Ray Boshara: All Publications, Events and Press

Ray Boshara in Online NewsHour with Jim Lehrer | 'Programs Aim to Break Cycles of Poverty in the South Through Home Ownership'

Communications — Fri, 01 Aug 2008 14:42:00 -0400

New America in the News:

IDAs are a tool that can be used to help low-income people move into the financial mainstream, said Ray Boshara, vice president for domestic policy programs for the New America Foundation, a non-partisan public policy institute.

"When families have savings and assets, it not only prevents them from falling into financial ruin ... when you own things you are invested in your community in a way you normally would not be," Boshara said. LINK

Innovations, challenges in savings and financial inclusion for the poor highlighted in new report from the Global Assets Project

Communications — Wed, 30 Jul 2008 14:10:00 -0400

Washington DC - Innovative partnerships and convergence in the fields of asset building, microfinance and financial inclusion are sparking increased interest in access to savings, assets, and financial inclusion for those living in poverty around the world, according to a report released today by the Global Assets Project and the Citi Foundation. The report, "Global Savings, Assets and Financial Inclusion: Lessons, Challenges & Directions" is based on the Global Symposium held in Singapore last year which brought leading practitioners, scholars, policymakers, corporate leaders, and funders in these fields together for the first time. The report is available here and at more

Child Savings Accounts: Global Trends in Design and Practice

Asset Building — Wed, 30 Jul 2008 11:11:00 -0400

INTRODUCTION

Child Savings Accounts (CSAs) exist as policies, products, and programs, and are currently being offered by governments, financial institutions, and non-profits. CSAs are more than basic savings accounts. What distinguishes CSAs from standard savings accounts is the degree to which they serve as means to an end-most often to spur the social and/or economic development of children. Another distinguishing feature is they are often intentionally targeted to children of low- and moderate-income families (as opposed to only children of middle-class and well-off families).

The concept behind CSAs is based on the premise that saving is an important way for an… more

Global Savings, Assets and Financial Inclusion

Communications — Wed, 30 Jul 2008 07:30:00 -0400

A New America Event
07/30/2008 - 5:30pm

The Global Assets Project and the Citi Foundation invite you to attend a reception on Wednesday, July 30 2008 to celebrate the launch of their new report: "Global Savings, Assets and Financial Inclusion: Lessons, Challenges and Opportunities"

This report highlights insights and findings from the 2007 Global Symposium on Savings, Assets and Financial Inclusion, addressing emerging global trends, opportunities and collaborations across the fields of asset building, microfinance, policy and financial education.

Cocktails and hors d'oeuvres will be served at this event, which will be held on the terrace of the Evening Star Building, in downtown DC, with panoramic views of the nation's capitol and the DC skyline. Space is limited, so please RSVP early to secure your attendance.

About the Report: Innovations in the financial services and asset-building fields and their cross-fertilization are sparking increased access to savings, assets, and financial inclusion for those living in poverty around the world. This report provides a glimpse into a wealth of information candidly and generously provided by participants in the 2007 Global Symposium on Savings, Assets and Financial Inclusion. The report describes lessons, challenges and opportunities for thinking about how the poor, in developed and developing countries, can build their assets and wealth. Finally, the report includes possible next steps that the diverse range of actors working within these fields should take to move this emerging body of work forward.

About the 2007 Global Symposium: For three days in June 2007, the Global Assets Project of the Center for Social Development and the New America Foundation; the National University of Singapore; and the Financial Access Initiative convened 100 leaders from diverse fields at a Global Symposium on Savings, Assets, and Financial Inclusion. Sponsored by the Citi, Levi Strauss, and F.B. Heron Foundations, the purpose of this first-of-its-kind symposium was to illuminate and inform strategies for universal inclusion in savings and asset-building products, programs, and policies around the world.

About the Global Assets Project: The Global Assets Project - created in 2006 as a joint venture between the Center for Social Development at Washington University in St Louis and the Asset Building Program of the New America Foundation - aims to advance strategies and public policies that build savings and assets for low- and moderate-income people around the world.

About the Citi Foundation: The Citi Foundation is committed to enhancing economic opportunities for underserved individuals and families in the communities where we work throughout the world. Globally, the Citi Foundation is focusing its giving on Microfinance and Microentrepreneurship, which helps individuals become economically self-sufficient; Small and Growing Businesses, leading to economic expansion and job creation; Education, which prepares young people for personal and professional success; Financial Education, which helps individuals make informed financial decisions; and the Environment with a focus on sustainable enterprises that generate jobs and stimulate economic growth while preserving the environment.

Global Savings, Assets and Financial Inclusion

Asset Building — Wed, 30 Jul 2008 06:14:00 -0400

Foreword

In 2000, 196 Member States of the United Nations committed themselves to halve extreme poverty in the world by the year 2015. Since then, broad availability of well-designed and appropriately delivered financial services and products, including those that lead to savings and productive assets, has become increasingly recognized as essential to alleviating poverty and fostering economic security and opportunity. Yet eight years later (and with less than eight years remaining to reach this goal), some three billion people worldwide lack access to basic financial services. Much remains to be done.

For three days in June 2007, the Global Assets… more

Confronting the Debt Culture

Communications — Mon, 12 May 2008 11:00:00 -0400

A New America Event
05/12/2008 - 5:00pm

"By some estimates, payday loans topped $28 billion last year, and have doubled every year for the past five years. These numbers are really frightening."

-Sheila Bair, Chairman, Federal Deposit Insurance Corporation, April 19, 2007

Join the New America Foundation/Asset Building Program and the Institute for American Values for a timely conference on thrift and its increasingly important role in reducing and managing personal and societal debt. Speakers will discuss changing the debt culture, solutions to payday lending, and lessons from abroad.

For attendees who register through the New America website, the conference is free (otherwise it is $50). Your free registration through New America entitles you to:

receive a copy of the report, For a New Thrift: Confronting the Debt Culture;
participate in all sessions and attend the May 13 luncheon; and
attend a reception at 5:00 p.m. on May 12 and preview the exhibit, Thrift: In Search of the Art of Living Well.

For more information and the conference agenda, please visit the conference website.

This conference is co-sponsored by Demos, the Institute for American Values, the National Federation of Community Development Credit Unions, the New America Foundation, Public Agenda, and the University of Virginia's Institute for Advanced Studies in Culture.

"Confronting the Debt Culture" Conference in the Washington Post | "Let's Make It Cool to Save"

Communications — Sun, 11 May 2008 12:45:00 -0400

New America in the News:

Full article

A coalition of consumer advocates, public policy groups and academics wants to attack our country's dependence on debt by creating a national campaign much like the one used to curb smoking. . .

The organizations leading this effort include the Institute for American Values, the Institute for Advanced Studies in Culture, the New America Foundation, Public Agenda, Demos, the Consumer Federation of America, and the National Federation of Community Development Credit Unions. . .

The coalition is holding a conference in Washington tomorrow and Tuesday and has issued a report, "For a New Thrift: Confronting the Debt Culture."

There's no major revelation in the 68-page report. It merely lists the many ways debt has taken down so many people.

Foreclosures, which soared to more than 1 million in 2007, are predicted to affect about 2.5 million households this year. Consumer bankruptcy filings are also up significantly.

Of course, there is the mortgage meltdown. And now auto loan and credit card delinquencies are also rising.

But even before the subprime debacle, many people were struggling with debt. The Federal Reserve recently reported that consumer credit increased by $15.3 billion in March, to $2.56 trillion.

"Millions of families today feel the American dream slipping away," the coalition's report says. "They are losing hope of escaping from the cycle of over-indebtedness, holding a good-paying job, or moving up the income ladder."

So who's at fault for all this indebtedness?

Is it the consumers?

"Clearly, human frailty is part of the story," the report says. "Some people get over their heads in debt because of their own profligacy and irresponsible choices."

Are we are a nation of debtors because it's what's best for the overall economy?

To be sure, the ceaseless temptation to overspend is also part of the story, the coalition leaders say. And just blaming or railing against consumers won't fix our debt problem. We've got to look at the financial institutions, or anti-thrifts, as the coalition calls them. . .

"The anti-thrifts have worked relentlessly to reduce the traditional inhibitions and stigma associated with over-indebtedness," the report says. . .

Policy Approaches for Saving and Asset Building by Low-Income Americans

Asset Building — Wed, 19 Mar 2008 12:59:00 -0400

Beyond Stimulus

Communications — Tue, 26 Feb 2008 09:00:00 -0500

A New America Event
02/26/2008 - 9:00am

While the President signs into law a $152 billion stimulus package to jumpstart the economy, millions of Americans continue to rack up consumer debt, watch their home values slide, and worry about their futures with little to no savings. In fact, even with stimulus checks on the way to promote consumption, Americans are focusing on the need to rein in their debt and save more. A recent Harris Interactive poll found that when it comes to using the tax rebate, 47 percent say they intend to pay down debt, while another 32 percent report they will save it.

Although very few doubt the need for an economic kick start, more attention is needed to address the lack of savings and debt crisis of today, facilitate savings for the future, and promote economic health and financial stability over the course of a lifetime.

New research, policies, and business strategies are emerging that enable Americans to meet a range of savings needs, from short-term, precautionary savings as an alternative to consumer debt; to adequate savings for mid-life asset purchases; to longer-term default strategies to enable Americans to reach their retirement goals.

Our expert panel will share new insights and research that make the case for new savings strategies and policies for all Americans. Please join us for this very timely discussion.

Ray Boshara, Phil Longman in Houston Chronicle | "Thrift is it in 2008"

Communications — Sat, 12 Jan 2008 10:18:00 -0500

New America in the News:
Time to Make Outsaving the Joneses a Reality (Houston Chronicle)

"One in seven families is dealing with a debt collector," Ray Boshara and Phillip Longman of the New America Foundation think tank wrote in a Washington Post commentary. "Children today are more likely to live through their parents' bankruptcy than their parents' divorce," they wrote. And that likelihood will increase this year. ...

New America Foundation Commends San Francisco Mayor Gavin Newsom’s Baby Savings Bond Proposal

Communications — Thu, 10 Jan 2008 14:26:00 -0500

Today, the New America Foundation Asset Building Program commended San Francisco Mayor Gavin Newsom’s innovative proposal to endow every child born in the city with a $500 Baby Savings Bond. The money, which would earn interest over time, would be available when the student graduates from high school, to be used for college costs or towards a first home.

“We applaud this bold, forward-looking proposal. Now that San Francisco has set the stage, we look to California and the rest of the country to offer young Americans the chance to realize their potential and to achieve their dreams,”… more

Ray Boshara in The Record (NJ) on Child Savings Accounts

Communications — Mon, 22 Oct 2007 08:26:00 -0400

New America in the News:

Concerned about the nation's poor savings rate, lawmakers such as Sen. Hillary Clinton have been talking about getting the government directly involved in establishing savings accounts for children.

The New York senator caused a stir last month when she said she would like to see every newborn receive a $5,000 bond that could be used later for college or a home purchase. Her remarks drew derision, and she has since backed away from that idea. About 4 million babies are born every year in the United States.

Lawmakers have kicked around a more modest plan for several years, one initially co-sponsored in 2004 by Jon Corzine, a Democrat, and Rick Santorum, a Pennsylvania Republican, who were serving in the Senate at the time. That plan would give every newborn $500 in a savings account. Sen. Charles Schumer, D-N.Y., reintroduced the bill this month.

The proposal calls for creation of an account at birth with a one-time $500 government contribution. Children living in households with incomes below the national median would be eligible for an extra contribution of as much as $500 at birth as well as the opportunity to earn $500 per year in matching funds. The money could be used later for housing, education or a retirement fund. The cost to taxpayers is estimated at $3.25 billion the first year and $37.5 billion over 10 years. When recipients turn 30, they would be required to repay the initial deposit, and that would provide seed money for future accounts.

Ray Boshara, vice president of the non-partisan Washington think tank The New America Foundation, and one of the leading advocates of the bill, said he and other champions of the measure are courting the banking industry for support. "We're working on them, but we haven't yet achieved a broad coalition," he said...

For the complete article, please follow this link.

Forget Easy Money

Articles — Sun, 07 Oct 2007 07:12:00 -0400

Countrywide Financial, the nation’s largest mortgage lender, has a curious new idea -- or, more precisely, an old one. No longer will it use wads of Chinese cash recycled through Wall Street to make subprime loans to unqualified borrowers. Instead, it will take in deposits from small savers and lend them out to people who might actually repay them -- just like that humble thrift institution president George Bailey did in It’s a Wonderful Life.

Imagine: a bank that promotes thrift! This could be the start of something big. Writing recently in the American Banker, Eugene Ludwig, a former comptroller of… more

Ray Boshara and the ASPIRE Act in the Los Angeles Times

Communications — Sun, 07 Oct 2007 03:08:00 -0400

New America in the News:

In 2004, Sens. Rick Santorum (R-Pa.) and Jon Corzine (D-N.J.) proposed the America Saving for Personal Investment, Retirement and Education (ASPIRE) Act, legislation that would have given every baby a minimum $500 endowment, untouchable for 18 years, at which time it could be used to help pay for college, put a down payment on a house or start a business....

The notion of a baby bond is grounded, according to supporters, in the concept of the American ownership society, which was a tenet of President Bush's 2004 campaign (when the practical application was privatizing Social Security).

"The intellectual history of this idea is property ownership -- the Homestead Act, the GI Bill -- conscious efforts to spread property ownership through the population," said Ray Boshara, director of the Asset Building Program at the nonpartisan New America Foundation, which helped craft the ASPIRE legislation and advised British officials on their program. "That has broad bipartisan support."

The idea, he said, is to put children on a path toward lifetime savings and wealth accumulation, a notion that appeals to conservatives and liberals.

On Wednesday, in fact, the ASPIRE legislation was quietly reintroduced in the House of Representatives by a bipartisan coalition. Boshara said the reaction to Clinton's remarks --especially Giuliani's -- made some Republican supporters nervous.

"Even if Rudy Giuliani thinks it's a good idea, he's not going to say that," said Boshara. "This is a campaign, and this was an easy target. I suspect that $500 would not have received quite the denunciation that $5,000 did."

Slightly more than 4 million babies are born in this country every year. Money in a baby bond plan would be invested and augmented by matching funds. Financial education would be part of the program. The goal would be to have around $20,000 available to each young adult when he or she turns 18.

"If you have assets as a kid, it changes your mind-set and your orientation, and conservatives love that part of the idea," said Boshara. "For Democrats, it's more about opportunity. When everyone was talking about Social Security and savings and retirement security, this was the only idea that brought Democrats and Republicans together..."

For the complete article, please visit the Los Angeles Times website.

Bipartisan Lawmakers Introduce 'KIDS Account' Bill to Build Savings, Financial Education, and Retirement Security

Communications — Fri, 05 Oct 2007 05:28:00 -0400

A bipartisan coalition introduced the America Saving for Personal Investment, Retirement, and Education Act (“The ASPIRE Act”) which would set up a “KIDS Account” at birth for every child in America which they can later use to pursue post-secondary education, buy their first home, or build up a nest-egg for retirement. The ASPIRE Act, which primarily benefits low-income kids, is based on research provided by the New America Foundation’s Asset Building Program. Representatives Patrick Kennedy (D-RI), Phil English (R-PA), Jim Cooper (D-TN), Rahm Emanuel (D-IL), and Tom Petri (R-WI) introduced the ASPIRE Act in the House on Wednesday.… more

KIDS Accounts

Communications — Wed, 03 Oct 2007 09:00:00 -0400

A New America Event
10/03/2007 - 2:00pm

An unlikely group of legislators, spanning the full political spectrum, is proposing a fresh, long-term response to the challenges of saving, financial education, and retirement security: KIDS Accounts.

By providing every newborn child a savings account at birth, with matching deposits for lower-income children, KIDS Accounts will create a national culture of savings and investing, promote financial education, and encourage life-long asset accumulation-especially higher education, homeownership, and a nest-egg for retirement.

There could not be a better time to re-build a culture of savings in America, beginning with every child in America. Not since the Great Depression have Americans saved so little, and not since the Great Depression have so many Americans risked losing their homes to foreclosure.

Joining the Senate and House champions of the ASPIRE Act, will be New York Times columnist David Brooks, a sample of the bill’s leading supporters, and a teenager from Delaware now saving for his future.

Marketplace Interviews Ray Boshara on Kids' Savings

Communications — Wed, 03 Oct 2007 04:17:00 -0400

New America in the News:

Scott Jagow: A bill being introduced in Congress this morning might breathe new life into an old idea: Savings accounts for children…

Sarah Gardner: The idea is simple: give every American newborn $500 in a tax-free savings account. At age 18, kids can use it for college -- or they can sock it away until later for a first home or retirement.

Supporter Ray Boshara at the New America Foundation says more than a third of children grow up in households without investments.

Ray Boshara: If we don't endow these kids with assets at birth, I think their opportunities for a better life are diminished. So-called "baby bonds" have high-profile support. Hillary Clinton recently proposed giving everyone $5,000 at birth…

To listen to the interview with Ray Boshara, please visit Marketplace's website, or download the attached MP3 file below.

Ray Boshara is director of New America's Asset Building Program. For more information on child savings accounts, please visit www.aspireact.org.

Ray Boshara Interviews with CNBC on Hillary's "Baby Bonds"

Communications — Mon, 01 Oct 2007 02:36:00 -0400

New America in the News:

Presidential hopeful Hillary Clinton is pushing the idea of giving infants special bonds in order to give them a headstart in life, with Ray Boshara, New America Foundation V.P. ...

"This was the only proposal in the multibillion dollars that brought Democrats and Republicans together back when we were talking about savings and retirement security," said Ray Boshara.

"It's important to teach financial basics and to reestablish a savings culture in america."

"It's the kind of entitlement that more that pays for itself over time... If you start with wealth you create more owners and investors."

Ray Boshara is also Director of the Asset Building Program. To view this video from "On the Money," please visit the CNBC website.

ASPIRE Act Frequently Asked Questions

Asset Building — Mon, 01 Oct 2007 02:00:00 -0400

The attached document answers the following questions about the America Saving for Personal Investment, Retirement, and Education (ASPIRE) Act:

What does the bill do?Why is a bill to promote asset building for children necessary? Who is eligible? Will illegal immigrants or children who become citizens… more

Ray Boshara Discusses 'Baby Bonds' and Asset Reform on ABC News

Communications — Fri, 28 Sep 2007 04:07:00 -0400

New America in the News:

Sen. Hillary Clinton, D-N.Y., floated the idea Friday of giving every child born in America a $5,000 "baby bond" from the government to help pay for future costs of college or buying a home...

"I'm pleased that Sen. Clinton keeps talking about 'baby bonds,' whether $500 or $5,000 at birth," said Ray Boshara, the vice president of the New America Foundation.

Boshara, who has worked with Clinton's policy staff on the concept, did not see the different dollar figure floated by Clinton on Friday as reflecting a definite policy change. Rather, he saw it as an affirmation of her excitement with the concept and expects her to continue to work out the details when she develops a formal proposal.

"I think Sen. Clinton is very, very excited about accounts at birth and hasn't settled on the right combination between initial deposits and matching deposits until 18," said Boshara. "She and her staff told me in the next several months we'll work on the details. . . . When we work out the details, we'll figure out the best way to get to around $20,000 at 18 -- that's what matters."

Ray Boshara is Director of New America's Asset Building Program, which is hosting an event on Wednesday, Oct. 3, 2007, to showcase the ASPIRE Act and its goal of creating savings accounts for children. For this complete article, please visit the ABC News website.