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The US Saving Forum will bring together policy-makers, employers, financial institutions, and civic and interest groups to tackle one of the most critical issues facing America today: the need for higher household savings to ensure the health of our citizens and the national economy. This ground-breaking forum will be held at the Hyatt Regency Washington on Capitol Hill on June 24th from 8AM to 10.30 AM.
The event will coincide with the release of a major research initiative undertaken by Oxford Economics, a leading economic consultancy. Entitled Another Penny Saved: The Economic Benefit of Higher US Household Saving, the study provides conclusive evidence of the vital role household saving plays in spurring job creation, boosting growth, reducing reliance on foreign capital, and preparing Americans for retirement.
Adrian Cooper, CEO and Chief Economist of Oxford Economics, will launch the event with a presentation of the study’s main findings and conclusions. Rep. Richard Neal (D-MA), and Rep. Tom Reed (R-NY) will then provide their views on the US savings imperative and the most effective policy response. This session will be followed by a candid, moderated discussion among leaders across industry to exchange perspectives on the best way forward.
8.00am | Registration and coffee
8.10am | Introduction and opening remarks
Lou Celi, President, Oxford Economics
Bob Reynolds, President and Chief Executive Officer, Putnam Investments
8.15am | Opening address: Higher saving is good for households and the economy
Adrian Cooper, Chief Executive Officer and Chief Economist, Oxford Economics
Are US households and the economy as a whole saving enough? What would be the macroeconomic impact of increasing savings, and how can incentives be used to encourage people to save? Our research suggests that at both the household and macro economy level, the US is not saving enough. Many households will have to live through under-funded retirements, while the economy’s reliance on foreign capital as a source for domestic investment increasing its vulnerability to adverse global shocks. Higher household saving rates would not only improve the position of individuals, it would also raise GDP in the long run. Policy has a critical role to play in encouraging households to save more. Carefully-designed tax incentives do result in households saving more, and they should be supported by other measures to improve households’ financial awareness.
8.30am | The View From Capitol Hill
Introduction by Thomas E. Samoluk, Vice President & Counsel, John Hancock
Keynote presentation, with moderated discussion.Panelists:
9.10am | Moderated discussion
Introduction by Randy Johnson, Senior Vice President of Labor, Immigration, and Employee Benefits, the US Chamber of Commerce
Moderator: Rick Klein, Political Director, ABC News
The panel will discuss key questions and findings raised by the study. Are households and the US economy currently under-saving? If so, by how much? Are tax incentives an effective way to encourage households to save more, or do they just divert savings from other vehicles? Do some incentives work better than others, and does the target group matter?
10.30am | Close
Adrian Cooper is responsible for coordinating and managing Oxford Economics’ global economic analysis, forecasting and consultancy activities, and overseeing its team based in Oxford, London, Belfast, Paris, New York, Philadelphia, Singapore, and the UAE.
David C. John is Senior Strategic Policy Advisor at AARP Public Policy Institute, focusing on pension and retirement savings issues. John also serves as a Nonresident Senior Fellow and the Deputy Director of the Retirement Security Project at the Brookings Institution, which focuses on improving retirement savings in the United States, especially among moderate and low income workers.
Lisa Mensah is the founder and director of the Aspen Institute Initiative on Financial Security (Aspen IFS), a leading policy program dedicated to helping bring about the public policy solutions and financial products that enable all Americans to save and build wealth for homeownership, small business, college education, and retirement.
Mr. Moore has served as president of LPL Financial since May 2012. He joined in 2008 as chief financial officer and was appointed president in May 2012. Mr. Moore oversees the firm’s Advisor and Institution Solutions business unit, comprising several distinct business lines and services, just a few of which are Custom Clearing Services, Corporate Development, and Investment Platform Solutions.
Congressman Richard E. Neal represents the First Congressional District of Massachusetts in the United States Congress. He serves as senior member of the tax-writing Ways and Means Committee and the Ranking Member of the Subcommittee on Select Revenue Measures.
Congressman Tom Reed represents the 23rd Congressional District of New York in the United States Congress. He serves on the Ways and Means Committee and the Human Resources, Oversight, and Select Revenue Measures subcommittee.
Mr. Reynolds is President and Chief Executive Officer of Putnam Investments, a member of Putnam Investments' Executive Board of Directors, and President of Putnam Funds. He has more than 30 years of investment and financial services experience.
Hyatt Regency Washington on Capitol Hill
400 New Jersey Ave NW, Washington, DC 20001
Room: Regency C/D
Hyatt Regency Washington on Capitol Hill is conveniently situated two blocks from the US Capitol and close to the Washington Convention Center and D.C.’s most popular historic, cultural, dining, and entertainment venues.
The Aspen Institute
American Society of Pension Professionals & Actuaries
Bank of America Merrill Lynch
Financial Services Roundtable
John Hancock Financial
Natixis Global Asset Management
The New England Council
The US Chamber of Commerce
Join the conversation and connect with attendees and speakers on Twitter via #anotherpennysaved