New America Foundation Commends California State Controller John Chiang's Financial Literacy Initiative
(Sacramento, California, 04/02/08)-- Today, at his First Annual Financial Literacy Fair, California State Controller John Chiang joined by Assembly Members Ted Lieu (D-Carson), Ted Gaines (R-Roseville), Martin Garrick (R-Carlsbad), Roger Niello (R-Sacramento), reinforced his commitment to advance a statewide financial literacy initiative that promotes access to economic opportunity amongst all Californian consumers.
"We commend the Controller's attention to what is a very important and often unaddressed need, consumer financial education," said Olivia Calderon, California Legislative Director of New America's Asset Building Program. "The Controller's engagement on this issue could go a long way to raise awareness and bring together existing resources and financial education efforts that are happening in California to provide a state-wide, comprehensive financial education initiative."
Advised by New America's Asset Building Program, Controller Chiang sponsored AB 2123, which was introduced by Assembly Member Ted Lieu (D-Carson), to establish a state-wide Financial Literacy Initiative. In addition to establishing a Financial Services Corps, AB 3123 will create a Financial Literacy Fund, and establish an Office of Financial Literacy Advocate and an Advisory Committee, while also providing Californians with the tools, resources, and access to a range of financial education information and providers.
New America's Asset Building Team has long called for the creation of a national Financial Services Corps and has made the idea a central component of its financial education policy agenda at both the federal and state level. "Consumers today are increasingly responsible for planning for their own retirement, homeownership and education expenses, and must do so in an increasingly complex financial services landscape," said Melissa Koide, Deputy Director of the Financial Services and Education Project at the New America Foundation. "With these added complexities, families across the income spectrum need and warrant quality, professional financial advice and guidance. The Financial Services Corps would provide a bridge to help working families access the advice and information they need."
About the California Asset Building Program
The purpose of New America's Asset Building Program, established in 2002, is to significantly broaden savings and assets ownership in America, thereby providing all Americans both with the means to get ahead and with a direct stake in the overall success of our economy. This major, new direction in public policy promises to be as successful in the 21st century as the Homestead Act and GI Bill were in previous centuries. The Program also established a Global Assets Project to promote asset-building policies worldwide. For more information, please visit the California Asset Building Program website at www.newamerica.net/california
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. More information is available at www.newamerica.net.
Related Programs: Asset Building Program, Financial Services and Education Project, Savings & Ownership Caucus, California Asset Building
Topics: Ownership & Assets
