New America Foundation Launches Financial Services and Education Project
(WASHINGTON, DC, 12/14/06)— In response to the growing complexity of financial services, the persistent need for widespread, effective financial education, and the increasing importance of reducing debt and building wealth by millions of low-, moderate- and middle-income Americans, the New America Foundation’s Asset Building Program is establishing the Financial Services and Education Project, with funding from the Ford Foundation.
“To build and retain personal and community assets, Americans must navigate a financial system that is innovative and robust, but complex and constantly changing,” said Ellen Seidman, the recently named director of the new project. “The Financial Services and Education Project will develop and put forth creative bi-partisan approaches to enhance the effectiveness of the entire system in serving all Americans well.”
Seidman is a widely regarded expert in financial services. She served as a special assistant on economic policy to President Clinton; director of the Office of Thrift Supervision; and was a senior advisor on financial services issues for the U.S. Congress, Fannie Mae, and the U.S. Department of Treasury. Seidman, who is based in Washington, DC, will continue to serve as Executive Vice President for National Policy and Partnership Development at ShoreBank Corporation, as well as serve as Chairman of the Board of ShoreBank’s affiliated Center for Financial Services Innovation.
Karen Murrell, a widely regarded expert in financial education, homeownership and asset-building for low-income Americans, will join the project as a Senior Research Fellow. Murrell will explore and advance innovations in the financial services and asset-building fields.
“The U.S. financial system has changed significantly over the last few decades, placing increasing responsibility on individuals to manage their own finances. More effective strategies to enable each individual and family to achieve their financial goals are essential. The Financial Services and Education project is well positioned to identify innovative solutions,” Murrell said following her selection as a fellow.
Murrell, who has held senior positions at Fannie Mae and the Fannie Mae Foundation, will continue as President of Higher Heights Consulting and Training in addition to her fellowship with New America. Her book, You and Your Money: A No Stress Guide to Becoming Financially Fit, co-authored with Lois Vitt, will be published by Prentice Hall in Spring 2007.
The Financial Services and Education Project aims to play a leading role on public policy issues related to:
- Improving financial education;
- Expanding access to mainstream financial services;
- Reforming and rethinking the Community Reinvestment Act, in light of the new landscape of financial services; and
- Enabling low- and moderate-income Americans to better manage their debt.
Ray Boshara, Director of New America’s Asset Building Program, remarked, “We believe this project comes at just the right time as policymakers are looking for innovative and promising bi-partisan solutions to expand wealth-building financial services and financial education to more and more hard-working Americans. We’re very fortunate to have Ellen and Karen on board to lead this very exciting project.”
About The New America Foundation
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.
About New America’s Asset Building Program
The purpose of the Asset Building Program is to significantly broaden the ownership of savings and assets in the U.S. and abroad. The program directs its policy efforts at the bottom half of the income spectrum, who presently save and own very little. The program was instrumental in the creation of the Congressional Savings and Ownership Caucus in 2005; recently launched a Global Assets Project with the Center for Social Development; has advised policymakers in the U.S. and around the world on policies to build savings and wealth for low-income Americans, including policies that establish at savings accounts at birth; and created and manages AssetBuilding.org, the nation’s most comprehensive assets clearinghouse.
Related Programs: Asset Building Program
Topics: Financial Education, Ownership & Assets
