Asset Building Program
 

Asset Building Goes On The Road

California Program Takes Bipartisan Asset Policy Forum to Los Angeles, San Diego

Since the Bipartisan Asset Policy Forum was launched in 2007, events have been held in California's capitol. This spring and summer, the forum was taken to Southern California. First of many more statewide events to come was Banking on Opportunity: Strategies to Get Angelenos on the Path to Financial Security, which brought major stakeholders together in Los Angeles to discuss solving the crisis of the unbanked. Then the Asset Building Program hosted the event Women and Wealth - Strategies to Thrive in Tough Economic Times in San Diego for a unique conversation about womens' pathways to financial security in any economy. Look for more Forum events in cities across California in the near future.

About Us

 California Asset Building

New America's Asset Building Program is firmly established in California with the aim of advancing policies that build savings and assets for all Californians. The California office, established in 2004, is widely credited with securing legislative changes allowing Californians to "split" their refunds on their tax returns, as well as enabling TANF recipients and applicants in California to save for college and retirement without losing key public benefits. The California office also succeeded in securing bipartisan legislation to create savings accounts at birth for each newborn in California. Click here for more. 

Articles

We Need to Fix How We Measure Poverty

From climate change to redistricting, New York City Mayor Michael Bloomberg and Gov. Arnold Schwarzenegger have teamed up on a number of issues. It's time to add another to the list -- updating the antiquated and misleading way we measure poverty.

It may seem like an odd concern for the Republican duo. But Bloomberg took the lead on the issue last year when conditions in New York City were similar to those California faces today: The economy was down; need was… more

Anne Stuhldreher | Sacramento Bee | October 13, 2009

'FinancialCorps' Would Fill Big Need

A bill to dramatically increase national service by expanding AmeriCorps hits President Obama's desk soon. While he's at it, we hope he will consider creating a different kind of corps -- a volunteer financial services corps to put quality financial advice within the reach of every American.

Anne Stuhldreher | Chicago Sun-Times | April 17, 2009

Traditional Lending Goes Mainstream

A whopping 44 percent of Mission District residents don't have low credit scores. They have NO credit scores. Without them, the only loans they can get are the loans no one wants - those with pricey interest rates and harsh terms. And if doors to affordable credit seemed closed to these consumers before the financial meltdown, they're slammed shut now.

Anne Stuhldreher | San Francisco Chronicle | April 8, 2009

How Judges Might Help Troubled Homeowners

Remember fieldtrips? All 535 members of Congress should take one this week to Room 675 of the County Courthouse in Philadelphia. Doing so would bust some myths surrounding the "cram down" legislation – now stalled in the Senate – that would allow bankruptcy judges to reduce payments on troubled mortgages.

Anne Stuhldreher, Ellen Seidman | Christian Science Monitor | March 31, 2009

A Better Measure of Poverty Needed

The tanking economy is putting local governments in a double bind. As the ranks of the poor and jobless swell, authorities have dwindling funds to help them. Incredibly, officials in San Francisco and other cities can't even prioritize who to help because they don't know who their poorest citizens are. The problem lies with an obsolete federal measure of poverty that will only make hard times harder in San Francisco until it's changed. Mayor Michael Bloomberg has spearheaded just such a revolution in New York City, allowing… more

Anne Stuhldreher | San Francisco Chronicle | January 28, 2009

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Policy Papers

Banking Development Districts

To promote local economic development, California policymakers should create Banking Development Districts, a proven way to connect lower-income unbanked Californians with the financial products and services they need to enter the financial mainstream and begin to build savings and assets. It is modeled after New York State's successful Banking Development District program.

For the full text of the issue brief, please see the PDF attached below.

Olivia Calderon | May 21, 2009

California Employee Savings Program Bill Summary

The California Employee Savings Program creates a voluntary, universal, portable retirement account for California workers who do not have access to a workplace retirement savings plan. It would give six million California workers and their families an opportunity to have their own workplace retirement savings plans to supplement their basic Social Security benefits. The California Employee Savings Program would also give hundreds of thousands of California small businesses an easy, low-cost, voluntary way to offer a retirement savings plan to their

Olivia Calderon | May 15, 2009

CA Workforce Mobility and Savings Initiative Bill Summary

The CA Workforce Mobility and Savings Initiative, reforms the asset limit in the California Work Opportunity and Responsibility to Kids (CalWORKs) program, to encourage low-income families to build the savings they need to permanently exit welfare. The measure repeals the $2,000 asset limit in CalWORKs for current recipients and raises it for new applicants from $2,000 to $7,000 while also eliminating the $4,650 vehicle limit. By reforming the asset limit, this measure restores the stated goal of the CalWORKs program by assisting families in achieving

Olivia Calderon | May 15, 2009

Asset Building in California

Overview

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 California families and the broader economy.  Yet, half of all Americans currently have few or no assets, in part due to policies that encourage savings and wealth accumulation that benefit the upper half of earners.  The purpose of New America's Asset Building Program, is to significantly broaden savings and assets ownership in America,

Olivia Calderon | May 6, 2009

2009 California Legislative Agenda of the Asset Building Program

In Califonia's current legislative session, the Asset Building Program is advancing a comprehensive legislative package of state policy intiatives to broaden savings and ownership opportunities for Californians. … more

Olivia Calderon | April 2, 2009

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Events

CA EVENT: Updating California's Poverty Measure

The California Asset Building program hosted a policy roundtable discussion Wednesday October 14 in the State Capitol on updating the antiquated and misleading way we measure poverty. New York City Mayor Michael Bloomberg's Director of Poverty Research, Mark Levitan, led Assembly and Senate staff in the in-depth discussion (view his presentation here). Last year, New York City enacted an updated and improved poverty measure based on recommendations made by the National Academy of Sciences.
10/14/2009 - 12:00pm
10/14/2009 - 1:30pm

CA EVENT: Women & Wealth

Assemblywoman Lori Saldaña opened the Women and Wealth Asset Policy Forum event, sponsored by the New America Foundation's Asset Building Program in partnership with the California Women's Legislative Caucus, the California Commission on the Status of Women, and the California Women's Agenda.
07/17/2009 - 12:00pm
07/17/2009 - 1:30pm

CA EVENT: Banking on Opportunity

Too many Angelenos lack a basic financial tool – a bank account. Without one they pay more to cash their paychecks, pay their bills, and don't have a safe place to keep their money. And a bank account is the first step onto the ladder of affordable financial services people need throughout their lives. Without one, it’s harder to build credit and get well-priced car loans and mortgages – the exact financial tools needed to plan ahead and climb… more

03/24/2009 - 11:30am
03/24/2009 - 12:30pm

CA EVENT: California Working Families Policy Summit 2009

Please join us on January 13, 2009, for the sixth California Working Families Policy Summit, hosted by the California Center for Research on Women and Families for a stimulating day of discussion and debate about the needs and aspirations of California's working families.

01/13/2009 - 8:00am
01/13/2009 - 4:30pm

CA EVENT: American Dream 2.0

On Wednesday, December 17th, the Bipartisan Asset Policy Forum hosted American Dream 2.0: Safe & Sound First-Time Homeownership Strategies for California Working Families, a dynamic lunchtime discussion on how public policy can encourage wealth-building in California to bring homeownership opportunities into reach for working families across our state.

12/17/2008 - 12:00pm
12/17/2008 - 1:00pm

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Legislation

2009-2010 Legislative Session

New America's Asset Building Program is pursuing several initiatives this legislative session.
Click here for a summary, or please see below for links to specific bills and resolutions.

2007-2008 Legislative Session

2005-2006 Legislative Session

Staff

Olivia Calderon
California Legislative Director

Anne Stuhldreher
Fellow, California Program

Maria Sotero
Research Associate

2009 Legislative Agenda

In today's economy, financial security and mobility depend not just on one's job and income, which can come and go in a flash, but increasingly on one's ability to accumulate assets, both personal and financial. The purpose of New America's Asset Building Program is to significantly broaden savings and assets ownership in America, thereby providing all Americans with both the means to get ahead and a direct stake in the overall success of our economy.

While pursuing an ambitious policy agenda at the federal level, we recognize that it is at the state level, in our nation's ‘laboratories of democracy' where the most innovative policies are often enacted.  In the 2009 California legislative session, we are advancing a package of state policy initiatives. Click here to access our legislative package.

 
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http://www.newamerica.net

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