Asset Building Program

Archives: Asset Building Program Press

News 4 Exposes Million Dollar Corporation Windfall Funded by EBT Fees | KMOV News 4

February 26, 2014

News 4’s Chris Nagus blows the lid off a million dollar corporation windfall funded by your taxes in the latest edition of “Is this why we’re broke?”

Click here watch the full report.

MEDIA ADVISORY: Experts Available on America Saves Week and Tax-Time Savings

February 25, 2014
Washington, DC — As the nation celebrates America Saves Week and households across the U.S. prepare to file taxes, New America’s Asset Building Program has developed a proposal for a federal Financial Security Credit to promote savings at tax-time. For many households, tax refunds represent the largest lump sum of cash they may receive during the year, making tax-time a valuable national savings opportunity.

How Big Banks Are Cashing In On Food Stamps | The American Prospect

February 14, 2014

A key challenge of this solution is connecting benefits recipients with affordable bank accounts, because for-profit banks are not particularly interested in low-balance, high-transaction customers. But, according to Aleta Sprague, policy analyst in the Asset Building Program at the New America Foundation, strategies that focus on eliminating barriers to bank accounts will provide significant benefits for poor and working Americans.

Click here to read the full article.


February 11, 2014
WASHINGTON, DC – New America’s Asset Building Program applauds the incoming Chair of the United States Senate Finance Committee, Senator Ron Wyden (D-OR), for his bold vision for tax reform and support for universal children’s savings accounts (CSAs).

Republicans' Devious New Plan to Kick the Poor | Washington Monthly

December 10, 2013

As it is, the federal asset limit for SNAP is $2,000; families with more than that in savings or investments are, according to federal law, ineligible for food stamps. While these limits were originally designed to deter rich individuals from abusing the system, New America Foundation asset policy researcher Aleta Sprague argues that, in practice, most states now recognize they are an “an antiquated and regressive policy.”

New Report: Rental Assistance Program Can Strengthen Savings Opportunities

December 5, 2013

WASHINGTON, DC – Today, the New America Foundation released a new report on an important, but currently “under-the-radar” rental assistance program, known as the Family Self-Sufficiency (FSS) program. The program currently serves just a fraction of eligible rental assistance recipients in America, but with greater support at the federal level, can support the savings and upward mobility of millions more.

The People’s Banker | Governing

December 4, 2013

Cisneros has become a national leader on financial inclusion, says Reid Cramer, director of the Asset Building Program at the New America Foundation, a think tank in Washington, D.C. “It’s been inspiring to see a public official expand the mandate of his office in such a productive way. He’s taken ideas that were incubated in the stale halls of think tanks and academia and made them a reality.”

Click here to read the full article.

The United States of Financial Insecurity | MSNBC

November 25, 2013

Such figures help explain the rapidly growing wealth gap between the richest households in the U.S. and everyone else—a divide that’s twice as large as the income gap. “Dow 16,000 is a driving force in runaway wealth inequality,” says Justin King, policy director for the New America Foundation’s asset-building program. “The housing crash is the worst for the middle and lower class, since all their eggs were in that basket, and since wages aren’t going anywhere, there’s no excess capacity for ordinary [people] to put into building up wealth.”

Poor, With Savings | The American Prospect

November 20, 2013

Congressman José Serrano, a Democrat who represents some of the Bronx neighborhoods where the savings program is in place, has introduced a bill that would create a nationwide initiative. Serrano’s measure—the Financial Security Credit Act—would allow EITC families to put part of their refunds into accounts in which federal funds would supplement their savings in the same ratio, and up to the same limits, that the New York and pilot programs set. The New America Foundation has estimated that the annual cost of the program would be roughly $4 billion.

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