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What's new with SEED?Enterprise Corporation of the Delta (ECD) and the Aspen Institute’s Initiative on Financial Security (IFS), a national partner in the SEED Initiative, released a report titled “The Case for Child Accounts in Mississippi” at a forum in Jackson on November 13. At the forum, which was co-hosted by Mississippi State Treasurer Tate Reeves, ECD proposed a five-year public-private demonstration project that would provide an account at birth for all children born in the state. The report, which draws on IFS’s extensive work on the delivery of CSAs using retail financial institutions, describes how the initiative would work: an initial endowment of $500 in an account for each newborn; a 1:1 match up to $1,000 per year for deposits into the accounts of children from low-income families; a state tax deduction for contributions to the account; and management of accounts by private-sector financial institutions. Click here to read the report. The city of Caguas, Puerto Rico, has begun opening accounts in its city-wide CSA program –the world’s first municipal-level, universal children’s savings account program. Every child born to a Caguas resident after July 1, 2007, is eligible to open an account, which will be endowed with $250. Children of low-income residents are eligible for an additional initial deposit. Accounts must be opened within a year of the child’s birth. The city is funding the program with general funds, and plans to allocate $500,000 annually for the program. |
The Case For Early Investment In Our Kids We're looking for ways to improve savings rate Sen. Clinton Introduces Legislation to Provide Support for Youth ‘Aging Out’ of Foster Care Don’t throw Baby Bonds out with bath Kids' savings boost |
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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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