The mission of the Subcommittee on the Underserved and Community Empowerment is to ensure that capitalism be put to work for families and communities and use the power of both government and the private sector to ensure the financial dignity of all Americans, but especially those outside the economic mainstream, those barely making a living, and those living paycheck to paycheck. Key areas of focus will include entrepreneurship, savings, homeownership and human capital development through education.
While the full agenda will unfold over time, and will be substantially led through focus areas headed up by individual members of the Council Subcommittee.
I was personally proud and pleased to be appointed as the chairman of the new Subcommittee on the Underserved and Community Empowerment for the U.S. President's Advisory Council on Financial Capability, serving President Barack Obama, and Treasury Secretary Geithner. John Rogers, chairman and CEO of Arial Capital Management is the chairman for the full Council.
On Community Empowerment: According to the CFED, approximately 43% of all American households did not have sufficient liquid assets to subsist at the poverty level for three months in the absence of income.
I remember meeting with Maryland Comptroller Peter Franchot, and how he shared with me that approximately 30% of the residents of his state of Maryland would have to sell their automobile to raise $3,000 in cash.
- The focus of the Subcommittee will address both sides of the "paycheck" - those who sign the back (workers), and those who sign the front (employers / small business / entrepreneurs)
- The Subcommittee will work with local and state government.
- The local councils vision is to become the local one-stop-shop for financial dignity, financial capability and empowerment, for consumers & businesses ( i.e. workforce development, EITC, VITA sites, Bank On, access to credit, technical assistance, etc)
- Coordinating with the private sector role would play a significant role in overall Subcommittee activities.
In coming weeks and months, our work will focus on, amongst other things, encouraging cities, municipalities, tribal governments and states to create Local Councils (inclusive of Financial Literacy Councils and Local Financial Capability Councils) across the country.
Already several American cities have made commitments to stand up Local Councils, and the Subcommittee has entered into a working alliance with the National Conference of Black Mayors to encourage Local Councils.
The additional major areas of focus for the Subcommittee include…
A COMMUNITY EMPOWERMENT AGENDA
A BUSINESS & ENTREPRENEURSHIP AGENDA
AN EDUCATION AGENDA
A SHOWING UP AGENDA
A POLICY AND REGULATORY FRAMEWORK AGENDA
An UNDERSERVED AGENDA
A BOTTOM-UP RESEARCH AGENDA
Members of the Council Subcommittee on the Underserved and Community Empowerment include Roland Arteaga, Ted Beck, Sherry Salway Black, Samuel Jackson, Carrie Schwab-Pomerantz, Professor Eldar Shafir and Kenneth Wade.
All Council Members
- John W. Rogers (Chair), Jr., Chairman, CEO, and Chief Investment Officer, Ariel Investments
- Roland Arteaga, President and CEO, The Defense Credit Union Council (DCUC)
- Janie Barrera, Founder and CEO, ACCION Texas Inc
- Ted Beck, President and CEO, The National Endowment for Financial Education (NEFE)
- Sherry Salway Black, Director, Partnership for Tribal Governance
- John Hope Bryant, Founder, Chairman and CEO, Operation HOPE
- Samuel T. Jackson, Founder, Chairman, and CEO, The Economic Empowerment Initiative, Inc.
- Richard Ketchum, Chairman and CEO, the Financial Industry Regulatory Authority (FINRA)
- Beth Kobliner, Personal Finance Commentator, Journalist, and Author of the New York Times Bestseller Get a Financial Life: Personal Finance in Your Twenties and Thirties
- Addison Barry Rand, CEO, AARP
- Amy Rosen, President and CEO, the Network for Teaching Entrepreneurship (NFTE)
- Carrie Schwab-Pomerantz, President, The Charles Schwab Foundation
- Eldar Shafir, Appointee for Member, President's Advisory Council on Financial Capability
- Kenneth Wade, Senior Community Affairs Executive, Bank of America