

This edition of New America's Assets Agenda is the most comprehensive to date, with 84 innovative asset-building ideas. Following the introduction, it is organized in 13 sections, each beginning with a brief synopsis of a problem, followed by specific policy proposals.

AutoSave Overview

Asset Building — Wed, 16 Jul 2008 11:00:00 -0400

The overview below revisits the proposal explored in a July 2006 Working Paper by Reid Cramer. Please click here to access that document, or see below for the updated overview.

AutoSave Overview

AutoSave is a unique savings plan that automatically diverts through payroll deduction a small amount of post-tax wages into a savings account. AutoSave's design incorporates key factors that encourage saving, such as facilitation of automatic transfers to a savings account through an existing system (here, payroll deduction) and use of defaults that simplify and ease decision making, requiring employees to take action not to save. To participate, employers would direct deposit a small amount of wages each pay period into individual or in some cases pooled AutoSave accounts on behalf of their employees. Individuals will have the flexibility to opt out of the system (as well as to increase or decrease the amount saved), and will be able to withdraw funds at any time without financial penalty. This new infrastructure, seamlessly enabling individuals to contribute small amounts of their wages into an accessible savings account, will be especially valuable for individuals who have limited liquid assets, and who may otherwise be forced to meet emergency liquidity needs with high-cost emergency loans.

The AutoSave Pilot

AutoSave utilizes a default mechanism to build savings into the payroll system, making the savings process automatic, flexible, and inclusive. The AutoSave pilot will test the concept's operational feasibility, attractiveness, and effectiveness to both employers and workers. Special attention will be focused on the population most in need of non-restricted saving accounts, workers in families at or below the 60th percentile of income (in 2006, the mean income for the third quintile was $48,223). AutoSave could be set at 2 percent of wages, so that a worker earning $50,000 would accumulate $832 in after-tax savings each year, diverting $35 per biweekly pay check. This would make a substantial contribution to unplanned expenses such workers are likely to face.

An initial pilot seeks to examine: (1) the feasibility of the direct deposit mechanism with default participation at a low contribution level; and (2) the value proposition of participation for the employee (does this automated mechanism aid

management of finances, facilitate savings and improve financial stability), the employer (do the benefits of providing AutoSave outweigh the costs), and associated financial institutions, and financial and workplace intermediaries.

The Need for Non-Restricted Savings

Savings are valued as a form of self-insurance, a key ingredient in one's sense of security, and as one's own personal safety net that can be tapped in the event of unanticipated expense. Savings behavior is associated with positive asset-building behavior, increased asset holdings, and lower overall use of non-traditional and personal network sources of credit. For households with fewer resources, non-restricted savings can be especially powerful as a lifeline to weather financial downturns or as the initial building blocks of asset accumulation.

Nationally representative surveys estimate that as few as 40 percent of Americans set aside funds for emergencies, with only half of these doing so through automatic and regular transfers from a checking account to a savings account. Fourteen percent of Americans report holding less than $500 in those saving accounts. Recent survey research by the Center for Financial Services Innovation and the New York City Department of Consumer Affairs confirm that the underbanked consider saving for unexpected emergencies as the most important saving purpose or goal. A CFA survey suggests that the average American family incurs approximately $2,000 in emergency expenses annually (for car repair, emergency dental or other household expenses).

Middle-income workers, much like lower-income workers, also lack sufficient personal savings to weather a major disruption in income, defined as not being able to withstand a personal crisis such as job loss or major illness without a decline in standard of living. According to a nationally representative survey of Americans workers commissioned by the Rockefeller Foundation, 67 to 73 percent of families earning less than $36,000 report experiencing this financial strain, as do 47 percent of families earning $36,000-$57,999, and 43 percent of families earning $58,000-$91,999.

AutoSave Rationale

AutoSave is predicated on three principal rationales.

1. Working households require non-restricted savings accounts to cover unanticipated expenses.

While government programs and policies to encourage saving are focused on long-term goals and mainly benefit higher-income households, many households would benefit from a pool of non-restricted savings that could be tapped in an emergency. Each month, 15 million people, most of whom earn $18,000-$25,000, visit payday lenders where they are often charged an effective interest rate (expressed as an annual percentage rate) as high as 300-400 percent. The frequency of payday loan use and the sizeable income lost to fees suggests that a large share of the working population experiences liquidity problems and may not have access to lower-priced alternatives. For higher-income earners, automated savings could encourage the accumulation of a fairly substantial cushion in the event of job loss. Currently no systematic savings program exists to intentionally encourage short-term flexible savings.

2. Applying a "default" choice will improve savings.

AutoSave applies the most promising behavioral economics research that calls for the use of defaults to overcome emotional and psychological barriers that stymie reaching savings goals. This research finds that people value current losses (such as less money in a paycheck) over future gains (savings with interest) and are prone to inertia-to continuing an action once started. By defaulting people into saving and requiring them to take action to stop saving, AutoSave uses these tendencies to enhance saving. Employer-based retirement savings programs consistently demonstrate that simplifying the process of saving through requiring workers to "opt out" rather than "opt in" increases plan participation. AutoSave is designed to take advantage of one of the most tried and true savings techniques-inertia.

3. Employers are uniquely positioned to facilitate a savings mechanism.

AutoSave leverages existing infrastructure- payment mechanisms that automatically divert earnings to functions such as health insurance or retirement saving. This makes the workplace a logical place to enhance savings opportunities. Whereas only approximately half of employers offer retirement savings plans, flexible savings, which would entail no complex tax rules or matching requirements, can be easily adopted and implemented at low cost, by any employer directly depositing its employee payroll.

The Benefits of AutoSave

The distinguishing feature of AutoSave is the employer and financial institution facilitated enrollment for workers to make possible regular, post-tax contributions to a saving account, which the worker controls and which can be used to smooth income, cover emergencies or start building assets. In contrast, many Americans do not have or contribute regularly to a savings account that allows non-restricted withdrawals to meet emergency and other savings needs. According to recent polling by CFA, "inadequate savers and non-savers" said that automatic transfers from payroll were important to their saving decisions (65 percent said important, and 36 percent said very important).

AutoSave offers a potential means to increase savings behavior and create access to financial services that support savings for versatile uses. A pilot will illuminate the operational and policy implications for government, employers and other stakeholders, and inform the proposed strategies needed to implement AutoSave broadly.

About Us

The New America Foundation is a non-partisan, non-governmental policy institute based in Washington DC. New America's Asset Building Program received a one-year planning grant from the Rockefeller Foundation to design the AutoSave pilot. With MDRC, a nonprofit, nonpartisan education and social policy research organization, we will develop the parameters for the pilot and evaluation during 2008, with a projected launch of the pilot in 2009.

For the PDF version of this document, please see the attachment below.

529 College Savings Plans

Asset Building — Thu, 01 May 2008 06:25:00 -0400

The following prepared testimony was submitted on May 1, 2008 to the Committee on Ways and Means, Subcommittee on Select Revenue Measures. In it, Cramer explains that 529 College savings plans can be effective savings platforms, but urges reforms to make them more inclusive.

The full text is available below as a PDF download.

Don't Spend Your Tax Rebate!

Ron Tang — Tue, 15 Apr 2008 04:41:00 -0400

The IRS was so confident in the legendary observation of Oliver Wendell Holmes, Jr. that “taxes are the price we pay for a civilized society” they chiseled it above the entrance to their Washington D.C. headquarters. Still each year Tax Day makes incumbent politicians uneasy -- especially at times when recession fears mount and fall elections loom. This year this perilous combination spurred them on to take prompt and bipartisan action. Who wants to be accused of sending families their… more

The Assets Report 2008

Asset Building — Wed, 12 Mar 2008 01:03:00 -0400

The purpose of this annual report is to summarize and take stock of the current state of federal policy through an asset-building lens, especially as it affects the asset base of families with lower incomes and fewer resources, which is the focus of our work. The report is divided into three sections. The first is a review of policy developments from the past year related to asset building, highlighting administration action and significant legislation, including assets-related bills introduced in the first year of the 110th Congress; the second is an examination of the President’s budget proposals for Fiscal Year 2009 from an assets perspective; and the third is a forecast of the assets policy issues that may be considered in Congress during the year or two ahead. A companion report, The 2008 Assets Agenda, to be released in April will offer a detailed description of a range of policy proposals to broaden savings and asset ownership.

Below are the highlights of the report:

2007 Review

The Administration responded to the housing crisis by creating the HOPE NOW alliance to conduct aggressive outreach to homeowners at risk of delinquency and foreclosure.
FHASecure was launched as a refinancing option for homeowners with non-FHA adjustable rate mortgages in response to the housing crisis.
The IRS began allowing taxpayers to directly deposit their tax refunds among a maximum three accounts, a change expected to facilitate savings by simplifying the process of making deposits.
The Senate introduced the New Saver’s Act, a set of 14 low-cost proposals to increase savings, especially by lower-income Americans.
The House of Representatives reintroduced the ASPIRE Act, to establish universal children’s savings accounts, opened automatically at birth.
The Freedom to Save Act, the first sweeping proposal to reform asset limits in major public assistance programs was introduced by Representative John Conyers (D-MI).
Proposals to reform the asset limit in the Food Stamp Program were included in both the House and Senate versions of the Farm Bill.
The College Cost Reduction and Access Act was passed, changing the way some Section 529 accounts are treated in financial aid calculations.
Presidential candidates in both parties highlighted savings policies as part of their economic policy platforms.

President’s Budget Proposals FY 2009

The budget includes over $407 billion in tax expenditures related to asset building, which will overwhelmingly accrue to middle- and upper-income households, according to the Joint Committee on Taxation.
Consolidation of tax-preferred savings accounts is proposed which would create a system of Retirement Savings Accounts, Lifetime Savings Accounts, and Employer Retirement Savings Accounts.
The President makes his second consecutive proposal to extend “Saver’s Credit” eligibility to deposits made in Section 529 College Savings Plans.
The Community Development Financial Institutions (CDFI) is again slated for a drastic funding reduction, including the outright elimination of funding for Native Initiatives.

2008 Preview: What’s on the Agenda in Congress This Year

The stimulus package, passed by Congress in January and signed into law by the President, will deliver $110 billion in tax rebates beginning in May.
The potential onset of a recession may trigger additional calls for a policy response, which could include a focus on savings incentives and financial education. Though passage of specific savings legislation is unlikely, savings proposals are expected to generate interest and attention.
Further examination of issues that created the housing crisis may lead to legislative and regulatory changes in the mortgage market and more broadly to the provision of financial services.
Deteriorating economic conditions may lead to a second stimulus bill, creating opportunities to consider additional policies designed to encourage savings and financial stability.

For the full text of the assets report, please see the PDF attached below.

New America Foundation Releases New Report on Public Opinion and Political Culture

Communications — Fri, 29 Feb 2008 17:09:00 -0500

Today the New America Foundation's Next Social Contract Initiative and Pollster Cliff Zukin released new findings on how public opinion shapes national values and informs the potential for policy reform, particularly in the areas of health care, education, taxes and economic security. The new report, entitled "The American Public and the Next Social Contract: Public Opinion and Political Culture in 2007," is available here.

"The report notes that there is an increasing acceptance of the need for mutual support and an active role for government, coupled with continuedfield.These tensions shed light on the perpetual interplay between the enduring American values of independence, opportunity and security." skepticism of government programs," said Mark Schmitt, Senior Fellow with New America Foundation who also wrote the foreword in the report. "But as [Zukin] points out, the data show a deep commitment to the 'golden value' of equality and opportunity. Americans favor self-reliant entrepreneurs over gargantuan corporations, but they mistrust the government to set a level playing

The report identifies core values characterizing the American public, based on an extensive review and comparison of available survey data. It says that Americans value individualism and self-reliance and that any new social contract must take these core values seriously.

The paper also identifies three noteworthy changes in the political culture of late:

There has been a significant change since 1994 in social attitudes and values, with the country moving to the left.
Younger Americans are different from older generations in that they see a more expansive role for government, are less suspicious of the motivations of public officials, and view the government as able to solve problems. They are also less ideological and judgmental.
We feel less confident about America's power in the world.

The report concludes with an assessment of public opinion and lists keys to success for making progress on the reform agenda such as the New America Foundation's Next Social Contract. Those conclusions and the complete report are available here: http://www.newamerica.net/files/NSCZukinPublicOpinion.pdf.

The Next Social Contract Initiative aims to reinvent American social policy for the twenty-first century. Through a program of research and public education, the initiative will explore the origins of our modern social contract, articulate the guiding principles for constructing a new contract, and advance a set of promising policy reforms. For more information: http://www.newamerica.net/issues/next_social_contract.

The New America Foundation is a nonprofit, post-partisan public policy institute whose purpose is to bring exceptionally promising new voices and new ideas to the fore of our nation's public discourse. Relying on a venture capital approach, the Foundation invests in outstanding individuals and policy solutions that transcend the conventional political spectrum. Headquartered in our nation's capital, New America also has offices in California and New York. More information is available at www.newamerica.net.

Please direct media inquires to Erin Drankoski, 202-997-8727, Drankoski@newamerica.net.

"Future of American Politics" Event on C-SPAN

Communications — Fri, 29 Feb 2008 15:20:00 -0500

New America in the News:

The first panel spoke on the changing political culture in the United States and how it will affect the next social contract. Panelists focused on the growing demand for post-partisanship, teamwork, and tolerance among younger voters. The second panel discussed political institutions and elections, including the past political era, which began in 1978, and the possible shape of the new political era that panelists believe is beginning. The third panel discussed possible policies in the next political era? Some topics… more

The Next Era of American Politics

Communications — Fri, 29 Feb 2008 11:00:00 -0500

A New America Event
02/29/2008 - 11:00am

Phillip Longman began by framing the core question of the event: are we in a transformative political moment, and what would that mean? Even after a decade of debilitating partisanship, Rovian strategists and Netroots bloggers continue to exacerbate political polarization. Yet, with the likely nominations of John McCain and Barack Obama, observers of all political stripes have sensed the prospect of a political sea-change. Whether it is a government unified around a bold progressive majority, a resurgent and transmuted conservatism,… more

Saving Promises

Asset Building — Wed, 19 Dec 2007 10:14:00 -0500

For the first time since 1952, the absence of incumbents vying for the nomination of each major party has created a wide open race, one where the stakes are remarkably high. This has contributed to an extended campaign process that will last almost two years by the time the presidential election is held in November of 2008. While some lament the length of this campaign cycle, it has generated a great deal of activity in the policy arena as each candidate has sought to articulate their vision for America’s future and proposed policies that will help take us there.

In the field of savings and assets building, many insightful proposals have been made that are worth highlighting. Some of these proposals address issues of economic security, others focus directly on savings and access to financial services, and another set offer policies to promote homeownership and asset protection. This document represents our attempt to capture the major proposals and statements related to saving and asset building from the 2008 presidential campaign.

This paper will review and describe the set of proposals that have emerged from the candidates for president in both parties. These proposals have been presented by the candidates and campaigns in a variety of formats and in various degrees of detail. Some are included in detailed plans and policy briefs, others are outlined more generally on campaign websites, and others have been presented more rhetorically in speeches or on the campaign trail.

The full document can be downloaded below in PDF form.

Asset-Based Welfare Policy in the U.K.

Asset Building — Fri, 09 Nov 2007 13:49:00 -0500

While traditional anti-poverty efforts have focused on maintaining a social safety net to protect the poor, there is a growing recognition that economic well-being hinges on a household’s ability to accumulate a wide range of assets. The value of assets is based not only on the economic security they provide but in how they enable people to make productive investments in their future. This approach has contributed to a wide range of policy proposals designed to help households build assets, including matched savings accounts, children’s accounts, and accessible saving plans.

Since 2000, the United Kingdom has begun implementing a number of asset-based welfare policies. Specifically, the Child Trust Fund and Saving Gateway Initiatives are generating valuable insights which may be used to develop policy innovations. The Child Trust Fund provides a $500 savings account for every child born in the UK and, with over two million accounts to date, it represents the most developed children’s savings account system in the world. The Saving Gateway is a large demonstration program designed to test the impact of matched savings incentives on the savings behavior of lower income families.

This paper describes these efforts, analyzes the initial wave of data and research produced, and assesses the policy implications of these recent findings to date. For the full text, please download the PDF attached below.

Don't Throw Baby Bonds Out With Bath

Articles — Thu, 01 Nov 2007 08:54:00 -0400

For better or worse, America has a habit of conducting much of our policymaking through the presidential election process. This can be dangerous when meaningful reform efforts get trumped by volatile politics. Sure, we’d like campaign promises to mean something but it’s counter-productive if we let the consideration of good ideas get easily diverted into the gutter.

A case in point was the recent discussion of Hillary Clinton’s Baby Bond proposal, which was quickly hijacked by partisan politics.… more

Baby Bonds Pay Bipartisan Dividends

Articles — Tue, 16 Oct 2007 12:33:00 -0400

At a recent campaign stop with the Congressional Black Caucus, Sen. Hillary Rodham Clinton said, “I like the idea of giving every baby born in America a $5,000 account.”

That was enough to generate a few headlines and some right-wing outrage. The Drudge Report was quick to tweak one of its favorite targets and drive some Internet traffic with a bold banner, “A Bond for Every Bassinet.”

The conservative Washington Times and New York Post blasted the idea within 24… more

A Citizen's Guide to the ASPIRE Act

Asset Building — Mon, 01 Oct 2007 13:09:00 -0400

The Section-by-Section Summary of the Bill

KIDS Account Fund
KIDS Accounts
Certifications Related to Government Contributions
Rules Governing KIDS Accounts Relating to Investment, Accounting and Reporting
Tax Treatment of KIDS Accounts
Private Management of KIDS Accounts
KIDS Accounts Fund Board
Fiduciary Responsibilities
Assignment, Alienation and Treatment of Deceased Individuals
Accounts Disregarded in Determining Eligibility for Federal Benefits
Reports
Programs for Promoting Financial Literacy

For a detailed description of each section of the ASPIRE Act, please see the PDF document below.

ASPIRE Act Frequently Asked Questions

Asset Building — Mon, 01 Oct 2007 02:00:00 -0400

The attached document answers the following questions about the America Saving for Personal Investment, Retirement, and Education (ASPIRE) Act:

What does the bill do?
Why is a bill to promote asset building for children necessary?
Who is eligible? Will illegal immigrants or children who become citizens get accounts?
Will children born before the bill takes effect get accounts?
Why do wealthy people get these accounts?
Why do poor people who don’t pay taxes get accounts?
Is it unrealistic to expect those with low incomes to save when they already struggle to get by?
How much money will the government put into an account?
How much of the benefits will go to lower-income families?
Will assets in the accounts penalize people applying for public assistance?
Who can contribute to the accounts?
Why is there a limit on private contributions to the account?
Who will control the accounts?
How much will this cost?
Can America really afford this? How is this paid for?
Are there restrictions on account withdrawals? How can money in the account be used?
How will the account be taxed?
Why is there a minimum account balance, even after age 18?
Has this been done before?
How do KIDS Accounts differ from the UK’s Child Trust Fund Accounts?
Will this raise college tuition?
What if my child needs money to pay for college before they are 18?
Who will manage this program?
Why can’t the private sector offer accounts?
Why not let the private sector handle accounts of those under 18?
How much can a child save in a KIDS Account? What will they have when they are 18?
Where will money in KIDS Accounts be invested?
How will this bill help promote financial literacy?
Who supports this bill?
What is the legislative strategy for moving this bill through Congress?
How is this year’s bill difference from previous versions?