New America Foundation Recognizes President Bush's Financial Literacy Volunteer Initiative, But Sees Room for Improvement
Yesterday the White House launched a new Financial Literacy Volunteer Initiative to help connect struggling homeowners with financial counselors and to provide financial education at-large through a nationwide volunteer corps. New America Foundation's Asset Building Program has long called for the creation of a national Financial Services Corps and has made the idea a central component of its financial education policy agenda at both the federal and state level.
The announcement by the White House is an important first step. "However," said Melissa Koide, Deputy Director of New America's Financial Services and Education Project, "to effectively meet the challenges of financially stressed Americans, the Initiative also needs to focus on basic financial education, consumer debt issues, and the critical role of savings. Given the financial complexities Americans face today, the Initiative should use its convening power to encourage financial experts and advisors to ensure that affordable financial planning assistance is available to Americans who are most in need of that expertise."
At the state level, financial education is gaining momentum in California.
Advised by New America's Asset Building Program, John Chiang, the Controller of the State of California, sponsored a bill (AB No. 2123), which was introduced in February by Assembly Member Ted Lieu, to establish a state-wide Financial Literacy Initiative. In addition to establishing a Financial Services Corps, it will create a Financial Literacy Fund, and establish an Office of Financial Literacy Advocate and an Advisory Committee, while also providing Californians with the tools, resources, and access to a range of financial education information and providers.
To learn more about New America's Financial Services Corps. Proposal or to speak to an expert, please contact Erin Drankoski at 202-997-8727, Drankoski@newamerica.net.
About the Asset Building Program
The purpose of New America's Asset Building Program, established in 2002, is to significantly broaden savings and assets ownership in America, thereby providing all Americans both with the means to get ahead and with a direct stake in the overall success of our economy. This major, new direction in public policy promises to be as successful in the 21st century as the Homestead Act and GI Bill were in previous centuries. The Program also established a Global Assets Project to promote asset-building policies worldwide. For more information, please visit the Asset Building Program website.
About the New America Foundation
The New America Foundation is a nonprofit, post-partisan public policy institute whose purpose is to bring exceptionally promising new voices and new ideas to the fore of our nation's public discourse. Relying on a venture capital approach, the Foundation invests in outstanding individuals and policy solutions that transcend the conventional political spectrum. Headquartered in our nation's capital, New America also has offices in California and New York. More information is available at www.newamerica.net.
Related Programs: Asset Building Program, Financial Services and Education Project
Topics: Financial Education, Ownership & Assets
