Presentation is loading. Please wait.

Presentation is loading. Please wait.

Promoting Economic Security for Working Families: State Asset Policy Initiatives Asset Funders Network Meeting Washington, D.C. March 9 th, 2006 Presentation.

Similar presentations


Presentation on theme: "Promoting Economic Security for Working Families: State Asset Policy Initiatives Asset Funders Network Meeting Washington, D.C. March 9 th, 2006 Presentation."— Presentation transcript:

1 Promoting Economic Security for Working Families: State Asset Policy Initiatives Asset Funders Network Meeting Washington, D.C. March 9 th, 2006 Presentation by Heather McCulloch Asset Building Strategies

2 States and Asset Policy New policy dialogue focusing on ways to support low-income families to save, invest and preserve financial assets Led by asset-building practitioners, governors, state treasurers and/or legislators Addressing asset poverty and exploring asset-building solutions

3 Impetus for State Initiatives Increasing numbers of working-poor families Public discussion of wealth gap Demonstrated success Federal policies create opportunities

4 National Research Research selection criteria: Advancing a state-level policy agenda Targeting more than one asset-building policy Engaging diverse stakeholders Six state asset policy initiatives in various stages of development

5 Emerging State Initiatives Delaware (2001) Governor’s Task Force for Financial Independence California (2003) Asset Policy Initiative of California Illinois (2003) Illinois Asset Building Group Pennsylvania (2004) Governor’s Task Force for Working Families Hawai`i – (2004) Ho`owaiwai Asset Policy Initiative of Hawai`i Michigan (2005) Asset Building Coalition for Michigan

6 Common Features Reframing the policy dialogue Bringing diverse stakeholders to the table Building a bipartisan discussion Identifying near- and long-term solutions to asset poverty

7 Common Goals Savings Investment Preservation

8 Emerging Policy Priorities

9 Savings/Asset Accumulation Financial education – Improving and expanding access to financial education Financial services – Linking families to mainstream financial services Asset limits – Raising or eliminating asset limits in public benefit programs Individual Development Accounts – Increasing public support for IDAs

10 Savings/Asset Accumulation Higher Education – Supporting families to save for higher education Earned Income Tax Credit – Capturing federal EITC and creating state EITC Retirement savings – Expanding access to retirement savings opportunities Children’s Savings Accounts – Supporting children’s savings accounts programs

11 Investment/Asset Leveraging Homeownership – Increasing affordable homeownership opportunities Business ownership – Supporting low-wealth entrepreneurs to build business equity Real estate development – Leveraging economic development to create investment opportunities for low-income community residents

12 Protection/Asset Preservation Health insurance – Expanding health insurance coverage Anti-predatory lending – Reducing abusive lending practices Anti-insurance redlining – Preventing insurance redlining

13 Impact State and local: Legislation/administrative changes New partnerships and resources Building state and local constituency Building connections across states: Replication: Other states learning from/replicating initiatives Collaboration: Initiatives working together on policy ideas & strategies Educating policymakers: NCSL and NGA educating policymakers Strategic partnerships: Between state and national policy advocates

14 Opportunities for Funders Funders could consider supporting… Implementation – existing state initiatives Planning – emerging initiatives Collaboration – peer learning among state initiatives Strategic partnerships – between national intermediaries and state asset policy leaders Research – state asset policy innovation Networks – at the state and local levels

15 Contacts for State Initiatives Asset Policy Initiative of California Contact: Stephanie Upp, Delaware/Gov. Task Force for Financial Independence Contact: Caroline Glackin, Co-Chair, Ho`owaiwai Asset Policy Initiative of Hawai`i Contact: Brent Dillabaugh, Illinois Asset Building Group Contact: Dory Rand, Asset Building Coalition for Michigan Contact: Eric Muschler, Pennsylvania Governor’s Task Force for Working Families Contact: Hilary Hunt, or Heather Tyler,

16 Promoting Economic Security for Working Families: State Asset Policy Initiatives Heather McCulloch Principal/Asset Building Strategies (415) Full report: Promoting Economic Security for Working Families: State Asset Building Initiatives Available at: Research supported by the Fannie Mae Foundation


Download ppt "Promoting Economic Security for Working Families: State Asset Policy Initiatives Asset Funders Network Meeting Washington, D.C. March 9 th, 2006 Presentation."

Similar presentations


Ads by Google