Asset Building Program: Publications, Events and More

CA Event: Expanding Savings and Retirement Security

Communications — Thu, 22 May 2008 10:00:00 -0400

A New America Event
05/22/2008 - 12:00pm

Every day, six million Californians, or roughly 43 percent of workers in the state, go to work for an employer that does not provide any type of retirement pension or savings plan. This lack of retirement savings opportunities puts California working families at risk. On Thursday, May 22, Mark Iwry of the Brookings Institution will present on the current retirement savings crisis in America -- its causes and the continuing effect it will have on the financial security of working families as well as the state and national economy. Mr. Iwry will also discuss state and national policy options to significantly encourage retirement savings and the accumulation of assets by lower- and middle-income workers.

Mark Iwry is former benefits tax counsel for the Treasury Department. He is an expert on employee benefits, pensions, retirement, savings, and health care, and frequently advises and testifies before Congress on these issues. At Treasury, where he oversaw national policy on tax-qualified pension and 401(k) plans, as well as other employee benefits, Mr. Iwry played a key role in developing many important reforms to the nation's pension system. Mr. Iwry is one of the originators of the concept of state portable retirement savings account for private sector workers.

This event is co-hosted by the New America Foundation, the Assets Policy Initiative of California and the California Research Bureau, in association with Assemblymembers Kevin De Leon (D-Los Angeles) and Joel Anderson (R-La Mesa).

If you have questions, call or email Claudie Kiti Bustamante at (916) 448-5189 or bustamante@newamerica.net.

Financial System Regulation

Asset Building — Wed, 14 May 2008 08:16:00 -0400

Confronting the Debt Culture

Communications — Mon, 12 May 2008 11:00:00 -0400

A New America Event
05/12/2008 - 5:00pm

"By some estimates, payday loans topped $28 billion last year, and have doubled every year for the past five years. These numbers are really frightening."

-Sheila Bair, Chairman, Federal Deposit Insurance Corporation, April 19, 2007

Join the New America Foundation/Asset Building Program and the Institute for American Values for a timely conference on thrift and its increasingly important role in reducing and managing personal and societal debt. Speakers will discuss changing the debt culture, solutions to payday lending, and lessons from abroad.

For attendees who register through the New America website, the conference is free (otherwise it is $50). Your free registration through New America entitles you to:

receive a copy of the report, For a New Thrift: Confronting the Debt Culture;
participate in all sessions and attend the May 13 luncheon; and
attend a reception at 5:00 p.m. on May 12 and preview the exhibit, Thrift: In Search of the Art of Living Well.

For more information and the conference agenda, please visit the conference website.

This conference is co-sponsored by Demos, the Institute for American Values, the National Federation of Community Development Credit Unions, the New America Foundation, Public Agenda, and the University of Virginia's Institute for Advanced Studies in Culture.

Policy Analyst, Asset Building Program, California Office

Operations — Mon, 12 May 2008 07:10:00 -0400

Intro/Description

The New America Foundation seeks a California-based Policy Analyst for the Asset Building Program. The program, launched in 2002, has established itself as a leading voice on innovative, market-oriented public policies to enable low- and moderate-wealth families in the U.S. and around the world to (a) accumulate savings; (b) access wealth-building financial services and financial education; (c) better manage their debts; and (d) build and protect lifelong, productive assets—a home, an education, a small business, investments, and a nest-egg for retirement. The program is among the world’s leading policy experts and advocates for universal and progressively funded savings accounts at birth in developed and developing countries.

In 2006, the program launched both the Financial Services and Education Project and the Global Assets Project to deepen its work in these areas; launched and manages the assets clearinghouse, AssetBuilding.org; and played a seminal role in the 2005 formation of the bi-partisan, bi-cameral Congressional Savings and Ownership Caucus in the U.S. Congress. The program has also published in the nation’s leading newspapers and magazines, and has appeared on the nation’s top television and radio programs. The program is also a leading voice for asset-building policies in California. For more information, see www.newamerica.net/programs/asset_building.

Responsibilities

The Policy Analyst will work closely with the Asset Building Program’s California Legislative Director, who is based in Sacramento. Primary responsibilities include:

Lead and conduct policy research designed to help low- and moderate-income Californians access wealth-building financial services, save, and build assets.
Write issue briefs, working papers, op-eds, blog posts, and magazine stories.
Brief members of the California Legislature, legislative staff, administration officials, regulators, and other policymakers, as necessary. Participate in policy design efforts, as requested.
Work with New America’s in-house website team to manage and strategically develop the California Asset Building Program page of www.newamerica.net and contribute to www.AssetBuilding.org, the nation’s premier web-based clearinghouse on asset-building ideas, policies, and programs in the U.S. and around the world.
Provide programmatic support, as necessary.
Represent the program on radio and television, and at meetings and conferences around the U.S.

Qualifications

Ideal candidates will have the following qualifications:

Excellent research skills and analytical abilities.
Strong writing and public speaking skills, especially the ability to communicate policy ideas and legislative proposals concisely and effectively to a diverse range of audiences.
Working knowledge of relevant policy issues in California, related to poverty, inequality, economic and community development, housing, education, savings, tax policy, and immigration.
A bachelor’s degree in economics, public policy, social policy or related fields is required.

Application Process

By June 2, 2008, mail, fax, or e-mail a resume and a brief cover letter summarizing your interests and qualifications to: Claudie Kiti Bustamante, New America Foundation, 921 11th Street, Suite 901, Sacramento, CA 95814. Fax: 916-448-3724. E-mail: bustamante@newamerica.net. Please state “Policy Analyst, Asset Building Program” in e-mail title.

Generous salary package commensurate with experience; excellent benefits. The New America Foundation is an equal opportunity employer.

Policy Analyst, Next Social Contract Initiative

Operations — Fri, 02 May 2008 15:51:00 -0400

Intro/Description

The New America Foundation seeks a Policy Analyst to provide research and analytical support to senior staff and Fellows working on the broad range of topics covered under our Next Social Contract Initiative, which was launched in early 2007. This Initiative, which brings together our core domestic policy programs, is designed to advance a new meta-narrative, organizing principles, and detailed policy proposals attuned to the 21st century. Overall, the Initiative seeks to inform and shape key social policy debates, especially those that figure in the 2008 presidential election as well as in the new Congress and administration in 2009. Policy areas include health care, economic security, retirement security, asset ownership, education reform, work and family, fundamental tax reform, and budget policy. For more information about the Next Social Contract Initiative, see http://www.newamerica.net/issues/next_social_contract.

Responsibilities

Provide analytical support and conduct secondary research.
Evaluate academic literature and economic data.
Perform analyses of policy proposals, and participate in policy design efforts.
Assist in pubic education and outreach efforts that focus on opinion leaders and policymakers.
Brief Members of Congress, congressional staff, administration officials, regulators, and other policymakers.

Qualifications

Ideal candidates will have the following qualifications:

Proven quantitative, analytic, and research skills;
Demonstrated ability to accurately and concisely summarize complex information to multiple audiences;
Solid knowledge of and/or experience in the policy areas relevant to the Initiative;
At least three years of relevant experience, preferably at the national level;
Strong writing skills, especially the ability to communicate policy ideas and legislative proposals concisely and effectively to diverse audiences; and
Undergraduate degree in economics, public policy, social policy, law, or related fields.

Application Process

Please mail, fax, or e-mail a resume and a brief cover letter summarizing your interests and qualifications to: Human Resources, New America Foundation, 1630 Connecticut Avenue, NW, 7th Floor, Washington, DC 20009. Fax: 202-986-3696. E-mail: jobs@newamerica.net. Please state “Policy Analyst, Next Social Contract Initiative” in the e-mail subject line. No phone calls, please.

Generous salary package commensurate with experience; excellent benefits. The New America Foundation is an equal opportunity employer.

529 College Savings Plans

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

CA Pension Bill in Sacramento Bee | Plan to Open Up CalPERS Reflects Worry About Inadequate Saving for Retirement

Communications — Fri, 25 Apr 2008 11:58:00 -0400

New America in the News:

Sacramento Bee | Plan to Open Up CalPERS Reflects Worry About Inadequate Saving for Retirement

Investing for retirement is the financial equivalent of eating your vegetables: It's good for you, but sometimes downright distasteful.

Now a proposal making its way through the California Legislature has people talking about whether the state can make putting aside retirement money more palatable.

The plan would let private businesses and workers funnel direct payroll deposits into a retirement investment account. The California Public Employees' Retirement System would administer the pooled money.

No one knows how many of California's 6 million workers without retirement plans would sign up. Many struggle in jobs that leave them with little money at the end of the month. The arcane language of finance can paralyze the uninitiated. And let's face it: We love buying stuff, even when we can't afford it.

"We want everything now," said Lynn Wigginton, a Sacramento certified financial planner. "All the bells and whistles, the newest car. It's a real obstacle to saving for retirement."

The savings plan could change that by making individual retirement investing as close to set-it-and-forget-it as possible.

*Assembly Bill 2940 would let private-sector workers without an employer-sponsored retirement plan sign up for IRAs watched over by CalPERS. The same apparatus used to take taxes out of paychecks would channel direct deposits into the accounts, which could be carried from job to job.

The plan's supporters, including Gov. Arnold Schwarzenegger and author Assemblyman Kevin de León, D-Los Angeles, believe CalPERS is up to the task. It's already the nation's largest public pension fund, managing $250 billion in assets for 1.5 million state and local government workers.

CalPERS hasn't yet commented on the idea. The fund's staff is analyzing the proposal and should make a recommendation to the CalPERS board at its mid-May meeting. . . Please click here to go to the Sacramento Bee website for the full article.

*Background on the pension bill: Advised by New America's Asset Building Program, Assembly Member Kevin De Leon (D-Los Angeles), introduced AB 2940 to establish the California Employees Savings Program. CalESP will provide voluntary and portable retirement savings accounts that workers can freely take with them from job to job. New America’s Asset Building Program has long called for the creation of a portable retirement account that will enable all workers the opportunity to build wealth and achieve financial security.

Financial Literacy: Need, Strategies, Opportunity

Asset Building — Thu, 17 Apr 2008 08:37:00 -0400

CA Event: Financial Literacy - Need, Strategy, Opportunity

Communications — Thu, 17 Apr 2008 08:00:00 -0400

A New America Event
04/17/2008 - 12:00pm

Families across America face a growing array of financial decisions in an increasingly complex financial environment. Consumers are expected to navigate an increasinly complex financial services market in order to save for retirement, higher education and homeownership. Those with low-incomes -- who disproportionately lack both financial know-how and relationships with financial institutions -- are especially vulnerable to being shut out of the financial marketplace.

On Thursday, April 17th, Ellen Seidman, Director of New America's Financial Services and Education Project, presented on the importance of financial literacy for both individual households and the broader macroeconomy and discussed:

Expanding access to wealth-building financial services especially for low- and moderate-income families,
Effective strategies to improve financial education such as the California's Statewide Financial Literacy Initiative
Forging a new responsibility framework for consumer financial services in the 21st century and,
Helping Americans to better manage their debt and make wise financial decisions.

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 tax bill as economic growth slows and hardship spreads?

The bipartisan prescription to jumpstart the economy was to deliver over $100… more

CA Retirement Saving Proposal in Sacramento Bee | California Assembly Panel Passes State-run IRA Proposal

Communications — Thu, 10 Apr 2008 13:15:00 -0400

New America in the News:

Sacramento Bee | California Assembly Panel Passes State-run IRA Proposal

A proposal to open California's retirement system to private sector workers prompted questions Wednesday about government competing with investment firms and the pension system's ability to handle the unique program.

"We just don't know if it's going to work yet," Assemblyman Kevin Jeffries, R-Lake Elsinore, said of the proposal to have the California Public Employees' Retirement System offer IRA accounts to workers whose employers don't offer retirement savings plans.

But Sacramento carpenter Lou Delgado said he would be interested in a CalPERS retirement account.

"I'm 40 years old and don't have anything in a real retirement plan, just some savings of my own," Delgado said. "I've worked for a lot of (companies) and never had something like that, so, yeah, I'd be interested in anything that could put away a few dollars a week at this stage of my life."

*The proposal, Assembly Bill 2940 by Assemblyman Kevin De León, D-Los Angeles, passed its first test Wednesday when a committee that deals with retirement issues approved it on a 4-1 vote, with Jeffries abstaining and another Republican, Joel Anderson of Alpine, voting against it.

Supporters said the idea has been percolating for years, both on the federal level and in statehouses. It's being pushed by think tanks as a way to get low- and middle-income Americans to start saving for retirement to supplement Social Security payouts.

"We're trying to create a new model to get people on board," said Mark Paul, senior scholar at the New America Foundation, a nonprofit, nonpartisan institute . . .

As it is, about 6 million Californians work for businesses that do not offer retirement savings plans such as 401(k)s. Gov. Arnold Schwarzenegger said Tuesday that he likes the idea. . . Please click here to go to the Sacramento Bee website for the full article.

New America Foundation Praises New, Universal, Portable Retirement Savings Proposal

Communications — Tue, 08 Apr 2008 07:34:00 -0400

Today, Governor Arnold Schwarzenegger and Assembly Member Kevin De Leon (D-Los Angeles) unveiled a proposal to give California workers access to a low-cost, professionally managed retirement account.

“We applaud Governor Schwarzenegger and Assembly Member De Leon’s bipartisan leadership” said Olivia Calderon, California Legislative Director of New America’s Asset Building Program. “Too many hardworking Californians don’t have access to a work based retirement savings plan. This is an incredible opportunity for California to show the rest of the nation how to use existing tools to help workers build their savings for retirement and other family needs so that they… more

Congressional Liaison, Asset Building Program

Operations — Mon, 07 Apr 2008 16:42:00 -0400

Intro/Description

The New America Foundation seeks a Congressional Liaison for the Asset Building Program. The program, launched in 2002, has established itself as a leading voice on innovative, market-oriented public policies to enable low- and moderate-wealth families in the U.S and around the world to (a) accumulate savings; (b) access wealth-building financial services and financial education; (c) better manage their debts; and (d) build and protect lifelong, productive assets—a home, an education, a small business, investments, and a nest-egg for retirement. The program is among the world’s leading policy experts and advocates for universal and progressively funded savings accounts at birth in developed and developing countries.

In 2006, the program launched both the Financial Services and Education Project and the Global Assets Project to deepen its work in these areas; is a leading voice for asset-building policies in California; launched and manages the assets clearinghouse, AssetBuilding.org; and played a seminal role in the 2005 formation of the bi-partisan, bi-cameral Congressional Savings and Ownership Caucus in the U.S. Congress. The program has also published in the nation’s leading newspapers and magazines, and has appeared on the nation’s top television and radio programs. For more information, see http://www.newamerica.net/programs/asset_building.

Responsibilities

Conceptualize and manage the Program’s activities to educate Members of Congress and other federal policymakers about broadening asset ownership in the U.S., including and especially proposals to endow every child in America with assets at birth.
Work closely with the leadership of New America to devise creative, politically astute policy and communications strategies to broaden the ownership of assets.
Strategically manage the House and Senate Savings and Ownership Caucuses, which were launched with the support of New America in February 2005.
Organize public policy events on Capitol Hill.
Represent the Program and deliver speeches at conferences and meetings in the U.S. and around the world.
Prepare and publish articles, op-eds, fact sheets, and other publications related to policy proposals to build assets.

Qualifications

Ideal candidates will have the following qualifications:

Excellent knowledge of the federal policymaking process; two or more years of Capitol Hill experience strongly preferred.
Outstanding strategic thinking and organizing abilities, especially regarding federal legislation.
Very strong writing and public speaking skills, especially the ability to communicate policy ideas and legislative proposals concisely and effectively to policymakers.
Solid working knowledge of issues and organizations relevant to asset building, including tax policy, retirement policy, financial education, economic development, savings policy, poverty, and inequality.

Application Process

By May 23, 2008, mail, fax, or email a resume and cover letter (maximum two pages) summarizing your interests and qualifications to: HR, New America Foundation, 1630 Connecticut Avenue, NW, 7th Floor, Washington, DC 20009. Fax: 202-986-3696. E-mail: jobs@newamerica.net. Please state “Congressional Liaison, Asset Building Program” in the e-mail subject line. No phone calls, please.

Generous salary package commensurate with experience; excellent benefits. The New America Foundation is an equal opportunity employer.

New America Foundation Commends California State Controller John Chiang's Financial Literacy Initiative

Communications — Wed, 02 Apr 2008 11:47:00 -0400

(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… more

Financial Services Corps

Asset Building — Wed, 02 Apr 2008 09:06:00 -0400

Today’s complex financial marketplace makes it increasingly difficult for individuals to understand and navigate the array of products and services available from a variety of financial service providers. For low to middle income individuals who have fewer financial resources to begin with, a solid grounding in personal finance and a clear understanding of the options and implications of one’s financial decisions are all the more critical.

While there is a wide range of financial education curricula available, there is a dearth of financial advisors and educators to help low and middle-income families understand the complexities of the financial services sector, access… more

CA Event: Banking the Unbanked

Communications — Wed, 26 Mar 2008 06:00:00 -0400

A New America Event
03/26/2008 - 12:00pm

Currently, too many Californians are disconnected from the financial mainstream. While national estimates show that 10 percent of households, including nearly one-quarter of the minority population, are "un-banked," meaning they lack a basic checking or savings account, 28 percent of California's adults do not have a checking or savings account. Recent market research indicates that Fresno and Los Angeles have the highest and third highest percentages of un-banked residents in the country respectively. Compounding the situation is the nearly 60 percent of California's lower income neighborhoods that do not have a bank or a credit union, according to analyses done by the Brookings Institution. Others may have bank branches that lack products and services that meet local consumers' needs.

On Tuesday, March 26th, Anne Stuhldreher, a senior policy advisor in the Office of Governor Arnold Schwarzenegger will discuss what it means to be "un-banked" and why it is a problem for California in particular. She will also provide an overview of Bank on California, which is modeled after Bank on San Francisco, headed by San Francisco City Treasurer José Cisneros. Cisneros will describe the ground-breaking initiative that successfully brought tens of thousands of local un-banked residents into the financial mainstream.

Inspired by the success in San Francisco, Governor Arnold Schwarzenegger recently announced he would launch a Bank on California initiative to connect lower income un-banked Californians with the financial products and services they need to begin climbing up the economic ladder.

This event is co-hosted by the New America Foundation, the Assets Policy Initiative of California, the California Research Bureau, and in association with Assemblymember Ted Lieu (D-Torrance).

If you have questions, call or email Claudie Kiti Bustamante at (916) 448-5189 or bustamante@newamerica.net.

Policy Approaches for Saving and Asset Building by Low-Income Americans

Asset Building — Wed, 19 Mar 2008 12:59:00 -0400

Can Online Investing End Poverty?

Communications — Tue, 18 Mar 2008 08:00:00 -0400

A New America Event
03/19/2008 - 4:00pm

"Invest Wisely. End Poverty." This is the goal of eBay's new online microfinance investment marketplace, MicroPlace. While online microlending has been growing more popular with peer-to-peer offerings such as the non-profit Kiva.org, MicroPlace is charting a whole new course in the microfinance industry, offering socially-minded Americans a new way to offer microloans to entrepreneurs in the developing world. As the only broker-dealer in the microfinance arena, MicroPlace is the first and only online service offering a way for investors to invest in the working poor, and earn both a social and financial return on the investment.

On March 19th, a panel of experts on social development and microfinance discussed MicroPlace's potential to reach everyday investors in the United States, as well as the opportunity to help people in developing countries. The event also touched on the larger themes of microfinance policy and fighting poverty, including how loans provided by microfinance institutions can help the working poor come out of poverty and begin to realize the possibilities of longer-term assets such as a thriving business, home, and nest-egg for retirement, as well as the systemic and institutional challenges the microfinance industry faces in reaching the world's poor.

Tracy Turner, founder and General Manager of MicroPlace, began the discussion by stressing the need for the microfinance industry to be profitable in order for it to be sustainable. One way to help achieve profitability is for individuals to think of securities based on the performance of microfinance institutions (MFIs) as a new “asset class” -- along with stocks, bonds, property, and other types of assets.

After Turner introduced MicroPlace, Shari Berenbach, Executive Director of Calvert Foundation explained the nature of her organization’s cooperation with the website. Calvert Foundation is an issuer of a number of the securities offered on MicroPlace, essentially acting as an intermediary between the microfinance institutions seeking loans and the investors in the United States and elsewhere seeking investments. Calvert Foundation is also responsible for ensuring due-diligence is done on the MFIs that it lends the proceeds from the purchase of the securities to. Next, Robert Mosbacher, Jr. President and CEO of the Overseas Private Investment Corporation (OPIC), explained how OPIC, a government agency, guarantees the securities that Calvert Foundation sells to investors through MicroPlace.

Kate McKee, a senior advisor to CGAP, a consortium of microfinance funders, subsequently offered MicroPlace a few kudos and a few quibbles. The kudos included: working hard to get the regulatory compliance “right,” and educating potential investors about difference in poverty from country to country. At the same time, McKee said she had a few concerns, including about the potential of MFIs listed on MicroPlace to be harmed by financial crises, natural disasters, political instability, and mismanagement of funds.

Looking ahead, MicroPlace’s Turner said that after spending the past year building the regulatory infrastructure and “back-office” capacity of the website, the company is turning its attention to improving its user interface. Changes will include providing investors with more search criteria by which they can choose their investment, such as which institutions offer the highest rate of return and which offers loans primarily to women and/or the “poorest-of-the-poor.”

The Global Assets Project of the New America Foundation, along with Calvert Foundation and the Overseas Private Investment Corporation (OPIC), with the support of the International Gateway at the Ronald Reagan Building and International Trade Center, cordially invite you and your colleagues for a special event discussing one of the newest innovations in asset building and poverty reduction.

The Assets Report 2008

Asset Building — Wed, 12 Mar 2008 03:03:00 -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… more

New America Foundation Recognizes President Bush's Financial Literacy Volunteer Initiative, But Sees Room for Improvement

Communications — Fri, 07 Mar 2008 16:02:00 -0500

Yesterday the White House launched a new Financial Literacy Volunteer Initiative to help connect struggling homeowners with financial counselors and to provide financial education at-large through a nationwide volunteer corps. New America Foundation's Asset Building Program 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.

The announcement by the White House is an important first step. "However," said Melissa Koide, Deputy Director of New America's Financial… more