California Asset Building: Press

Banking Development District Initiative Advances in Los Angeles

Elizabeth Wu — Fri, 30 Oct 2009 14:22:00 -0400

For Immediate Release

Banking Districts Proposed for Low Income Areas | San Fernando Valley Business Journal

Erin Drankoski — Fri, 30 Oct 2009 11:28:00 -0400

According to the New America Foundation, more than 300,000 Angelenos lack basic checking and savings accounts. "But this is a reality in too many low-income communities throughout Los Angeles and across the state, where banks and credit unions are nonexistent," said Olivia Calderon, California legislative director of the Asset Building Program at the foundation. ... Original Article

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

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:

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.

New America Foundation and AARP Praise City of LA's Support of a Portable Retirement Savings Proposal

Elizabeth Wu — Tue, 31 Mar 2009 15:09:00 -0400

Contact: Liz Wu
510-295-9859 (m)
wu@newamerica.net

FOR IMMEDIATE RELEASE -- March 31, 2009

Los Angeles, CA -- Today, Los Angeles City Council unanimously passed a resolution in support of AB 125, state legislation reintroduced by Assemblyman Kevin De Leon (D-Los Angeles) to give California workers access to a low-cost, professionally managed retirement account.

Bank on L.A. | Annenberg TV News

Cecille Isidro — Thu, 26 Mar 2009 12:13:00 -0400

Mayor Antonio Villaraigosa unveiled a new program to help low-income families. Oliva Calderon discusses its benefits. Link to video

New America Foundation Commends Mayor Villaraigosa on Launch of "Bank on LA" Program

Elizabeth Wu — Tue, 24 Mar 2009 12:35:00 -0400

Los Angeles, CA - Today, Mayor Villaraigosa announced he would launch "Bank on LA," an initiative to help working Angelenos without bank accounts open starter accounts and take their first step into the financial mainstream.

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

Communications — Fri, 12 Dec 2008 15:00:00 -0500

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.

New America Foundation in Ventura County Star | ''Magic' of Savings'

Communications — Wed, 28 May 2008 10:36:00 -0400

...The New America Foundation's idea is embodied in AB2940, by Assemblyman Kevin De Leon, D-Los Angeles. It would establish the California Employee Savings Program, to be administered by the California Public Employees Retirement System, the same entity that invests the pension contributions of state and local government workers...LINK

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

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… more

CA Pension Bill in the San Francisco Chronicle | 'Bill Would Order CalPERS to Offer IRAs'

Communications — Sun, 13 Apr 2008 09:39:00 -0400

A bill in the state Assembly would require the California Public Employees' Retirement System, the mammoth pension fund for government workers, to offer individual retirement accounts for private-sector employees. The goal of the bill, AB2940, is to increase retirement savings among the vast number of people who have no plan at work and don't have the will or skill to open an IRA on their own.

Although several other states have considered letting their public-sector pension funds run private-sector accounts, no state has ever done so.

The bill was approved 4-1 on Wednesday by the Assembly committee that oversees CalPERS.... LINK

*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.

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

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

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… more

Olivia Calderon in Oakland Tribune | 'Bill Would Help Workers Save More'

Communications — Thu, 10 Apr 2008 10:27:00 -0400

..."We know that people save best through payroll deductions," said Olivia Calderon, the California legislative director [of the Asset Building Program] for the New America Foundation, a think tank advocating for the proposal. "But today, too many Californians don't have the option to save at their workplace..." LINK

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 can retire with financial security.”

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.

Currently, approximately 6 million California workers, roughly 43 percent of the state’s workforce, go to work at a job that does not offer them a pension or a retirement savings plan to supplement Social Security. Many of these individuals are spending more than they are saving and relying more on credit, thereby risking their financial future. This lack of retirement savings puts California families at risk.

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.

About the California Asset Building Program
The purpose of New America's Asset Building Program, established in 2002, is to significantly broaden savings and assets ownership in America, thereby providing all Americans both with the means to get ahead and with a direct stake in the overall success of our economy. This major, new direction in public policy promises to be as successful in the 21st century as the Homestead Act and GI Bill were in previous centuries. The Program also established a Global Assets Project to promote asset-building policies worldwide. For more information, please visit the California Asset Building Program website at www.newamerica.net/california

Contact: Olivia Calderon (916) 448-5189, Mark Paul (916) 448-3721

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 existing resources and financial education efforts that are happening in California to provide a state-wide, comprehensive financial education initiative."

Advised by New America's Asset Building Program, Controller Chiang sponsored AB 2123, which was introduced by Assembly Member Ted Lieu (D-Carson), to establish a state-wide Financial Literacy Initiative. In addition to establishing a Financial Services Corps, AB 3123 will create a Financial Literacy Fund, and establish an Office of Financial Literacy Advocate and an Advisory Committee, while also providing Californians with the tools, resources, and access to a range of financial education information and providers.

New America's Asset Building Team 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. "Consumers today are increasingly responsible for planning for their own retirement, homeownership and education expenses, and must do so in an increasingly complex financial services landscape," said Melissa Koide, Deputy Director of the Financial Services and Education Project at the New America Foundation. "With these added complexities, families across the income spectrum need and warrant quality, professional financial advice and guidance. The Financial Services Corps would provide a bridge to help working families access the advice and information they need."

About the California Asset Building Program
The purpose of New America's Asset Building Program, established in 2002, is to significantly broaden savings and assets ownership in America, thereby providing all Americans both with the means to get ahead and with a direct stake in the overall success of our economy. This major, new direction in public policy promises to be as successful in the 21st century as the Homestead Act and GI Bill were in previous centuries. The Program also established a Global Assets Project to promote asset-building policies worldwide. For more information, please visit the California Asset Building Program website at www.newamerica.net/california

About the New America Foundation
The New America Foundation is a nonprofit, post-partisan 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. Headquartered in our nation's capital, New America also has offices in California and New York. More information is available at www.newamerica.net.