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What's new with SEED?The Oklahoma College Savings Task Force concluded its work on December 15 by unanimously adopting a report that recommends the development of a matched savings program for the Oklahoma 529 College Savings plan. The report’s recommendations include an automatic initial deposit at birth for low- and moderate-income families; progressively matched deposits; and incorporation of the Oklahoma 529 College Savings Plan into the state’s K-12 financial education curricula. Copies of the report will be distributed to the Governor, House Speaker, Senate Pro Tem, and all legislators. Rep. Terrill (R-Moore) has indicated that he will introduce legislation in 2007 to enact the report’s recommendations into law. Click here to read the Task Force’s full report. *** The Illinois Asset Building Group (IABG) held its most recent membership meeting at the Chicago Federal Reserve Bank on December 13. IABG has adopted children’s savings accounts as one of its priorities for state-level policy work in Illinois. The December meeting focused exclusively on children’s savings accounts and featured presentations by experts on a number of topics relevant to CSAs, including what other states are doing, mobilizing grassroots support, involving businesses and financial institutions, messaging and communications, outreach to legislators, and an outline of IABG’s legislative plans for 2007. IABG plans to introduce legislation in 2007 that would call for the creation of a task force to study the creation of universal children’s savings accounts in Illinois. *** The North Carolina Asset Building Policy Task Force held its introductory meeting on December 21. The purpose of this task force is to develop a common framework to unify related asset-building policies, to give these efforts greater visibility, and to strengthen efforts to see new or expanded policies implemented. As in other states, the North Carolina task force will consider a variety of policies in three categories: asset accumulation, asset leveraging, and asset preservation. Children’s savings accounts is one of the policies being considered under asset leveraging. With support from the Mary Reynolds Babcock Foundation and membership consisting of representatives from the public, private and nonprofit sectors, the North Carolina task force will meet during the first half of 2007 and plans to issue a final task force report in October 2007. *** CFED met with policymakers and advocates at the State Capitol in New Jersey in November to discuss potential opportunities for progressive, universal children’s savings accounts in the Garden State. The meeting included representatives from the Governor’s office, the NJ Department of Community Affairs, the NJ Department of Banking and Insurance, and the Association for Children of New Jersey. With the state facing a sizeable budget deficit for coming fiscal year, CFED will work with policymakers and advocates in New Jersey to explore longer-term opportunities for CSA policy. Governor Jon Corzine has a strong record of supporting children’s savings and financial education, most notably through his co-sponsorship of the federal ASPIRE Act as a U.S. Senator. *** The National Federation of Community Development Credit Unions released its 2007 advocacy platform for the state of New York. The platform, which calls for progressive asset-building policies and expanded economic opportunities for low-income New Yorkers, includes progressively matched Kids Accounts and matched 529 accounts for low- and moderate-income families. Click here to read the advocacy paper. *** |
OK College Savings Task Force Adopts Final Report
Waiting to Be Wooed
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This bulletin is designed primarily for CFED's Partners in the SEED Initiative; however, other policymakers, advocates and practitioners may also find it useful. Please feel free to share it either by forwarding this e-mail or by sending us suggested additions to our mailing list. We welcome your feedback and suggestions. |
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