September 19 2013
Operation HOPE Releases 2012 HOPE Global Financial Dignity Summit Report, Includes Recommendations to G20 Leaders
"Community, Character and Responsible Capitalism" executive report calls for international financial dignity initiatives and new methods of public-private partnerships
LOS ANGELES, Sept. 18, 2013 /PRNewswire-USNewswire/ -- Marking the fifth anniversary of the worst financial crisis since the Great Depression, and with the release of President Obama's 2013 executive report on the financial crisis, Operation HOPE (HOPE) today released the executive report developed during and following the November 2012 HOPE Global Financial Dignity Summit (Summit) in Atlanta, Georgia. The full report can be viewed and downloaded here.
Inspired by the third and most unfinished component of Dr. Martin L. King, Jr.'s work with the Poor People's Campaign, the Summit bridges HOPE's "silver rights" movement from the civil rights campaign, and is positioned as a Davos-inspired meeting for leaders interested in the empowerment of the poor and underserved. This annual meeting served as the staging area for the gathering of commitments for business role models, business internships, youth entrepreneurship business grants, and other commitments for action in underserved communities.
Developed to reflect the insights and actionable solutions from the Summit, the executive report summarizes findings and observations from key leaders of the "three stools of HOPE:" government, community and the private sector. Delegates from these sectors helped cultivate policy and best practices for the financial well-being of underserved communities. One of the goals of the Summit was to frame the issue of financial dignity and financial literacy, as an essential, core component of mid- to long-term financial recovery and stability for all, regardless of race, income or social station in life.
The event brought together more than 1,500 attendees and notable speakers, including Ben Bernanke, chairman of the Federal Reserve, Ambassador Andrew Young, former Atlanta Mayor and HOPE global spokesman, Dr. Bernice King, civil rights leader and daughter of Dr. Martin Luther King Jr., and Russell Simmons, chairman and chief executive officer of Rush Communications. It resulted in policy recommendations through groundbreaking Financial Inclusion Working Groups. These key recommendations, the foundation of the executive report, include:
- Establish national home ownership counseling standards for pre- and post-purchase
- Fully support Consumer Financial Protection policy, even while advancing consumer financial empowerment strategies and programs
- Establish and require financial literacy curriculum as a common core standard in K-12 education, endorsed by the U.S. Department of Education and sanctioned at state and local levels
- Develop economic incentives at local, state and federal levels promoting entrepreneurship as a viable pathway to prosperity for young people
- Require financial institutions to advertise and offer product options tailored to low wealth individuals that will include minimal deposit requirements; modernize overdraft fees and client exclusion policies; create innovative mobile products; and provide access to education and money management counseling
- Create fiscal responsibility and regulation reform at all levels that include full transparency, trust and communication. This action will rebuild and return the value of trust to the people, which is currently not present with the government
"From the day that the concept of this Summit was conceived, the ultimate goal was to provide informed guidance to national and international leaders on how to achieve financial inclusion and dignity for underserved communities," said John Hope Bryant, HOPE founder, chairman and chief executive officer. "We were deeply humbled by the spirited discussion and the thoughtful recommendations that resulted from last year's Summit, and we will now take steps to ensure that these recommendations have an audience with the top influencers from G20 nations across the globe."
This executive report also echoes the elements of recent multi-year initiatives by Operation HOPE called America 2020 and Project 5117. The projects target the delivery of financial empowerment to 30 million youth, 40 million unbanked or under-banked, and the 100 million American households (half of the U.S. population) earning $50,000 or less, annually. This group comprises the working poor, working class, and the struggling middle class.
Looking forward, Operation HOPE will develop a similar report to share with G20 leaders following the second annual HOPE Global Financial Dignity Summit, which will be held in Atlanta in November 2013. The focus of this year's event will be "How the Poor Can Save Capitalism."
About Operation HOPE
Operation HOPE (HOPE) is an international nonprofit organization dedicated to promoting financial literacy and dignity through various educational programs and initiatives. Since its inception in 1992, HOPE has served more than two million individuals, directed more than $1.5 billion in private capital to America's low-wealth communities and maintained a growing army of 20,000 HOPE Corps volunteers. It has raised average credit scores for financial case management clients more than 120 points over an average 18-month period, and it currently serves more than 300 U.S. cities, as well as South Africa, Saudi Arabia, Morocco, and the United Arab Emirates. At its core is a "silver rights" mission to make free enterprise and capitalism work for everyone. To learn more about Operation visit HOPE, www.operationhope.org, follow us on Twitter, @operationhope, and like us on Facebook.
To learn more about the upcoming Summit and Operation HOPE, please visit: summit.operationhope.org. Also, join the conversation about the Summit on Twitter @operationhope #HOPESummit.