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Promoting Economic Security for Working Families: State Asset Policy Initiatives

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:

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Promoting Economic Security for Working Families: State Asset Policy Initiatives

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  1. 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

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

  3. 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

  4. 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

  5. Investment Preservation Savings Common Goals

  6. Emerging Policy Priorities

  7. 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

  8. 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

  9. 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

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

  11. Promoting Economic Security for Working Families: State Asset Policy Initiatives Heather McCulloch Principal, Asset Building Strategies Heathermcc@sbcglobal.net (415) 378-6703 Full report: “Promoting Economic Security for Working Families: State Asset Building Initiatives” Available at: www.knowledgeplex.org Research supported by the Fannie Mae Foundation

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