Financial Security Network Newsletter: March 2023

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Spotlight

Adjusting the Lens of Financial Wellness in the Miami-Dade Community

Financial Capability Month is coming up in April. During this time, organizations like Branches Inc. in Miami, Florida seek to educate and provide resources to people on topics involving credit, banking, savings, etc. Beyond programming, there are opportunities to connect with families who experience systemic gaps that have inhibited their progression in overall financial wellness and security. Branches Inc. serves the Miami-Dade, Florida community through a holistic scope to break the cycle of generational poverty.

To learn more about how we can adjust the lens of financial wellness, we interviewed Karla Bachmann, the Vice President of Financial Wellness at Branches, Inc.

Read the Full Conversation Here [[link removed]]

Strengthening Black Women Entrepreneurship in Retail: Pilot Design Lab

Now accepting applications until April 30, 2023!

With support from Walmart, Prosperity Now will be accepting proposals from April 1st through April 30th from CDFIs and Entrepreneurial Support Organizations (ESOs) that currently work with Black women entrepreneurs. The objective of this pilot is to understand testable strategies for facilitating mergers and acquisitions in the retail space for Black women entrepreneurs and strategies to support sustainability and scalability for the targeted population. Participants will receive a $50,000 stipend and technical assistance to participate in the design lab and pilot phase of this project. For more information, including instructions on how to apply, click here [[link removed]].

Resources and Publications

Progressive Policy Institute Inclusive Entrepreneurship is Key to Unlocking Equal Opportunity [[link removed]] | Progressive Policy Institute

Entrepreneurship is often a pathway to wealth creation, but entrepreneurs of color face barriers that result in less profitable businesses compared to those owned by White entrepreneurs.

Pathways to Equity at Scale: A Synthesis of the 2022 Federal Equity Action Plans and Recommendations for 2023 Plans [[link removed]] | Urban Institute

This brief [[link removed]] from Urban Institute analyzes the success of the Biden-Harris administration's racial equity executive orders and what is needed moving forward.

Let’s Celebrate 30 Years of FMLA With Paid Leave for All [[link removed]] | Prosperity Now

To celebrate the Family and Medical Leave Act, [[link removed]] we need a comprehensive and uniform federal paid leave model that covers all workers.

Expanding Work Requirements Would Make It Harder for People to Meet Basic Needs [[link removed]] | Center on Budget & Policy Priorities

Policymakers must deny attempts to expand work requirements for government assistance and benefits like SNAP, Medicaid, and housing assistance programs.

First-Generation, Low-Income College Students Deserve Continued Support [[link removed]] | New America

By continuing the expanded financial support many vulnerable college students received during the Pandemic, more of these students can graduate and have wealth-building opportunities in the future.

In the News

Tax refunds still 11% smaller than last year with a month left in the filing season [[link removed]] | Yahoo! Finance

“With the loss of the Child Tax Credit (CTC) and Earned Income Tax Credit expansions, families and individuals are receiving smaller refunds this tax season,” Prosperity Now told Yahoo Finance.

Biden’s 2024 budget includes increasing child tax credit [[link removed]] | KTVH

President Biden’s 2024 budget plan intends to expand the CTC, which was immensely successful in reducing childhood poverty over the Pandemic.

Opinion: Both parties agreed to protect anti-poverty programs — time to support ‘Baby Bonds’ [[link removed]] | The Hill

A federal Baby Bonds program is necessary as a tool to increase intergenerational wealth and decrease the racial wealth gap.

White House announces steps to lower everyday costs alongside new inflation report [[link removed]] | CNN

In response to rising inflation, President Biden is expanding federal funds for programs that assist low-income Americans to keep the cost of living down.

Upcoming Events & Opportunities

Webinar: Children’s Savings Accounts: State of the Field Event [[link removed]] | Prosperity Now | Tuesday, April 4, 2023

Virtual and In-Person Summit: The 7th Annual Financial Education Summit [[link removed]] | Cash Campaign of Maryland | April 4th and 5th, 2023

Webinar & In-Person Event: Aspen Forum on Children and Families [[link removed]]| Aspen Institute | April 11 and April 12, 2023

Virtual Event: Strengthening Social Security for Older Adults, People with Disabilities, and Their Families [[link removed]] | Urban Institute | April 11, 2023

Webinar: High Stakes: Why We Must Address Youth Financial Security Now [[link removed]] | Asset Funders Network | April 25, 2023

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