The Assets Report 2007

The purpose of this annual report is to summarize and take stock of the current state of federal policy through an asset-building lens, especially as it affects the asset base of families with lower incomes and fewer resources, which is the focus of our work. The report is divided into three sections. The first is a review of policy developments from the past year related to asset building; the second is an examination of the president’s budget proposals for fiscal year 2008 from an assets perspective; and the third is a forecast of the assets policy issues that may be considered in Congress during the year or two ahead. A companion report, The 2007 Assets Agenda, provides a detailed description of the policy options to broaden savings and asset ownership.

The year begins with a new Democratic majority in both chambers, which has brought renewed attention to poverty and economic opportunity issues, along with a greater focus on curbing predatory lending and certain credit card practices. Heightened attention to the balance sheets, declining incomes, and overall economic prospects of America’s low- and moderate-income families could bring added momentum to policies to build savings and wealth among those families. However, while a growing number of Democrats and Republicans support asset-building policies, such policies are still not seen as central to economic security and opportunity debates.

For the complete report, please see the attached PDF file below.