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What's new with SEED?Legislation. Missouri State Treasurer Sarah Steelman is championing a proposal to establish the Legacy Initiative, which would provide matching grants to low- and moderate-income Missouri families that invest in MOST, Missouri’s 529 college savings plan. The proposal, which Steelman helped craft, calls for the use of excess funds from the state’s unclaimed property funds account to fund the 529 matching grants. Both chambers of the Missouri General Assembly have introduced legislation to create the Legacy Initiative (SB 254 and HB 442). Click here to read the Senate bill. Treasurer Steelman, along with state Senate leaders and Center for Social Development Director Michael Sherraden, held a press conference on January 22 to discuss the initiative. Click here to read a press release on the event. In January, the Hawaii legislature took significant action on a range of asset-building issues. The Senate introduced an omnibus bill on asset-building that would (1) establish a Self-Sufficiency Standard that will determine the assistance allowance; (2) establish a refundable EITC; (3) provide financial education to TANF applicants and recipients; (4) expand the provision for IDAs; and (5) make appropriations necessary for these purposes (click here to read SB 1919). The Hawaii Senate also introduced an Asset Building Package of bills related to additional assets issues: refund splitting, regulating check cashing, microenterprise, medical assistance, homeownership, and matched 529s (click here to view a description of the components of the package). The bill to provide matching grant funds for the state’s 529 college savings plan would provide every child born in Hawaii with a $1,000 voucher to be deposited in a Hawaii 529 account, and would include additional “periodic investments.” Click here to read SB 1936 on the 529 matching grants. *** Reports. Southern Good Faith Fund, a SEED state policy and community partner, released a report in December 2006 calling for the creation of an Arkansas Higher Education Trust Fund. The report highlights the need to increase educational attainment and to make higher education more accessible for Arkansans, and proposes a policy design that includes cost estimates and potential funding sources for the trust fund. Click here to read the full report. The Hawaii Alliance for Community-Based Economic Development (HACBED) released a comprehensive report in December 2006 on asset building policy as part of the Hawaii Asset Policy Initiative, or Ho’owaiwai. The report makes the case for state-level asset-building policy, outlines the key components of a comprehensive asset-building agenda, and provides recommendations for policymakers and key stakeholders in Hawaii. HACBED’s recommendations include both universal children’s savings accounts and matched 529 accounts. Click here to read the full report. Ann Courter has left Illinois Voices for Children, a SEED state policy partner, although she will continue to work with Voices in a consulting capacity. Matt Price has left the Southern Good Faith Fund to become Deputy Communications Director for new Arkansas Governor Mike Beebe. The SEED Initiative will miss both Ann’s and Matt’s great energy and thoughtful and diligent advocacy for inclusive asset-building policy, and wishes them both the best in their new endeavors and beyond. |
State board widens savings program Offering Help for Former Foster Care Youths Childhood Poverty Is Found to Portend High Adult Costs The Economic and Societal Costs of Poverty Savings programs for working families New plan would help families save for college tuition College Try: State Asked to Fund Savings Plan Government Provides 2.5m Children with Savings Accounts The Power of Saving |
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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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