The Assets Agenda
The purpose of this report is to outline a federal public policy agenda to broaden savings and asset ownership opportunities for lower-income Americans who have limited resources at their disposal. In developing our thinking on the subject, we have drawn on the research and expert analysis of many others in the field. The agenda we present here includes calls for new structures and policies at the federal level, as well as changes to existing tax systems, government programs, and financial products. Some of these policies are well developed, others need more seasoning, but all of them have the potential to contribute to the economic well-being of millions of American families.
This edition of New America's Assets Agenda is the most comprehensive to date, with 84 innovative asset-building ideas. Following the introduction, it is organized in 13 sections, each beginning with a brief synopsis of a problem, followed by specific policy proposals.
Click here to view this new report.
About This Program
Getting ahead in today’s economy depends not just on one’s job and income, but increasingly on one’s ability to accumulate and utilize assets -- to buy a home, pay for higher education, start a business or save for retirement. Yet more than half of all Americans currently have few or no assets for investment. The Asset Building Program advances innovative policies -- such as a “Homestead Act” for the 21st century that would provide every American child financial assets from birth -- to significantly expand economic opportunity, thereby giving all Americans a personal stake in the overall success of our economy.
More information about the program is available here.
Answers to FAQs about assets and current asset statistics are available at www.assetbuilding.org
Articles
| Article | Date |
|---|---|
| Paying City Students Is a Wise Investment | June 27, 2008 |
| Wheels Versus Welfare | June 19, 2008 |
| Making a Transaction and Savings Account a Certainty, Just Like Taxes | May 22, 2008 |
| Don't Spend Your Tax Rebate! | April 15, 2008 |
| A Convergence of Opportunities: Delivering Prepaid Accounts at Tax Time | February 21, 2008 |
| Viewpoint: Fed's Mortgage Move is a Good Start | December 21, 2007 |
| Technology is Helping Firms Reach Unbanked | November 16, 2007 |
| Don't Throw Baby Bonds Out With Bath | November 1, 2007 |
| Baby Bonds Pay Bipartisan Dividends | October 16, 2007 |
| Forget Easy Money | October 7, 2007 |
Policy Papers
| Title | Date |
|---|---|
| The Assets Agenda | September 2008 |
| Child Savings Accounts: A Primer | August 2008 |
| Child Savings Accounts: Global Trends in Design and Practice | July 2008 |
| Global Savings, Assets and Financial Inclusion | July 2008 |
| Asset Building Program in California | July 2008 |
| AutoSave Overview | July 2008 |
| Golden Dream Accounts | May 2008 |
| Financial Services Corps | April 2008 |
| The Assets Report 2008 | March 2008 |
| The California Assets and Transaction Account | February 2008 |
Events
| Event | Date |
|---|---|
| Global Savings, Assets and Financial Inclusion | July 30, 2008 |
| CA Event: Microenterprise Development | July 21, 2008 |
| CA Event: Expanding Savings and Retirement Security | May 21, 2008 |
| Confronting the Debt Culture | May 12, 2008 |
| CA Event: Financial Literacy - Need, Strategy, Opportunity | April 17, 2008 |
| CA Event: Banking the Unbanked | March 26, 2008 |
| Can Online Investing End Poverty? | March 19, 2008 |
| Beyond Stimulus | February 26, 2008 |
| California Event: The Savings Crisis | February 14, 2008 |
| In Care of Nigeria's Poor | February 1, 2008 |
Press
Staff
- Ray Boshara
Vice President and Director, Asset Building Program - Olivia Calderon
Legislative Director, California Office - Reid Cramer
Research Director - Mark Huelsman
Program Associate - Melissa Koide
Deputy Director, Financial Services and Education Project - Phillip Longman
Schwartz Senior Fellow - Alejandra Lopez-Fernandini
Policy Analyst - Jeff Meyer
Program Associate, Global Assets Project - Karen Murrell
Senior Research Fellow - Rourke O'Brien
Policy Analyst - Mark Paul
Senior Scholar - Ellen Seidman
Director, Financial Services and Education Project - Fred Ssewamala
Senior Research Fellow, Asset Building Program
- Jamie Zimmerman
Deputy Director, Global Assets Project
Click on any name above for additional information.
Presentations
- Homeownership in a New Era
- Ellen Seidman; 6/4/08; Los Angeles, CA
- Financial System Regulation: Testimony Before the Joint Economic Committee
- Ellen Seidman; 5/14/08; Washington, DC
- 529 College Savings Plans, Testimony Submitted for the Hearing on "Education Tax Incentives"
- Reid Cramer; 5/1/08; Washington, DC
- Financial Literacy: Need, Strategies, Opportunity
- Ellen Seidman; 4/17/08; California Assets Forum, Sacramento, CA
- Policy Approaches for Saving and Asset Building by Low-Income Americans
- Ray Boshara; 03/19/08; FDIC, Washington DC
- Optimal Capital Structure: The Role of Savings in MFIs
- Ellen Seidman; 2/21/08; Women's World Banking, Westchester, NY
- Next Generation CRA: A 21st Century Responsibility and Accountability Agenda for Consumer Financial Services
- Ellen Seidman; 10/24/07; Board of Governors of the Federal Reserve, Washington, DC
- Asset Building: Catholic Social Thought and a New Strategy for Helping the Poor
- Ray Boshara; 02/15/07; Catholic University, Washington DC
- Savings and Asset Development for the Poor in Developing Countries
- Ray Bosara; 01/23/07; The World Bank, Washington DC
- Children's Savings Accounts; Forum on Building Wealth for the Next Generation
- Ray Boshara; 10/11/06; Puerto Rico
- The U.S. Experience with Asset-Building Policies and Programs
- Ray Boshara; 06/19/06; HRSD Roundtable, Ottawa, Canada
- Asset Building: The Path to Financial Independence for Women
- Ray Boshara; 10/26/05; Women’s Policy, Inc. & Congressional Women’s Caucus, Washington DC
- The Perils and Promise of An “Ownership Society”
- Ray Boshara; 06/22/05; Federal Reserve Bank; Cleveland, OH
- The “Ownership Society” and Social Policy in the 2nd Bush Administration
- Ray Boshara; 01/14/05; Tokyo America Center, Tokyo, Japan
- OECD Forum on Mexico: Policies to Promote Growth and Economic Development
- Ray Boshara; 11/03/04; Mexico City, Mexico
- IDAs and Asset Building: Some Lessons and Observations on the Future
- Ray Boshara; 06/22/04; Building the Financial Futures of Working Families, Chicago, IL
Sens. Clinton (D-NY) & Smith (R-OR) Introduce New Saver's Act
The New Savers Act, drawn heavily from the work of New America's Asset Building Program, aims to increase savings by all Americans, especially lower-income Americans, through targeted incentives and better access to wealth-building financial services. Specifically, the legislation promote savings at tax-time; expands electronic banking; allows contributions to college savings accounts to qualify for the Savers Credit; revives and promotes U.S. Savings Bonds; makes 529 college savings plans more transparent and progressive; promotes innovations in financial products and services; and establishes a children’s Roth IRA called “Young Savers Accounts” so children can start saving early in life. A detailed summary of the New Savers Act is available here
