Asset Building Program: Publications, Events and More

CA Event: Expanding Savings and Retirement Security

Communications — Thu, 22 May 2008 08:00:00 -0400

A New America Event
05/21/2008 - 12:00pm

**Please note that the event date has changed to May 21, 2008**

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.

Program Associate, Asset Building Program

Operations — Fri, 16 May 2008 15:04:00 -0400

Intro/Description

The Asset Building Program, launched in 2002, has established itself as a leading voice on innovative, market-oriented public policies to enable low-income 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.

The Asset Building Program of the New America Foundation, which aims to significantly broaden the ownership of assets in the U.S. and abroad, has an immediate opening for a Program Associate.

Responsibilities

Provide programmatic support to the entire Asset Building Program.
Working with New America’s in-house website team, manage and strategically develop 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, and distribute a monthly e-newsletter to assetbuilding.org subscribers.
Update and maintain the Asset Building Program blog, The Ladder
Maintain the Asset Building Program page of www.newamerica.net.
Conduct research on a range of asset-building and assist in the publication of issue briefs, working papers, and opinion pieces.
Participate in policy design efforts.
Draft background memorandums for Congressional visits.
Assist with the preparation of regular reports, updates, and accomplishments to funders.
Edit, proofread, and fact-check policy reports and papers.
Assist in the planning and organization of policy forums and conferences.
Perform administrative duties, as necessary.

Qualifications

Ideal candidates will have the following qualifications:

A bachelor’s degree in economics, public policy, social policy or related fields;
Proven research and analytical skills;
Strong writing and editing skills;
Excellent organizational skills, attention to detail, and the ability to prioritize work and manage time in order to meet multiple deadlines;
Working knowledge of relevant policy issues, such as poverty, inequality, economic and community development, housing, education, savings, tax policy, and immigration;
Familiarity with Lexis-Nexis and other internet research tools;
Interest and eagerness to learn about new media and support the Asset Building’s communication activities.

Application Process

By Monday, June 16, 2008, 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 “Program Associate, 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, Asset Building Program

Operations — Fri, 16 May 2008 12:02:00 -0400

Intro/Description

Responsibilities

Lead and conduct policy research designed to help low- and moderate-income Americans access wealth-building financial services, save, and build assets.
Write issue briefs, working papers, op-eds, and magazine stories.
Brief Members of Congress, congressional staff, administration officials, regulators, and other policymakers. Participate in policy design efforts, as requested.
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, such as poverty, inequality, economic and community development, housing, education, savings, tax policy, and immigration; and
A bachelor’s degree in economics, public policy, social policy or related fields is required.

Application Process

By Monday, June 16, 2008, 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, Asset Building Program” in e-mail title.

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

Golden Dream Accounts

Asset Building — Wed, 14 May 2008 11:11:00 -0400

As the percentage of workers covered by traditional employer pension plans has plummeted in recent years, saving has become the only path to secure retirement income beyond social security. Although a significant proportion of employers now offer their workers a tax advantaged retirement savings product like the 401(k), tens of millions of workers nationwide simply do not have access to an employer sponsored retirement savings plan. In addition, individual retirement accounts (IRAs) and other retirement products offered by private financial institutions have failed to fill the gap in employer coverage, in part due to the high fees and complexity… more

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.

"Confronting the Debt Culture" Conference in the Washington Post | "Let's Make It Cool to Save"

Communications — Sun, 11 May 2008 12:45:00 -0400

New America in the News:

Full article

A coalition of consumer advocates, public policy groups and academics wants to attack our country's dependence on debt by creating a national campaign much like the one used to curb smoking. . .

The organizations leading this effort include the Institute for American Values, the Institute for Advanced Studies in Culture, the New America Foundation, Public Agenda, Demos, the Consumer Federation of America, and the National Federation of Community Development Credit Unions. . .

The coalition is holding a conference in Washington tomorrow and Tuesday and has issued a report, "For a New Thrift: Confronting the Debt Culture."

There's no major revelation in the 68-page report. It merely lists the many ways debt has taken down so many people.

Foreclosures, which soared to more than 1 million in 2007, are predicted to affect about 2.5 million households this year. Consumer bankruptcy filings are also up significantly.

Of course, there is the mortgage meltdown. And now auto loan and credit card delinquencies are also rising.

But even before the subprime debacle, many people were struggling with debt. The Federal Reserve recently reported that consumer credit increased by $15.3 billion in March, to $2.56 trillion.

"Millions of families today feel the American dream slipping away," the coalition's report says. "They are losing hope of escaping from the cycle of over-indebtedness, holding a good-paying job, or moving up the income ladder."

So who's at fault for all this indebtedness?

Is it the consumers?

"Clearly, human frailty is part of the story," the report says. "Some people get over their heads in debt because of their own profligacy and irresponsible choices."

Are we are a nation of debtors because it's what's best for the overall economy?

To be sure, the ceaseless temptation to overspend is also part of the story, the coalition leaders say. And just blaming or railing against consumers won't fix our debt problem. We've got to look at the financial institutions, or anti-thrifts, as the coalition calls them. . .

"The anti-thrifts have worked relentlessly to reduce the traditional inhibitions and stigma associated with over-indebtedness," the report says. . .

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.