The COVID-19 pandemic and ensuing recession has exacerbated longstanding inequities in the U.S., including the stark gaps in economic opportunity across the population. The bottom 50% of American families share only 1.5% of U.S. wealth and the median net worth for the bottom 25% of American families is only $310. The complete absence of retirement savings among a large share of Americans is a leading factor behind this persistent and generational wealth inequality. In order to address this long-term challenge alongside the anticipated uneven economic recovery, bold bipartisan policy interventions are urgently needed to ensure the American Dream is within reach for all.

This session will focus on how public and private stakeholders can partner to ensure average Americans can participate in resilient wealth creation engines. In a post-pandemic world, can the federal government offer low- and moderate-income Americans the opportunity to save more and build sustainable wealth? How can expanding access to existing and proven federally-funded savings plans--as a recent white paper from the Economic Innovation Group proposes--help low-income families build generational wealth, and what policy avenues are needed in order to make these solutions a reality?