Why we're excited about our work with the Boston Fed

Wednesday, December 10, 2014

An aerial map of policy momentum around Children’s Savings Accounts would show a cluster of activity in the New England region, with statewide accounts in Maine, policy development in Rhode Island and Connecticut, legislation exploring CSAs in Vermont, interest in CSAs in New Hampshire and in the City of Boston, and strong leadership in the Boston Fed, including the creation of the first regional CSA consortium in the United States. A recent article by Anthony Poore of the Boston Fed and Colleen Quint of Maine outlined these developments, spurred in no small part by their efforts. We couldn’t be more excited to be part of these conversations. We hope to contribute to the CSA efforts in New England and also to be part of New England’s catalyzing force on the CSA field around the country. If you haven’t looked to New England for leadership on CSAs, you should. Maine’s Alfond Challenge recently transitioned from an opt-in account structure to automatic enrollment for every child in Maine, a policy escalation that provides a tremendously valuable opportunity to examine the effects of providing every child in a jurisdiction with a CSA, capitalized with an initial deposit. Rhode Island’s efforts explore potential roles for financial institutions as full CSA partners, suggesting possible paths for scaling CSAs within the 529 structure. And the political processes pursued in Vermont, Connecticut, and New Hampshire are important case studies, with implications for the partnerships to coalesce and the arguments to use elsewhere, as well. But Boston is more than just a convenient base from which to get close to this CSA activity. In the Boston Fed, we have what the Children’s Savings Account field perhaps needs most—real champions, committed to learning more about how CSAs work and tirelessly sharing this information, working strategically and relentlessly to get potentially life-changing savings accounts to as many children as possible. We are thrilled about this new and development relationship, and we look forward to what it will generate.

 
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Comments

Submitted by Melinda Kay Lewis on

Anthony is a dream colleague--so passionate, eager to learn, innovative, and inspiring. The Consortium is a model for the rest of the country, and we are delighted to be part of that work. Thank you for your comment!

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