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The Aspen Institute Financial Security Program’s Post

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The Aspen Institute Financial Security Program

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In October, the U.S. Department of the Treasury announced its first-ever National Strategy for Financial Inclusion. What does this strategy mean for YOUR future? The The Aspen Institute turned to Aspen FSP’s in-house experts Kate Griffin and Erin Borġ (Thiemann) to unpack this historic launch and why it matters. This bold strategy lays out national objectives, priorities, and actionable steps to ensure all Americans have equitable access to the financial tools they need—like safe and affordable credit, savings and investments, government—backed financial services, and protection from illegal and predatory practices. Years in the making, this achievement was shaped by the input and support of a broad cross-section of leaders, including the Aspen FSP-convened Working Group on Inclusive Finance. Watch this explainer video to learn more about how the strategy can help the U.S. build a financial system that works for everyone.

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Transcript

I'm proud to announce today the launch of our national Strategy for financial Inclusion in the United States. This is the culmination of years of work both here at Aspen at the Sky, but also among this group of leaders really calling for an asking for a way for everyone to row in the same direction. And it provides that direction in a way that I think will be transformative for the work of the financial services industry and nonprofits for years. We're so excited about the publication of this strategy and it really is an important milestone in financial inclusion world, but it's also just a first step and it will require all of us across sector including leaders within Aspen, within nonprofit, public and private sector to begin to implement some of the recommendations that are at the strategy. There are three priorities in the strategy. We're particularly excited about one, it really emphasizes the role of government not. Just as financial regulator, but in the many ways the government provides financial services directly in the form of government benefits. The housing market is to known market and saying those are points for making a better financial system. The second one is around credit access and the role that new technology can play in helping open the credit market to new consumers. Whether it's trying to meet a short term need like short term credit access or for longer term wealth building, all of which are really critical to. FSP strategies and finally, it also calls in the role of employers of and our private system of private benefits playing an important role, whether that is emergency savings in the workplace all the way through to retirement and our retirement system.

Louisa Quittman

Louisa Quittman

Community Development Expert, Office of the Comptroller of the Currency, U.S. Department of the Treasury

3w

I like the way you break it down #KateGriffin and #ErinBorg(Thiemann)

Social Entrepreneur; Fintech Founder, Investor, Advisor; Pioneer of Cashflow Underwriting, Consumer Advocate (Consumer Advisory Board, CFPB); Architect, Bank On National Account Standards

3w

Kate Griffin Erin Borġ (Thiemann) Congratulations, this is an enormous accomplishment!

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We are excited by the release of the U.S. Department of the Treasury’s first-ever National Strategy for Financial Inclusion! 🙌 🙌 Years in the making, with the input and support of a broad cross-section of leaders, this landmark strategy is an important step in ensuring a robust and inclusive financial system for all people in America. This bold plan will help families and businesses achieve short-term stability and build long-term financial security. As conveners of the Working Group on Inclusive Finance, Aspen FSP is proud to have played a role in bringing this strategy to life. In the words of FSP’s co-executive director Ida Rademacher: “Having the highest level of government launch a strategy this robust–with national objectives, priorities, and action steps laid out–signals its vital importance to American households and increases our momentum toward building a financial system that fosters greater trust and works for everyone.” Working across five key objectives, the strategy will help ensure that every person in America has equitable access to affordable and tailored transaction accounts, safe and affordable credit, savings and investments, government-backed financial services, and protection from illegal and predatory practices. Alongside our partners, we’re eager to get to work to help implement this shared vision and realize the strategy’s full impact for future generations! Read the full strategy report: https://lnkd.in/eMJG5K8S The Aspen Institute Kate Griffin Erin Borġ (Thiemann)
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