Promoting Economic Security for Working Families: State Asset Policy Initiatives CFED 2006 Assets Learning Conference Phoenix, Arizona Presentation by.

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Presentation transcript:

Promoting Economic Security for Working Families: State Asset Policy Initiatives CFED 2006 Assets Learning Conference Phoenix, Arizona Presentation by Heather McCulloch Principal, Asset Building Strategies September 19th, 2006

National Research Research selection criteria: Advancing a state-level policy agenda Targeting more than one asset-building policy Engaging diverse stakeholders

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 Hawaiì – (2004) Hoòwaiwai Asset Policy Initiative of Hawaiì Michigan (2005) Asset Building Coalition for Michigan

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

Common Goals Savings Investment Preservation

Emerging Policy Priorities

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

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

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

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

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