As the Fed tries to crash-land the nation into deflation, Congress must keep families with low incomes from permanent depression
Compass Working Capital, a national nonprofit organization partnering with families with low incomes to build assets as a pathway out of poverty, delivered a letter to appropriators in Congress requesting strong support for the Family Self-Sufficiency (FSS) program. Established in 1990 by the George H.W. Bush Administration, FSS is a program administered by the Department of Housing and Urban Development that enables participants to build savings, set financial goals, and receive coaching and other services that can put them on a path to economic stability.
Compass’ CEO Markita Morris-Louis released the following statement:
At a time of economic and financial uncertainty, when the Fed is trying to address inflation through interest rates, it is imperative that Congress continue to strongly support the Family Self-Sufficiency program – HUD’s largest asset building program enabling families with low incomes to build wealth. The program is woefully under-utilized due in large part to lack of awareness and adequate funding; approximately 57,000 households participate out of an estimated 2.2 million that could benefit. We need programs that invest in families and their potential to put some distance between themselves and poverty. FSS does that and the thousands of individuals and families in the program are counting on Congress to be in their corner on this effort. To do otherwise is tantamount to relegating families and individuals who have been shut out of our economic system to a state of economic depression. Congress and the Biden Administration should fund the program at a minimum of $175 million for fiscal year 2024.