About The Asset Building Program

In today's economy, economic security and mobility depend not just on one's job and income, but increasingly on one's ability to accumulate a wide range of assets - especially buying a home, pursuing a post-secondary education, starting a business, building up savings, and securing a nest-egg for retirement. Yet, fully half of all Americans currently have few or no assets, in part because our nation's public policies to encourage savings and wealth accumulation primarily benefit the upper half of earners.

The primary components of New America’s Asset Building Program are:

Innovative Policies to Expand Asset Ownership in the U.S.
The Asset Building Program of the New America Foundation was established in 2002 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. The Program is a leading voice on innovative, market-oriented public policies to enable low- and middle-income families in the U.S and around the world to build savings and wealth. The Program has championed public policies to enable families to accumulate savings; access wealth-building financial services and financial education; better manage their debts; and build and protect lifelong, productive assets. To expand the audience for and to convey the importance of inclusive assets policy, the Program has published in the nation's leading newspapers and magazines and has appeared on the nation's top television and radio programs.

Savings Accounts at Birth
The Program is home to some of the world's leading policy experts on children's savings accounts in developed and developing countries. As such, it is widely credited with forging ideologically broad coalitions in both the House and the Senate to introduce the ASPIRE Act, "Baby Bonds," PLUS Accounts, and other bold policies that would establish and progressively fund savings and investment accounts at birth for all newborns. These proposals, which are typically restricted for use after age 18 for post-secondary education and training, homeownership, and retirement, would help create a savings and ownership culture in America, promote financial know-how, and broaden economic opportunity-especially for children from low-income, low-wealth households.

Financial Services and Education
In 2006, the Program began a special focus to provide national leadership on policy issues related to the role of the financial services industry in building savings and assets among low- and middle-income individuals. The work is focused on forging a new responsibility framework for consumer financial services in the 21st century; improving the effectiveness of financial education; expanding access to wealth-building financial services; and enabling low- and middle-income Americans to better manage debt in order to build assets.

Global Assets Project
In 2006, the Program launched the Global Assets Project with the Center for Social Development at Washington University to advance products, program and public policies that build savings and assets for poor, low- and moderate-income individuals around the world. Serving as a bridge across the diverse yet increasingly integrated areas of microfinance, financial education, social policy, and commercial financial services, the Global Assets Project aims to chart a new agenda for innovations and frontiers in the field of savings and asset building, globally.

Asset Building in California
The Program is firmly established in California with the aim of advancing policies that build savings and assets for all Californians. The California office, established in 2004, is widely credited with securing legislative changes allowing Californians to "split" their refunds on their tax returns, as well as enabling TANF recipients in California to save for college and retirement without losing key public benefits. The California office also succeeded in securing bipartisan legislation to create savings accounts at birth for each newborn in California. In 2007, the California office launched the bipartisan Asset Policy Forum, with the Asset Policy Initiative of California. The forum educates policymakers, legislative staff and advocates on asset-building issues affecting Californians.

Congressional Savings and Ownership Caucus
In 2005, the Program was instrumental in the formation of the Congressional Savings and Ownership Caucus in the U.S. Congress. Bipartisan and bicameral, the Caucus brings together key Members of Congress, their staff, and leading experts to discuss research findings, policy options, and legislative opportunities to advance inclusive asset policies in the U.S.