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NACEDA Policy Paper:

Asset Building for America - March 2009

NACEDA Role and Policy Position

NACEDA pledges to support its national partners to secure at least $45 Million for asset development programs for lower-income Americans and agricultural entrepreneurs. NACEDA will also support its national partners in securing legislation to create or expand programs that help Americans save and build wealth.

Background

In recent years, Congress and the Administration have enacted various policies designed to strengthen the savings infrastructure in America. Most notably, actions to clarify Automatic 401(k) Enrollment and exempting IRAs and tax preferred college savings accounts from asset limits have been undertaken to make saving for retirement and post-secondary education easier. We urge Congress and the new Administration to continue taking steps that will promote savings and wealth building for all Americans.

What is the National Campaign for Asset & Wealth Building

• Spearheaded by the Corporation for Enterprise Development to make matched savings accounts for wealth building available to all.
• Each federal dollar invested is estimated to yield a return of up to $5 to our economy in the form of new businesses, additional earnings, homeownership, reduced welfare expenditures and human capital development.

What is next?

• Reauthorize the Assets for Independence Act (P.L. 105-285) at $25Million and make the program more accessible.
• Allocate $5Million for the Beginning Farmer & Rancher IDA program which was authorized in the 2008 Farm Bill.
• Enact the Automatic IRA Act would extend payroll-based retirement savings opportunities to a majority of the 75 million employees currently without access to a retirement plan.
• Enact a New Homestead Act (S. 1093) which would provide wealth building incentives for small business development, education and homeownership for rural Americans.
• Section 8 Voucher Reform Act would increase the number of families served by the HUD Self-Sufficiency Program by changing the way fees for program coordinators are distributed.
• Revise the Telecom Act of 1996 (PL:104-104) to allow full reporting of telecom and utility payments to consumer reporting agencies.

NACEDA Member Priorities

• Increased funding for asset and wealth building programs helps lower income families achieve the American Dreams of homeownership, a college education and a secure retirement. This financial security helps build strong families, neighborhoods and cities, the core of our members' work.
• Wealth building is one of the best tool our members have to help revitalize the social and economic fabric of their communities. Building or renovating single and multi-family homes is an ineffective strategy if there are no residents capable of occupying them.
• Wealth building programs are proven and effective methods of helping Americans build assets. These programs are unusual in that they tend to have significant bi-partisan support.

For more information go to: http://www.cfed.org

For additional information, please contact Jane DeMarines at jdemarines@naceda.org or (703)741-0144. Website: http://www.naceda.org