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Tishaura Jones, 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)

   Clint Zweifel, Missouri State Treasurer (6:26)

now playing  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.

Michael Sherraden: Tishaura Jones is the Treasurer of the City of St. Louis and also a young, dynamic leader. She was–among many positions–she has a background in finance, but among many positions, she was elected a couple of terms in the Missouri House of Representatives and she was the first woman and the first African American to be elected Assistant Minority Leader in the House. So, she’s breaking ground in that way and now serving in St. Louis.

And I know that Treasurer Jones is also very interested in all kinds of financial access for the City of St. Louis and especially children’s–savings for children and she’s reached out to us and she reached out to Ray and we joined in that meeting to talk about how to get College Savings Accounts in the households of all the families that have children in St. Louis and we’re working on that. So, Tishaura Jones.

Tishaura Jones: Good evening, everyone. So, as Michael said, I’ve been Treasurer for a little over a year, four months, eight days, and about 17 hours, but who’s counting. For those of you who live in St. Louis, you’ll know what I mean when we have a saying in my office that says, “We’re more than just parking.” And for those of you who are visiting, the Treasurer has the unique ability to be the parking supervisor, so all of the meters and parking tickets that you get come from my office and no, I do not fix tickets. But, while we’re joking when we say, “We’re more than just parking,” we know that managing the St. Louis City Parking Operation is an important role, but we also see the Treasurer’s Office as a key resource to bring forth programs and new ideas to improve the quality of life of our citizens. And one of those being financial literacy and you all know what that means. It’s simply put the ability to understand how money works.

But, one of the most important audiences for our financial literacy programs are children and we’re working on ways to teach the children of our region about money, how to save it, how to spend it, what a budget is, and why you should have one, and how to plan for the future. And currently, we have three programs targeted at changing the lives of children and of families. I once heard a church pastor say, “You can’t be a blessing to someone if your bank account is empty,” and we understand that pivotal role the faith community can play in increasing financial literacy of its members, so we’re piloting a program at my church, Friendly Temple Missionary Baptist Church. Yes, that’s a mouthful. And we’re working with the local financial institutions to teach children about money. The program has been so well received that their parents are now asking for some of the same information.

And secondly, we’re also working with the Consumer Financial Protections Bureau. This summer we’re going to integrate financial education into summer youth employment programs. We’re one of five cities chosen to pilot this program and so, this summer over 700 children will get a free checking and savings account at a credit union and targeted training during their orientation and throughout the summer.

And last, but certainly not least, as mentioned before, we’ve seen how Children’s Savings Accounts can improve the mental, physical, emotional, and economic health of families. Simply put, CSAs give families hope and we’re planning to launch a Kindergarten to College Savings Program in the City of St. Louis so families can get started early helping their children save for college. Children are the future and by investing in children now, we’re investing in their future.

I met recently with our editorial board and informed them of our work in financial literacy and they asked, “Why are you taking this on? Why you?” And my answer to them was, “If not me, then who?” St. Louis tops the nation in the number of unbanked minorities and it’s my job as Treasurer to help educate and empower people so they can make better choices about their money. So, we’re forming partnerships with banks, credit unions, churches, non-profits, the university community, the Federal Reserve Bank, and whoever else wants to step up and help because there’s strength in numbers. The more partnerships we form, the stronger our efforts will be. Working together means we’ll be able to educate and empower more people. And as Treasurer I’m on a mission to make sure that we do just that and increase the economic health of our region.

But, we aren’t stopping there. Every day I have conversations with organizations outside of St. Louis about what we’re doing here in terms of financial literacy. We’ve previewed our efforts to the Clinton Global Initiative, Operation Hope, and as mentioned before, we’re partnering with the CFPB, and have had several conversations with New York’s Office of Financial Empowerment and some of you in the audience today on how to make our efforts more strategic and intentional. For years, these national organizations wanted to bring their programs to St. Louis and they’ve lacked a partner. Well, now they have one in this office.

We’re just getting started. We’re excited about the work we’re about to do and we look forward to providing opportunities for our community so citizens feel empowered to change their financial futures. Thank you for coming. God bless.

Michael Sherraden: Thank you, Treasurer Jones. It’s wonderful to have public servants like these who are doing more than just holding their office, really, really making a difference. I also want to thank all of you for the day’s exchange here and hard thinking that’s gone on in the room and we appreciate your engagement and taking time to come and participate in these discussions. And we’re going to give you a little break now.