New America Foundation Commends Governor Schwarzenegger and California Mayors for the Launch of "Bank on California"

Sacramento, CA -- The New America Foundation today commended California Governor Arnold Schwarzenegger and California mayors for the launch of "Bank on California," an initiative to help working Californians without bank accounts to open starter accounts and take their first step into the financial mainstream.

"Many Californians face a huge disadvantage because they lack a basic financial tool -- a bank account," said Anne Stuhldreher, a fellow at the New America Foundation. Californians without accounts spend an average of $700 a year to cash their paychecks and pay their bills. "This initiative will make it easier for people to save, keep their money safe, and access more affordable financial services in the future."

Stuhldreher--previously a Senior Policy Advisor to Governor Arnold Schwarzenegger--played an instrumental role in launching Bank on San Francisco, an initiative that preceded Bank on California. Participating banks in San Francisco tailored their accounts to the un-banked market. Twenty-four thousand accounts were opened in the first two years, with an average balance of around $980. Over thirty-nine cities are in the process of launching "Bank on" efforts. California is the first state to do so.

Anne Stuhldreher discussed why it's important to help "the un-banked" open accounts on National Public Radio on October 5, 2005.

Anne Stuhldreher describes how and why Bank on San Francisco was started in "Bank on San Francisco-an initiative to bring all San Franciscans into the financial mainstream" October, 2006.

For further information, please contact Anne Stuhldreher at Stuhldreher@newamerica.net or (415) 596-6138.


About the New America Foundation: The New America Foundation is an independent, nonprofit 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. New America is headquartered in Washington, D.C., and also has offices in California.To learn more about New America's work in California, please go to http://www.newamerica.net/california.