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What's new with SEED?Editor’s note: When most Americans think of ‘March Madness,’ they’re thinking of the NCAA basketball tournament; however, March also turned out to be an unusually eventful month for state-level CSA policy activity. Kudos to all who worked so hard to advocate for progressive accounts for kids! Policy Developments. The Arkansas Senate and House passed a bill (SB 822, now Act 597) to establish a matching grant pilot program for the state’s 529 college savings plan. If signed by the governor, the act will establish the Aspiring Scholars Matching Grant Program to match the contributions of low- and moderate-income Arkansans into an Arkansas 529 plan. Southern Good Faith Fund, a SEED state policy and community partner, advised the lead sponsor, Sen. Gilbert Baker (R-Conway), in the design of the legislation. Click here to read Act 597. On March 29, the Illinois Senate unanimously passed the Children’s Savings Account Act (SB 388) to create a children’s savings account task force. The purpose of the task force is to review and make recommendations on CSA policy and to develop a plan for the implementation of an account at birth for every child born in Illinois. Click here to read SB 388. The Illinois Asset Building Group, a SEED state policy partner, was instrumental in generating support for the Senate bill, including the addition of five co-sponsors in the two days leading up to the vote. The Illinois Bankers Association also has been supportive of the effort to get the bill passed in both chambers of the General Assembly. The House version of the bill (HB 1662) passed out of committee unanimously and is expected to go to the floor for a vote in April. Legislation to establish a time-limited children’s savings account task force is moving in both chambers of the Hawaii legislature. The House version (HCR 78) has passed out of committee by unanimous vote, while the Senate version (SCR 71) is currently in committee. If created, the task force would be required to issue recommendations on CSA policy before the start of the 2008 legislative session. Click here to read HCR 78. Beyond Housing, a SEED community partner in St. Louis, received confirmation from the Missouri Division of Family Services (DFS) that the state will exempt all SEED accounts from consideration in determining eligibility for means tested programs. Events. Dory Rand, Supervising Attorney at the Sargent Shriver National Center on Poverty Law, will discuss asset limit reform in a free conference call on May 23 at 12:00 p.m., CDT. Rand will discuss strategies to reform state rules on asset caps and eliminate such barriers to savings or asset accumulation for recipients of public benefits. Stacy Dean, the Center on Budget and Policy Priorities’ director of food assistance policy, will be among other advocates taking part in the discussion. For more information or to respond to this invitation, contact Meg Dunne at (312) 263-3830 ext. 246 or megdunne@povertylaw.org. Call (888) 296-6500 (pass code 115217) to join the conference. The Sargent Shriver National Center on Poverty Law will co-host a Children's Savings Forum and Luncheon at the Federal Reserve Bank of Chicago on April 9. In attendance will be several of the lead sponsors of the Children’s Savings Account Act (see more above) and a number of SEED accountholders, who will celebrate accumulating $50,000 in their SEED accounts. Reports. UNICEF recently released Child Poverty in Perspective: An Overview of Child Well-being in Rich Countries, a study of child well-being in industrialized countries. The U.S. and the U.K. received the lowest rankings out of the 21 countries studied. Click here to read the report. The Urban Institute released a report in March on federal spending on children. Kids’ Share 2007 examines spending in over 100 major federal programs from 1960 to 2017, including tax credits and exemptions. Click here to read the report. |
Mayor Plans to Boost Middle Class Bill matches contributions to college-fund 529 plans Sowing savings for our kids' future Seed money for California deficit tree GOP sponsor backs away from kid gift bill Promoting Personal Savings on a National Level |
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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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