Leveraging Tax Time to Build Financial Capability · AGENDA Feb. 22 program.jym.indd 1 2/12/2016 8:51:49 AM. 2 KEYNOTE SPEAKER CONGRESSMAN JOSÉ E. SERRANO U.S. Representative José

Leveraging Tax Time to Build Financial CapabilityResearch Evidence and Policy Directions

Expert Symposium Federal Reserve Bank of New York February 22, 2016

Feb. 22 program.jym.indd 1 2/10/2016 10:55:42 AM


This symposium is presented by Center for Social Development at Washington University in St. Louis

The Cities for Financial Empowerment Fund

Federal Reserve Bank of New York

Intuit Tax and Financial Center

JPMorgan Chase & Co.

New America


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11:00 a.m. REGISTRATION AND APPETIZERS

11:40 a.m. WELCOMING REMARKSAnand Marri, Vice President and Head of Outreach and Education, Federal Reserve Bank of New YorkSally Durdan, Executive Vice President, JPMorgan Chase & Co.Michal Grinstein-Weiss, Associate Director, Center for Social Development, Director, Envolve Center, and Professor, Brown School at Washington University in St. LouisJonathan Mintz, President and CEO, the Cities for Financial Empowerment Fund

12:00 p.m. KEYNOTE ADDRESSIntroduction by Jonathan Mintz, President and CEO, the Cities for Financial Empowerment FundCongressman José E. Serrano, U.S. Representative for New York’s 15th District

12:25 p.m. SETTING THE STAGE: PROMOTING FINANCIAL CAPABILITY AMONG LOW-INCOME POPULATIONS

Moderated by Janis Bowdler, Managing Director, Senior Program Director, Global Philanthropy, JPMorgan Chase & Co.Rachel Schneider, Senior Vice President, Center for Financial Services InnovationClinton Key, Research Officer, The Pew Charitable TrustsDebra-Ellen Glickstein, Executive Director, New York City’s Office of Financial EmpowermentSarah Halpern-Meekin, Assistant Professor, University of Wisconsin-Madison

1:20 p.m. REFUND TO SAVINGSModerated by Emily Bobrow, Reporter for The EconomistDan Ariely, Director, Center for Advanced Hindsight, James B. Duke Professor of Psychology & Behavioral Economics, Duke UniversityDavid Williams, Chief Tax Officer and Executive Director, Intuit Tax and Financial Center, Intuit Inc.Michal Grinstein-Weiss, Associate Director, Center for Social Development, Director, Envolve Center, and Professor, Brown School at Washington University in St. Louis

2:15 p.m. SPECIAL REMARKSIntroduction by David Williams, Chief Tax Officer and Executive Director, Intuit Tax and Financial Center, Intuit Inc.Melissa Koide, Deputy Assistant Secretary for Consumer Policy, U.S. Department of the Treasury

2:30 p.m. BREAK

2:45 p.m. BRICK AND MORTAR TAX TIME SAVINGS PILOTSModerated by Jonathan Mintz, President and CEO, the Cities for Financial Empowerment Fund Gail Hillebrand, Associate Director of Consumer Education and Engagement, Consumer Financial Protection Bureau Gayle Hamilton, Senior Fellow, MDRCTimothy Flacke, Executive Director, Doorways to Dreams Fund

3:45 p.m. SCALING SAVINGS: NEXT DIRECTIONS FOR TAX TIME INITIATIVESModerated by Adrián Franco, Director of Education, Federal Reserve Bank of New YorkRay Boshara, Senior Adviser and Director of the Center for Household Financial Stability, Federal Reserve Bank of St. Louis Justin King, Policy Director of the Asset Building Program, New AmericaEzra Levin, Associate Director of Government Affairs, CFEDDavid Marzahl, President and CEO, Center for Economic Progress

4:50 p.m. CLOSING REMARKSDavid Williams, Chief Tax Officer and Executive Director, Intuit Tax and Financial Center, Intuit Inc.

AGENDA


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KEYNOTE SPEAKERCONGRESSMAN JOSÉ E. SERRANOU.S. Representative José E. Serrano represents the Fifteenth Congressional District of New York in the Bronx. He is the only congressman from New York City on the House Appropriations Committee and serves as ranking member of the Subcommittee on Financial Services and General Government. This post as top Democrat on the subcommittee allows Rep. Serrano to help oversee the budgets of multiple agencies, including the Treasury Department, Internal Revenue Service, the Federal Deposit Insurance Corp., the judicial branch and others. He is also senior whip for the Minority Whip operation. He is an active member of the Congressional Hispanic Caucus and served as chair of the Caucus from 1993-94. He is now the most senior member of Congress of Puerto Rican descent.

Early in his tenure in the House, Rep. Serrano quickly established a legislative record that reflected, and continues to reflect, his core political values of equal opportunity and fair treatment for all citizens. In particular, he believes that government should work to ensure that the prosperity of our country is shared by the neediest and most vulnerable members of our society--the poor, the elderly, the disabled, and children--in the form of participation in government, educational opportunities, access to housing and affordable health care. As a member of the Committee on Education and Labor in his first term, Serrano authored legislation, signed into law in November 1990, to provide funding for successful school drop-out prevention programs.

During the 102nd Congress (1991-1992), Rep. Serrano continued to build on this record by introducing more legislative initiatives along these themes. His Voting Rights Language Assistance Act of 1992, signed into law, mandated that voter materials continue to be provided in different languages. He also introduced the Classroom Safety Act, which would have provided program models and grants to assist local educational agencies in efforts to reduce and prevent violent crime in elementary and secondary schools.

In 1993, Rep. Serrano joined the Appropriations Committee, which is responsible for shaping expenditures of discretionary federal funds. Because Appropriations is an exclusive committee, he was required to give up his seat on Education and Labor. That same year, he was elected by his colleagues to serve as chairman of the Congressional Hispanic Caucus (CHC) during the 103rd Congress. As chairman, Serrano’s strong leadership contributed to the passage of several bills of interest to Hispanics and other minorities. During this same period, the CHC helped to defeat of a number of pieces of legislation that were widely criticized as attempts at “immigrant-bashing” and veiled bigotry.

In 1995, when the House Republicans became the majority and reduced the Appropriations Committee in size, Rep. Serrano was appointed to the House Judiciary Committee, in which he served on the Subcommittee on the Constitution. The Democratic Caucus re-appointed him to the Appropriations Committee in March of 1996.

As a member of the House Appropriations Committee, Rep. Serrano has managed to secure millions of dollars in federal funding for his Bronx Congressional District. He has directed funding to countless local initiatives, including environmental projects, improvements to Bronx parks, educational programs for disadvantaged students and displaced workers and funding for various local charitable organizations, whose goals range from providing access to the arts to developing small businesses.


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RAY BOSHARARay Boshara is senior adviser at the Federal Reserve Bank of St. Louis, where he also directs the Center for Household Financial Stability. The center conducts research on family balance sheets and how they matter for strengthening families and the economy. Before joining the Fed in April 2011, he was vice president of New America. He also has worked at CFED, the United Nations in Rome, the U.S. Congress and Ernst & Young.

Over the past 25 years, he has advised U.S. presidential candidates and leading policymakers worldwide, and he has testified before Congress several times. Mr. Boshara has written for The Washington Post, The New York Times, The Atlantic Monthly and others, and his media appearances include National Public Radio, CNBC, C-SPAN and Bloomberg News. His book, The Next Progressive Era, was published in 2009. He is a graduate of The Ohio State University, Yale Divinity School and the John F. Kennedy School of Government at Harvard.

SPEAKERSDAN ARIELYDespite our intentions, why do we so often fail to act in our own best interest? What are the forces that influence our behavior? Dan Ariely, James B. Duke Professor of Psychology & Behavioral Economics at Duke University, is dedicated to answering these questions and others in order to help people live more sensible – if not rational – lives. His interests span a wide range of behaviors, and his sometimes unusual experiments are interesting, amusing and informative.

He is a founding member of the Center for Advanced Hindsight, co-creator of the film documentary (Dis)Honesty: The Truth About Lies, and a three-time New York Times bestselling author. His books include Predictably Irrational, The Upside of Irrationality, The Honest Truth About Dishonesty, and Irrationally Yours.

In 2013, Bloomberg recognized Dr. Ariely as one of Top 50 Most Influential thinkers. He also has a bi-weekly advice column in the Wall Street Journal called “Ask Ariely.”

EMILY BOBROWEmily Bobrow has been a journalist for The Economist for more than a decade. Based in Washington, D.C., and New York, she was online U.S. editor from 2014 to 2015. Previously she served as the deputy culture editor, based in London.

Her writing and criticism also has appeared in The New York Times, Los Angeles Times, New York Magazine, Psychology Today, The Economist’s Intelligent Life, The Believer and BookForum. She earned a B.A. in History from Washington University in St. Louis.

Feb. 22 program.jym.indd 3 2/11/2016 2:56:27 PM

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TIMOTHY FLACKETimothy Flacke is executive director of Doorways to Dreams (D2D) Fund. Drawing on 20 years of experience helping lower-income people focus on saving, he helped grow D2D from a start-up social venture to a nationally recognized innovation incubator that partners with leading financial service firms and receives support from respected philanthropic foundations. He has directed signature D2D efforts, including the Refunds to Assets project linking federal tax refunds to savings, and Online IDA, a scalable infrastructure for matched savings programs built on industry-leading 401(k) recordkeeping technology. These and other efforts have impacted the federal tax code and spawned new financial products and public policies responsible for helping Americans to save tens of millions of dollars. Mr. Flacke previously worked as a consultant, author and grant writer in asset development.

He holds a Master in Public Policy from the Kennedy School of Government at Harvard University and a B.A. in Philosophy from Boston College.

SALLY E. DURDANSally E. Durdan is executive vice president and head of strategy for Chase Consumer & Community Banking. She is responsible for developing an integrated strategy for Chase to address the financial services needs of U.S. consumers and small businesses, including banking, investments, wealth management, credit card, mortgage, auto and small business lending. At Chase, she has previously served as chief financial officer of Retail Financial Services and as executive vice president of Corporate Finance.

Since 2007, she has been a member of the Board of Directors of Graham Windham, the nation’s longest-serving child welfare agency, which provides child welfare, educational, vocational, youth development and other social service programs to New York’s neediest communities. In 2003, she was inducted into the YWCA-NYC Academy of Women Leaders.

Ms. Durdan received her undergraduate degree from Mount Holyoke College and her MBA from Harvard Business School, and she also pursued doctoral studies in economics at Harvard.

JANIS BOWDLERJanis Bowdler is a managing director within Global Philanthropy at JPMorgan Chase & Co., which invests $200 million in communities annually. As senior program director, she is responsible for setting and driving the firm’s philanthropic and corporate responsibility strategy in financial capability, community development and small business development.

Ms. Bowdler has authored a number of publications on financial opportunity and economic mobility including All In: Building the Path to Global Prosperity through Financial Capability and Inclusion, Latino Financial Access and Inclusion in California, Affording Citizenship and Securing a Sound Financial Future and The Foreclosure Generation: The Long-Term Impact of Foreclosures on Latino Children and Families.

Ms. Bowdler previously served as director of Economic Policy at the National Council of La Raza, where she led research, advocacy and policy analysis issues on financial capability and asset-building.

She received a B.A. from Malone College in Canton, Ohio, and an M.S. from Cleveland State University.


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MICHAL GRINSTEIN-WEISSMichal Grinstein-Weiss is a professor at the Brown School, founder and director of the Envolve Center for Health Behavior Change, and associate director of the Center for Social Development at Washington University in St. Louis.

A leading expert in the asset-building field, Dr. Grinstein-Weiss is influential in the design of innovative policies to promote household financial security and social and economic mobility worldwide. She leads large-scale research initiatives focused on developing savings policies and promoting financial inclusion. Numerous federal agencies and foundations have supported her research, and top-tier scholarly journals and the popular press have reported on her work. She is the recipient of several prestigious awards.

Dr. Grinstein-Weiss received her PhD in social work from the Brown School, master’s in economics from the University of Missouri-St. Louis, and her master’s in social work and Bachelor of Arts from Haifa University, Israel.

DEBRA-ELLEN GLICKSTEINDebra-Ellen Glickstein has spent her career working to expand economic opportunities for low-income families and communities. She is executive director of New York City’s Office of Financial Empowerment, the first municipal office in the country focused on creating innovative financial products, programs and services to enable asset building and wealth creation for low-income New Yorkers and neighborhoods. Previously, she was vice president of Strategy & Program Development at the New York City Housing Authority.

She co-founded and served as founding executive director of the nonprofit Urban Upbound, which supports public housing residents to achieve economic success. She is also a co-founder and member of the ERDA Federal Credit Union, created to provide public housing residents in Western Queens access to affordable and relevant financial services.

She earned a B.A. with honors from Wesleyan University, an M.B.A. from the NYU Stern School of Business and M.P.A. from the Harvard Kennedy School of Government.

ADRIÁN FRANCOAdrián Franco is director of education at the Federal Reserve Bank of New York, where he supervises a portfolio of economic and financial education programs and leads the financial inclusion initiative that aims to improve financial stability and asset-building capabilities of low- and moderate-income households. Originally from Mexico City, he served in the Ministries of Foreign Affairs and Public Education. In New York, he was a founding member and executive director of the nonprofit organization Qualitas of Life Foundation. He was elected as council member of the Advisory Board of the Institute of Mexicans Abroad and was appointed to the Executive Board of the Jaime Lucero Mexican Studies Institute of the City University of New York.

Dr. Franco holds a PhD in Comparative and International Education, a master’s degree in international affairs from Columbia University and a B.S. in business administration from Boston University.


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GAIL HILLEBRANDGail Hillebrand is associate director for Consumer Education and Engagement at the Consumer Financial Protection Bureau (CFPB). In this role, she oversees the offices of Financial Education, Consumer Engagement, Servicemember Affairs, Older Americans, Financial Empowerment, and Students.

Ms. Hillebrand previously served as the Financial Services campaign manager and a senior attorney at the West Coast office of Consumers Union, the nonprofit publisher of Consumer Reports magazine. She clerked for the Honorable Robert Boochever of the Ninth Circuit of U.S. Court of Appeals and practiced law with the San Francisco office of McCutchen, Doyle, Brown & Enersen.

She holds a B.A. in economics from the University of California at San Diego and a J.D. from the Boalt Hall School of Law, University of California at Berkeley.

GAYLE HAMILTONGayle Hamilton, a senior fellow at MDRC, has designed, implemented and directed large-scale evaluations and demonstrations of programs intended to improve the well-being of low-income populations. She leads efforts for four sites in a randomized controlled trial (RCT) of innovative Supplemental Nutrition Assistance Program employment and training programs; leads an RCT of SaveUSA, a tax-time savings program; co-leads an implementation evaluation of Project Rise, an internship program for “disconnected” young adults; and is involved in an RCT of WorkAdvance, which helps low-income adults prepare for, enter and succeed in quality jobs.

She recently served as project director of the Employment Retention and Advancement (ERA) evaluation, a 10-year, 18-site RCT of innovative strategies to help low-income workers maintain and advance in their jobs. She also led implementation research efforts for the United Kingdom’s ERA project, the first large-scale randomized social policy experiment undertaken in the U.K. Previously, she directed the National Evaluation of Welfare-to-Work Strategies.

SARAH HALPERN-MEEKINSarah Halpern-Meekin is an assistant professor of Human Development and Family Studies in the School of Human Ecology at the University of Wisconsin-Madison. She recently published It’s Not Like I’m Poor: How Working Families Make Ends Meet in a Post-Welfare World (with Kathryn Edin, Laura Tach and Jennifer Sykes), which explores lower-income families’ experiences with the Earned Income Tax Credit. Her work has appeared in an array of academic journals, including American Sociological Review, Journal of Marriage and Family, and Journal of Policy Analysis and Management. In addition to her research on the EITC, she studies couples’ romantic relationships and social policy in the United States.


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JUSTIN KINGJustin King is policy director of the Asset Building Program at New America, which aims to promote policies that significantly broaden access to economic resources through increased savings and asset ownership, especially among lower-income families. He works to develop and advance policies that expand economic opportunity by broadening asset ownership, and he works closely with New America’s leadership to devise and advance policy efforts and communications strategies.

While he was a legislative assistant to former U.S. Senator James Jeffords (I-VT), he worked on the Senate Finance and Health, Education, Labor and Pensions committees. He was responsible for a wide range of issues affecting children and low-income Americans, including Head Start and the Child Care and Development Block Grant, welfare reform, child welfare, adoption, foster care, disability policy, and the Individuals with Disabilities Education Act. Mr. King earned a bachelor’s degree in government from St. Lawrence University.

MELISSA KOIDEMelissa Koide was appointed deputy assistant secretary of Consumer Policy at the U.S. Treasury Department in 2012. In this role, she is responsible for matters concerning consumers, financial capability, emerging trends and the growing use of technology and data in financial services. She is also executive director of the President’s Advisory Council for Financial Capability for Young Americans and supports Treasury Secretary Jacob J. Lew in his leadership of the Financial Literacy and Education Commission.

Prior to her current role, Ms. Koide was vice president of the Center for Financial Services Innovation, where she led policies to address lower-income families, unbanked consumers, and improving the availability of financial services. Her professional experience also includes serving as deputy director of the Asset Building Program at the New America Foundation. In this role, she directed policies to improve financial education, assist consumers with debt management and expand wealth-building financial services.

She holds an MPP from Georgetown University and a B.A. in economics from the University of Louisville.

CLINTON KEYClinton Key is research officer for savings and financial security at The Pew Charitable Trusts, where he develops rigorous data collection and analysis strategies to create a better understanding of household saving behavior and the role of savings in people’s lives. Mr. Key previously served as research officer with Pew’s safe checking in the electronic age program, where he studied transaction accounts and consumer safeguards in financial products.

Before joining Pew, he was the research director with the asset-building program at the University of North Carolina’s School of Social Work and a consultant to the Center for Social Development at Washington University in St. Louis. Mr. Key holds a bachelor’s degree from the University of Chicago and a master’s degree from the University of North Carolina.


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JONATHAN MINTZJonathan Mintz is founding president and CEO of the Cities for Financial Empowerment (CFE) Fund, a national nonprofit that supports municipal efforts to help low-income families and individuals achieve long-term financial stability. He also founded and co-chaired the CFE Coalition, which brings together municipal governments to advance innovative financial empowerment initiatives on the municipal, state and national level.

From 2006 to 2013, Mr. Mintz served as the commissioner of the New York City Department of Consumer Affairs, where he redefined the department’s regulatory enforcement powers toward a focus on consumer financial stability, re-envisioning consumer rights in fields such as debt collection, process serving, employment and finance. He also launched the Office of Financial Empowerment, which has been replicated by local governments across the nation. He also has worked as an attorney, professor of law and second-grade teacher, with graduate degrees from Cornell School of Law and Bank Street College of Education.

ANAND MARRIAnand R. Marri is vice president and head of Outreach & Education at the Federal Reserve Bank of New York. He also holds a tenured associate professor position at Teachers College, Columbia University.

In addition to publishing numerous peer-reviewed journal articles and several chapters, he has contributed articles to CNN and The New York Times. He also serves on the editorial board of several leading journals. He has received over $4.5 million in grants from such organizations as the Carnegie Corporation of New York, the Joyce Cowin Foundation, New York State Education Department, the Peter G. Peterson Foundation, the Spencer Foundation, the U.S. Department of Education, and the Woodrow Wilson International Center for Scholars.

He holds a PhD from the University of Wisconsin–Madison, an A.M. from Stanford University, and an A.B. from Bowdoin College.

EZRA LEVINEzra Levin is the Center for Economic Development’s (CFED’s) associate director of government affairs. He researches and develops federal policies and helps shape CFED’s policy advocacy strategy to expand financial security and economic opportunity for low- and moderate-income Americans.

Previously, he served as deputy policy director for Congressman Lloyd Doggett, ranking member of the Ways and Means Subcommittee on Human Resources. While on Capitol Hill, he covered a wide range of domestic social policy issues, including the EITC, the American Opportunity Tax Credit, TANF, SNAP, unemployment, education and labor issues. He directed Doggett’s field operation during the 2010 election.

Prior to his federal policy and political work, Mr. Levin served as an AmeriCorps VISTA in the Homeless Services Division of the San Jose Housing Department. He holds a Bachelor of Arts from Carleton College and a Master in Public Affairs from the Woodrow Wilson School of Public and International Affairs at Princeton University.


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DAVID R. WILLIAMSDavid R. Williams is chief tax officer and executive director of the Intuit Tax and Financial Center at Intuit Inc. He is charged with helping lead and drive growth in Intuit’s various tax businesses including TurboTax, the largest do-it-yourself software solution in the United States. He also works with other Intuit businesses to shape their strategies, engage with external stakeholders and partners, and support industry initiatives.

Previously, Mr. Williams’ career was in tax policy and administration, including 14 years as a U.S. Senate staffer for the Senate Budget Committee and for Sen. Bill Bradley. In his more than 13 years at the Internal Revenue Service, he held positions including chief communications officer, director of the Earned Income Tax Credit office and director of Electronic Tax Administration.

He holds an M.P.P. from the John F. Kennedy School of Government at Harvard University and a B.S. in Business Administration from Colorado State University.

RACHEL SCHNEIDERRachel Schneider is a senior vice president at the Center for Financial Services Innovation (CFSI). Under her leadership, CFSI produces independent, data-driven consumer and industry research and advice, including the Compass Principles, aspirational standards for excellence in the delivery of consumer financial services. CFSI’s actionable guidance about product design and delivery helps build the robust financial services marketplace that is critical to improving consumers’ financial health.

Ms. Schneider is also a principal investigator on the U.S. Financial Diaries research study, a ground-breaking project in partnership with the Financial Access Initiative at New York University. The project collects detailed data about more than 200 households, including how they save, spend, borrow and plan their financial lives. She credits her commitment to the potential for innovative finance to solve major social problems from her days as a VISTA Volunteer. She holds a J.D./M.B.A. from the University of Chicago, and a B.A. from the University of California, Berkeley.

DAVID MARZAHLDavid Marzahl is president and CEO of the Center for Economic Progress (CEP) in Chicago. He is a leading voice and strategist on economy security issues, seeking to advance policies and practices to create a financial system that works for all Americans. CEP is one of the nation’s premier providers of tax and financial services for low-income families, reaching 25,000 customers each year, and giving them the tools to make sound choices.

Prior to joining CEP, Mr. Marzahl was founding director of the Illinois Coalition for Immigrant & Refugee Rights, a statewide coalition promoting the rights and responsibilities of immigrants and refugees. Mr. Marzahl has a master’s degree in Political Economy from Northwestern University and a Certificate in Non-Profit Management from the Kellogg School of Management. He serves on the board of directors for the Illinois Asset Building Group and Youth & Opportunity United and is an advisory board member of Second Federal Community Credit Union.


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THANK YOU, SUPPORTERS OF REFUND TO SAVINGS RESEARCH



This program was compiled and published by the Center for Social Development at Washington University’s Brown School.

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This program was compiled and published by the Center for Social Development at Washington University’s Brown School.

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THIS SYMPOSIUM IS BROUGHT TO YOU BY THESE PARTNERS


Documents

Leveraging Tax Time to Build Financial Capability · AGENDA Feb. 22 program.jym.indd 1 2/12/2016 8:51:49 AM. 2 KEYNOTE SPEAKER CONGRESSMAN JOSÉ E. SERRANO U.S. Representative José