Alejandra Lopez-Fernandini: All Publications, Events and Press

Presidential Promises

Asset Building — Fri, 19 Sep 2008 10:17:00 -0400

The presidential election of 2008 has been historic by many measures. The campaign has featured an extended and competitive primary season, which has given way to a general election contest between Democrat Barack Obama and Republican John McCain. As the campaign has unfolded, economic conditions have worsened along with rising levels of unemployment, personal debt, and mortgage defaults. The erosion of savings and household assets have increased the economic insecurity of many families and heightened interest into each candidate’s prescription for a policy response. This paper will describe the policy proposals made by Senators Obama and McCain during the course… more

The Assets Agenda

Asset Building — Wed, 03 Sep 2008 07:25:00 -0400

The current economic downturn, triggered in part by excessive household debt and deflating housing prices, underscores the central role asset ownership plays in the economic security of American families and the broader economy. Broad asset ownership, whether through savings or investment, has the potential to connect economic opportunity with economic security and ensure that every member of society is afforded a real stake in the commonwealth. Assets are important not only because they can be deployed productively or tapped to help individuals and families weather unexpected events, but because they have behavioral effects that can change the manner in which people think about and plan for the future.

Past… more

AutoSave Overview

Asset Building — Wed, 16 Jul 2008 11:00:00 -0400

The overview below revisits the proposal explored in a July 2006 Working Paper by Reid Cramer. Please click here to access that document, or see below for the updated overview. AutoSave Overview

AutoSave is a unique savings plan that automatically diverts through payroll deduction a small amount of post-tax wages into a savings account. AutoSave's design incorporates key factors that encourage saving, such as facilitation of automatic transfers to a savings account through an existing system (here, payroll deduction) and use of defaults that simplify and ease decision making, requiring employees to take action not to save. To participate, employers… more

Making a Transaction and Savings Account a Certainty, Just Like Taxes

adminn — Thu, 22 May 2008 15:00:00 -0400

In the Feb. 20 issue of Paybefore Update, my colleague, Melissa Koide, discussed a proposal to use prepaid cards to deliver tax refunds through a unique alliance of government and industry, Viewpoints: A Convergence of Opportunities: Delivering Prepaid Accounts at Tax Time (February 2008). We believe the prepaid sector can and should play a major role in working with government to provide an "assets and transactions account" (ATA), a low-cost, high-value transaction account that facilitates savings for financially underserved consumers. The ATA would be opened when a tax filer's refund is deposited at a regulated financial institution… more

The Assets Report 2008

Asset Building — Wed, 12 Mar 2008 01:03:00 -0400

The purpose of this annual report is to summarize and take stock of the current state of federal policy through an asset-building lens, especially as it affects the asset base of families with lower incomes and fewer resources, which is the focus of our work. The report is divided into three sections. The first is a review of policy developments from the past year related to asset building, highlighting administration action and significant legislation, including assets-related bills introduced in the first year of the 110th Congress; the second is an examination of the President’s budget proposals for Fiscal Year… more

The California Assets and Transaction Account

Asset Building — Wed, 06 Feb 2008 11:43:00 -0500

In support of state-wide efforts to bring more Californians into the financial mainstream, the State of California could deliver a pre-paid account through the state’s tax filing process. The Assets and Transaction Account, or ATA, would expedite tax filers’ access to their tax refunds and serve as a safe, affordable, and convenient financial tool for lower-income Californians to conduct routine financial transactions and build saving throughout the year.

The state tax filing process presents a unique opportunity to reach and deliver a valuable financial product to millions of under-banked Californians, while also saving the state government millions… more

Saving Promises

Asset Building — Wed, 19 Dec 2007 10:14:00 -0500

For the first time since 1952, the absence of incumbents vying for the nomination of each major party has created a wide open race, one where the stakes are remarkably high. This has contributed to an extended campaign process that will last almost two years by the time the presidential election is held in November of 2008. While some lament the length of this campaign cycle, it has generated a great deal of activity in the policy arena as each candidate has sought to articulate their vision for America’s future and proposed policies that will help take us there. … more