California Asset Building: Publications, Events and More

Prepared Testimony of Anne Stuhldreher for the Los Angeles Committee on Jobs and Business Development

Elizabeth Wu — Tue, 17 Nov 2009 14:30:00 -0500

Banks for Poor Neighborhoods in Los Angeles | La Opinion

Erin Drankoski — Thu, 29 Oct 2009 12:31:00 -0400

"A bank does not charge horrifying interest rates to customers who need an emergency loan," said Olivia Calderón, Legislative Director of the New America Foundation.

"In poor communities there is a great need and if they continue to lack basic bank accounts it will be increasingly difficult for them to get ahead," said Calderón. ... Original Article

CA EVENT: Updating California's Poverty Measure

Elizabeth Wu — Wed, 21 Oct 2009 11:41:00 -0400

A New America Event
10/14/2009 - 12:00pm

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.

We Need to Fix How We Measure Poverty

Erin Drankoski — Tue, 13 Oct 2009 11:19:00 -0400

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 rising; and public resources were constrained.

What's In Your Bank? | Examiner.com

Cecille Isidro — Tue, 18 Aug 2009 02:13:00 -0400

According to New America Foundation, 38% of all households are in a state of asset poverty, in that they lack liquid financial resources to support their ...

California's Budget Plan Passed. Now What?

Elizabeth Wu — Fri, 24 Jul 2009 17:00:00 -0400

This afternoon the state legislature approved a budget to close the $24 billion deficit. The budget included cuts to health care, education, CalWORKS, prisons, and state worker pay.

New America Foundation experts released the following statements:

Steven Hill, Director, Political Reform Program:

CA EVENT: Women & Wealth

Elizabeth Wu — Fri, 17 Jul 2009 04:30:00 -0400

A New America Event
07/17/2009 - 12:00pm

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.

California Assembly Passes AB 125

Elizabeth Wu — Wed, 03 Jun 2009 17:01:00 -0400

Media Contact
Liz Wu
California Media Relations Manager
510-295-9859
wu@newamerica.net

California Assembly Passes AB 1058

Elizabeth Wu — Wed, 03 Jun 2009 16:23:00 -0400

Media Contact
Liz Wu
California Media Relations Manager
510-295-9859
wu@newamerica.net

Banking districts proposed for LA | Los Angeles Daily News

Cecille Isidro — Sat, 23 May 2009 00:58:00 -0400

Olivia Calderon of the New America Foundation said New York found it successful in overcoming fears by the banks and the community in dealing with banks. "If you didn't grow up with a bank on your corner, it's not part of your everyday experience," ...

New America Foundation Commends LA City Councilman Richard Alarcón's Banking Development District Initiative

Communications — Fri, 22 May 2009 11:49:00 -0400

LOS ANGELES, CA - Los Angeles City Councilman Richard Alarcón today announced the launch of a Banking Development District Initiative in Los Angeles. The act was inspired by New York State's Banking Development District program and uses state and local deposits to encourage banks to open branches in lower-income neighborhoods and develop products and services tailored to local residents.

Banking Development Districts

Asset Building — Thu, 21 May 2009 23:51:00 -0400

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.

California Employee Savings Program Bill Summary

Asset Building — Fri, 15 May 2009 05:55:00 -0400

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

CA Workforce Mobility and Savings Initiative Bill Summary

Asset Building — Fri, 15 May 2009 05:24:00 -0400

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

Asset Building in California

Asset Building — Wed, 06 May 2009 09:59:00 -0400

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,

CA EVENT: Harnessing Tax-Time $aving (POSTPONED)

Elizabeth Wu — Fri, 24 Apr 2009 01:30:00 -0400

A New America Event
04/24/2009 - 12:00pm

This event has been postponed until further notice. We apologize for any inconvenience.

'FinancialCorps' Would Fill Big Need

Cecille Isidro — Fri, 17 Apr 2009 13:30:00 -0400

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.

SB 323 (Oropeza) Tax-Time College Savings

Asset Building — Thu, 16 Apr 2009 09:23:00 -0400

This measure creates an easy way for California families to save for college by amending the state income tax form to allow filers to directly deposit their refund into an existing state-administered tax-advantaged 529 college savings account designed to help children and their families save for postsecondary education.