Asset building as part of California's policy institution
The California Legislature created the Select Committee on Financial Empowerment in January 2011 to give policies that help Californians build and protect assets and become financially self-sufficient. For the first time at the State level, a bipartisan legislative body will focus upon the broad array of policy opportunities to encourage asset building and asset protection.
A national movement
The Committee will work to continue building consensus around the goal of broadening asset ownership, as does the national bi-partisan, bi-cameral Congressional Savings and Ownership Caucus, which was established with the facilitation of the Asset Building Program in February 2005.
In California, the Committee will bring together state legislators, their staffs, and leading outside experts to discuss -- in a non-partisan, forward-looking manner -- recent research findings, policy options, and potential legislative opportunities to advance the goal of expanding savings and asset ownership in the nation's largest state.
Committee Activities and Information
The Committee will give asset creation and protection policies an official forum through informational committee hearings, policy briefings, and publication of white papers and quarterly newsletters. It will publish year-end report summarizing its legislative activities and providing potential policy recommendations.
The committee is chaired by the Honorable Ricardo Lara, D - South Gate
Hon. Betsy Butler, D - Torrance
Hon. Nathan Fletcher, R - San Diego
Hon. Roger Hernandez, D - Baldwin Park
Hon. Fiona Ma, D - San Francisco
Hon. Holly Mitchell, D - Los Angeles
Hon. V. Manuel Perez, D - Cathedral City
New America's press statement released the day of the Select Committee's creation is here.