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Clint Zweifel, Welcome

May 8, 2014

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   James Bullard, Federal Reserve Bank of St. Louis (5:54)

Keynote Address

- Introduction
   Ray Boshara, Federal Reserve Bank of St. Louis (4:05)

- Keynote Address
   Neil Howe, Founding Partner and President, LifeCourse Associates and President, Saeculum Research (36:03)

   Keynote Q&A (11:04)

   Extended Interview with Keynote Speaker Neil Howe (28:43)

Plenary One — A Micro and Macro Look at Younger Americans' Balance Sheets

- The State of the Balance Sheets of Younger Americans
   Lisa Dettling, Board of Governors, Federal Reserve System (14:25)

- Links Between Younger Americans’ Balance Sheets and Economic Growth
   William Emmons, Federal Reserve Bank of St. Louis (21:40)

- Discussant:
   Steve Fazzari, Washington University in St. Louis (18:14)

   Plenary One Q&A (15:06)

Plenary Two — Student Loans

- Student Loans and the Economic Activity of Young Consumers
   Meta Brown, Federal Reserve Bank of New York (21:12)

- Does Parents’ College Savings Reduce College Debt?
   Melinda Lewis, University of Kansas (18:11)

- Discussant:
   Alex Monge-Naranjo, Federal Reserve Bank of St. Louis (19:01)

   Plenary Two Q&A (18:22)


   Michael Sherraden, Washington University in St. Louis (2:52)

now playing  Clint Zweifel, Missouri State Treasurer (6:26)

   Tishaura Jones, City of St. Louis Treasurer (6:14)

Concurrent Session I

- Moderator:
   Julie Birkenmaier, Saint Louis University (4:36)

- Toward Healthy Balance Sheets: The Role of Savings Accounts for Young Adults’ Asset Diversification and Accumulation
   Terri Friedline, University of Kansas (22:23)

- Financial Decisions of Young Households During the Great Recession: An Examination of the SCF 2007-09 Panel
   Wenhua Di, Federal Reserve Bank of Dallas (19:00)

- Discussant:
   John Sabelhaus, Board of Governors, Federal Reserve System (14:38)

   Session One Panel Response (6:57)

   Session One Q&A (5:41)

Concurrent Session II

- Impacts of Child Development Accounts on Change in Parental Educational Expectations: Evidence from a Statewide Social Experiment
   Michael Sherraden, Washington University in St. Louis (13:09)

- Trends and Patterns in the Asset Holdings of Young Households
   Ellen A. Merry, Board of Governors, Federal Reserve System (15:19)

- Discussant:
   Trina Williams Shanks, University of Michigan (7:06)

   Session Two Q&A (28:58)

Plenary Three — Homeownership

- Moderator:
   Todd Swanstrom, University of Missouri–St. Louis (5:54)

- Homeownership and Wealth Among Low-Income Young Adults: Evidence from the Community Advantage Program
   Blair Russell, Washington University in St. Louis (15:57)

- Aggregate and Distributional Dynamics of Consumer Credit in the U.S.
   Don Schlagenhauf, Federal Reserve Bank of St. Louis (21:53)

- Discussant:
   John Duca, Federal Reserve Bank of Dallas (13:59)

   Plenary Three Panel Response (6:40)

   Plenary Three Q&A (8:46)

Plenary Four — Economic Mobility

- Moderator:
   Jason Purnell, Washington University in St. Louis (2:00)

- The Balance Sheets and Economic Mobility of Generation X
   Diana Elliott, Pew Charitable Trusts (17:58)

- Coming of Age in the Early 1970s vs. the Early 1990s: Differences in Wealth Accumulation of Young Households in the United States, and Implications for Economic Mobility
   Daniel Cooper, Federal Reserve Bank of Boston (17:11)

- Discussant:
   Bhashkar Mazumder, Federal Reserve Bank of Chicago (16:15)

   Plenary Four Panel Response (3:14)

   Plenary Four Q&A (19:02)

Closing Reflections: From Research to Policy

   Michael Sherraden, Washington University in St. Louis (15:59)

   Ray Boshara, Federal Reserve Bank of St. Louis (9:30)

Thank You / Adjourn

   Julie Stackhouse, Federal Reserve Bank of St. Louis (5:59)


Below is a full transcript of this video presentation. It has not been edited or reviewed for accuracy or readability.

Clint Zweifel: Thank you. Good evening. It is wonderful to be back home in St. Louis and wonderful to see all of you here today and thank you for your passion for financial literacy. You know, I was thinking about my work as State Treasurer when I was thinking about our visit this afternoon, but also thinking about the job I have as a parent. And I’m the father of two girls, 16 and 14, and you would think that as Treasurer–you know, I do manage almost four billion dollars. I’m a trustee of a pension fund that’s about seven billion dollars–that what you say at home really matters when it comes to finance. But, I got to tell you, I actually didn’t come here to talk. I just came to listen to ask your advice on how to properly talk to them because the 16 year old, no matter what I say, no matter what approach, we’re sort of falling on death ears right now at this point. So, it is just great to be here with you.

You know, I was thinking, also, about some of the work that we’ve done in Missouri from a practical perspective on financial literacy as I was coming in. In 2002, just before my first election to the Missouri House, we began a dialogue and a process with Department of Elementary and Secondary Education about a financial literacy requirement here in the State of Missouri and believe it or not, that process took a little while. Our first class actually graduated with that requirement in 2010, but we are doing some practical things that we’re proud of. By no means are they a panacea by themselves, but getting young people talking and thinking about that process is important.

We’ve also instituted another, sort of, angle we’re taking and that is really directly interacting with the teachers who are going to be teaching this material and doing a little bit of a better job making sure that we’re preparing them for the material, that we’re engaging them properly ahead of time.

So, again, I just really appreciate your interest and your passion. You know, I believe that understanding how money works is critical to accomplishing really goals at every stage of our lives, higher education, home ownership, retirement, and really everything in between. And from a child who’s learning just about money for the first time to a retirees making end of life decisions to a member of our military or a young family who’s making a budget, there are so many life scenarios with different needs and we’re working hard every day in the Treasurer’s office to try to really communicate some of those needs and really touch some of those groups.

You know, and we know that financial literacy is also more than just creating a budget. It’s about making informed choices and having an opportunity really to plan for your future. It’s about being proactive. So, by educating individuals and families about basic financial issues, we provide them the tools, of course, to protect themselves from consumer traps that we’re well aware of, but also we also recognize that financial literacy itself can unlock power and strength of the American economy in many ways. Prepared financially illiterate citizens have the opportunities and flexibility to change jobs, to start businesses, to really actively embrace life, and set goals and really pursue them.

So, you know, our efforts, and we try to strive for this, is really about empowering the individual, helping them understand choices and decisions that they can make now to ensure that they have more opportunity later on. And for those opportunities to be and those conversations to be successful, we feel like we have to reach the families and the individuals really at where they are at that point and time, provide resources that are relevant to them here and now, and focus on specific needs really at that point in their life, and those efforts recognize that not every citizen falls into a sort of a perfect textbook case of opportunity. Right?

Today, we’re in St. Louis and I just want to highlight a couple individuals I think in organizations that are making this difference and as Treasurer, I can tell you I’m especially proud of the efforts of Treasurer Jones in the City of St. Louis, who’s going to be with you here in just a few minutes. From her program of financial literacy that she’s undertaken, they’ve signed up 2,500 St. Louisans, who previously weren’t banked, that now, for the first time, they have the opportunity to interact with the bank, to save money through a bank, to potentially have access to credit, really opening up doors and opportunities in a very practical, grassroots, I think in an effective way, frankly.

Beyond Housing, as Dr. Sherraden mentioned, is a local non-profit that understands that, you know, part of this is having a roof over your head, yes, but it’s also the tools to be able to keep it there. Their efforts included starting 529 accounts in Normandy School District. I think we’ve touched about 600 children as they enter into kindergarten, opening up these accounts. As your research has told us, the presence of these accounts makes a huge impact later on. So, we’re really proud of that partnership and that effort in our Missouri MOST Plan.

And then, obviously, the work that Washington University is doing where they’re providing an immense amount of research and wealth of strategies in getting us thinking about new ways of making sure that we’re helping low and moderate income workers get connected to banks, save money, build assets. I’m really proud that their strategies really begin to hopefully tear down some walls and most importantly I think they eliminate a lot of excuses that we all have that we just can’t help that group save, that that just can’t happen, and really helped us get there.

So, I’m so proud of the work that we’re doing here in the region in the State of Missouri. We actually just announced a partnership, we’ll be announcing it more publically soon, with the Consumer Financial Protection Bureau and our Community College System to have a targeted effort for our military men and women here in Missouri. We have about 50,000 members of our military here throughout the State that often are the victims of fraud, obviously, and often are in special situations where many aspects of their lives are taken care of except for the finance piece, so working with them closely and doing that. We’re proud of that.

I don’t pretend that our efforts by themselves are a panacea, but jointly, the work we’re doing, the research that’s being provided, the discussion here today, and the work we’re doing on the ground has an opportunity to shape lives and really create opportunities for our next generation. So, thank you so much for having me today. I look forward to visiting with you afterwards. Thanks.