Leslie Parrish

To Save, or Not to Save?

Communications — Wed, 15 Nov 2006 21:00:00 -0500

A New America Event
11/15/2006 - 12:00pm

As Americans need to, and are expected to, save more for their futures, millions of low-income Americans are hearing two conflicting messages from their government: Save, and don’t save. Over the last decade a consensus has been emerging among researchers, policymakers, and practitioners around the importance of enabling low-income persons to save and build wealth, and state and federal programs have emerged to do just that. Yet, with limited exceptions, the rules of our nation’s public assistance programs aimed at such persons -- Food Stamps, Medicaid, and TANF, for example -- send the exact opposite message: Don’t save.

The continued use of asset limits in determining eligibility is currently under debate in states across the country. Recent reforms in California, Colorado, Illinois, Ohio, Virginia, and other states demonstrate a real interest to reexamine these rules among both policymakers and welfare administrators. Interest is growing at the federal level as well, in particular around retirement savings and in connection with the Food Stamp program.

Video of this roundtable discussion, which focused on opportunities to work together to reform asset limits at the state and federal levels, is available at right, while an MP3 audio recording can be downloaded below.

State Policy Options for Building Assets

Asset Building — Fri, 30 Jun 2006 15:49:00 -0400

States continue to play an important role in helping low- and moderate-resource families save and build wealth. They have been innovators in assets policy, whether on their own or through the forces of "devolution," in which federal funds and decision-making authority are shifting from the federal to the state level. These initiatives and experiments -- these "laboratories of democracy" -- have inspired and informed other states as well as policymakers at the national level.

The following ideas to broaden savings and asset ownership include a range of simple proposals that may have a significant impact with little associated cost; some medium… more

Policy Options to Improve Financial Education

Asset Building — Fri, 30 Jun 2006 13:01:24 -0400

Sorting through credit card offers, deciding how to invest retirement funds in the stock market, picking the right mortgage from a myriad of options, deciding how to save for a child's college tuition—the scope and diversity of the financial decisions a family has to make has grown exponentially. Former Federal Reserve Chair Alan Greenspan observed, "Today's financial world is highly complex when compared with that of a generation ago. Forty years ago, a simple understanding of how to maintain a checking and savings account at local banks and savings institutions may have been sufficient. Now, consumers must be able to… more

Making Financial Education Real for Kids

Communications — Wed, 21 Jun 2006 14:00:00 -0400

A New America Event
06/21/2006 - 12:00pm

Regardless of income or race, kids are growing up without knowing the basics that will keep them out of financial trouble. In a time when the personal savings rate is negative, credit card debt is growing and kids are more likely to see their parents go through a bankruptcy than divorce, financial education is more important that ever.

Many groups from the private, public, and nonprofit sectors have responded to this need by mandating financial education in schools, developing strategies for increasing financial knowledge among the general public, and creating innovative and new financial education curricula. The challenge is to interest kids in financial education, and ensure that it is effective. We need to get kids on the path to responsible spending and saving behavior before they have to navigate credit card offers, loans for cars and college, and other financial transactions.

Our panel of youth financial education experts examined how to make effective, interesting youth financial education available to all kids. Members of Congress and others will also spoke about policy responses to build financial knowledge and skills.

The Congressional Savings and Ownership Caucus is Co-Chaired by Sen. Rick Santorum (R-PA), Sen. Kent Conrad (D-ND), Rep. Jim Cooper (D-TN), Rep. Phil English (R-PA), Rep. Harold Ford, Jr. (D-TN) and Rep. Tom Petri (R-WI).

The Assets Agenda 2006

Asset Building — Fri, 21 Apr 2006 03:00:00 -0400

The purpose of this issue brief is to summarize a federal public policy agenda to broaden savings and asset ownership opportunities for low- and moderate-income Americans. It reflects our latest and best thinking, and draws heavily on the work of many experts focusing on various facets of savings and asset-building policy. The menu includes calls for new structures and policies, as well as changes to existing tax systems, government programs and financial products.

We continue to share President Bush’s vision for an “ownership society,” although public policies to achieve that must be directed at the bottom half of the population, most… more

Leslie Parrish

Operations — Thu, 20 Apr 2006 16:49:00 -0400

Former Senior Policy Analyst, Asset Building Program

Leslie Parrish was a senior policy analyst in the Asset Building Program at the New America Foundation until late 2006, when she left for a position with the Center for Responsible Lending. Her New America articles and papers can be accessed below.

Prior to joining New America, Ms. Parrish was an urban planner for the City of Alexandria in Virginia, working with small businesses, developers, and citizens to secure economic development, affordable housing, and a quality built environment. She was previously a Program Manager at the Corporation for Enterprise Development where she co-authored the annual Development Report… more

Reforming 529 College Savings Plans to Better Reach Low-Income Families

Asset Building — Wed, 01 Mar 2006 04:00:00 -0500

The Assets Report 2006

Asset Building — Wed, 15 Feb 2006 20:00:00 -0500

The second year of the Bush Administration’s second term is underway and the prospect of a large breakthrough for asset building policy appears remote at this time. The President’s second Inaugural Address, which highlighted the transformative potential of “ownership” and an “ownership society,” has given way to the political realities of budget deficits, international commitments, and uncertain electoral prospects.In this difficult political environment, a “dual track” strategy should be pursued: continuing to lay the foundation for larger, more ambitious asset-building policies while aggressively pursuing lower-cost policies that are poised to boost savings and asset accumulation by the poor… more

TANF and Asset Building

Asset Building — Tue, 01 Nov 2005 04:00:00 -0500

The 1996 welfare reform law which created the Temporary Assistance for Needy Families (TANF) program gave states far more flexibility in determining the best ways to move their neediest families from dependence on cash assistance towards economic self-sufficiency. Policymakers have issued a series of short-term extensions to TANF in recent years while attempting to build a consensus on how it should be reauthorized. Therefore, an opportunity exists to build upon existing -- and incorporate new -- asset building strategies into the eventual reauthorization of TANF. In addition, state governments have broad discretion in administering their TANF programs and can take… more

A Post-Hurricane Policy Response to Poverty in America

Asset Building — Sat, 01 Oct 2005 03:00:00 -0400

The recent hurricanes wrought havoc on families and communities across the Gulf Coast and poignantly revealed how the debilitating effects of poverty persist across the country. The President has wisely proposed asset-based ideas as the core of his policy response—a urban homesteading act to encourage the ownership of land and homes, a Gulf opportunity zone to foster business ownership, and worker recovery savings accounts for job training and education. While insufficient in their scope, these proposals identify a promising path for federal policy efforts.

After the federal government responds to the immediate needs of those affected, a primary goal of rebuilding… more