🔗 READ THE RESOLUTION ON THE NOBEL SITE

The National Organization of Black Elected Legislative Women (NOBEL Women), a national partner of the multi-city Finance Forward series, passed a resolution to promote awareness of and an increased commitment to address issues of income volatility.

TO PROMOTE AWARENESS OF AND AN INCREASED COMMITMENT TO ADDRESS ISSUES OF INCOME VOLATILITY

Committee:​ Social and Economic Justice                                                                                                              Resolution:​ SEJ-17-02

WHEREAS​, stable finances are essential for families to successfully plan for the future; and WHEREAS​, nearly half of Americans experience income volatility[i];

and WHEREAS​, volatility makes it difficult to accumulate wealth, pay down debt and manage bills[ii];

and WHEREAS​, coping with this instability can force families to forgo medical attention, withdraw early from a retirement account, rely on friends and family, miss a bill or payment, or turn to alternative financial services[iii][iv];

and WHEREAS​, nearly four in ten families experience an expense shock of over $1500 for auto repairs, medical care or taxes on a yearly basis[v];

and WHEREAS​, low-wage workers are disproportionately affected by income volatility, which is partially driven by unpredictable scheduling and hours in their work environment[vi];

and WHEREAS​, NOBEL Women recognize the research done by The Aspen Institute’s Financial Security Program to raise the profile of this issue and synthesize literature from policy makers, research institutions, industry and academic thought leaders to forward solutions;

and WHEREAS​, NOBEL Women recognizes the value of community-focused discussions and solutions led by LendUP and Aspen EPIC in their Finance Forward Initiative;

NOW, THEREFORE, BE IT RESOLVED, ​by the 2017 Legislative Summit of the NOBEL Women, assembled in Nashville, Tennessee that NOBEL Women support cross-sector effort to mitigate the effects of income volatility and encourage employers, policymakers and non-profits to work in a joint effort to explore community-based solutions;

BE IT FURTHER RESOLVED​, that NOBEL Women believe income volatility is an issue of national importance and we encourage our members to seek information on this topic and push for legislative solutions that can help to solve this problem;

BE IT FINALLY RESOLVED​, that NOBEL Women send a copy of this resolution to the President of the United States, members of Congress, state legislators, and regulatory agencies.

Introduced by: ​Delegate Angela Angel (MD)

[i] Steve Holt, “Income Volatility: A Primer, Aspen Institute EPIC, June 2016 http://www.aspenepic.org/ whatweknow.
[ii] http://www.pewtrusts.org/en/research-and-analysis/issue-briefs/2017/03/how-income-volatility-interacts-with-american-families-financial-security
[iii] http://www.pewtrusts.org/en/research-and-analysis/issue-briefs/2017/03/how-income-volatility-interacts-with-american-families financial-security
[iv] https://assets.aspeninstitute.org/content/uploads/files/content/docs/pubs/EPIC+Volatility+Primer+(May).pdf
[v] https://www.jpmorganchase.com/corporate/institute/document/institute-coping-with-costs-report.pdf
[vi] Board of Governors of the Federal Reserve System. “Report on the Economic Well-Being of U.S. Households in 2015.” The Federal Reserve, May 2016. https://www.federalreserve.gov/2015-report-economic-well-being-us-households-201605.pdf.