WHAT OHIO CAN DO
There are many policies that Ohio could enact to improve its climate for asset building and preservation:
Promote Financial Security: To reduce income poverty, the high percentage of borrowers who are past due on debt payments and bankruptcy rates, Ohio should maximize earnings of low-income workers by adopting a refundable state Earned Income Tax Credit and making the Dependent Care Credit refundable. Ohio should also increasingly fund free tax preparation for low- and moderate-income households and seniors.
Protect Consumers: To protect unbanked households from predatory financial products, Ohio should enact stronger consumer protection laws and close loopholes regulating payday lenders.
Preserve Homeownership and Stabilize Communities: To increase homeownership and reduce the foreclosure rate, Ohio should regulate mortgage servicers and allow local land banking to ensure strong management and redevelopment of foreclosed properties.
Promote Savings Opportunities: To help families save and build assets, Ohio should create college and emergency savings accounts that are accessible, safe and easy to enroll in.