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Home Authors Posts by Jarrod Nagurka

Jarrod Nagurka

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Patrick Hope Announces Support for Creating Universal Savings Accounts

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Media Contact:
Jarrod A. Nagurka
jarrod.a.nagurka@gmail.com
703.473.5097

Today, Delegate Patrick Hope, running for congress in Virginia's 8th Congressional District, announced support for Senator Ron Wyden's (D-OR) efforts to resurrect a proposal that creates savings accounts for newborns.  Similar to the 2009 'American Saving for Personal Investment, Retirement, and Education Act,' Wyden's legislation would create a $500 savings account for every child born in the United States.  These accounts would grow tax-free, and families could place up to $2,000 per year in the account.  For certain families below the poverty level, the federal government will also match up to $500 in annual deposits.

The funds in the account could be used towards a college education, down payment on a home, or a retirement fund.  "This is an opportunity to encourage smart savings and will result in investments in education and home ownership," Hope said.  "While the proposal does include up-front costs, we know that these types of investments can ultimately curb poverty rates.  The federal government must investigate and pursue every opportunity to spur economic growth, increase education rates, and reduce the number of welfare dependents, as this proposal has the potential to accomplish."

Patrick Hope was first elected to the General Assembly in 2009, and now chairs the Virginia Progressive Caucus.

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Additional Background Information Gathered About the Proposal

The Lifetime Savings Account

Senator Ron Wyden (Oregon - D) will push to establish universal savings accounts for all newborns in the U.S. as a way to "really put a dent in the poverty rate." The potential legislation modeled after the American Saving for Personal Investment, Retirement, and Education Act (ASPIRE) of 2009, would provide all newborns in the United States with a $500 savings account at birth.  After an account has been created for a newborn, the Secretary of the Treasury will transfer $500 into each individual account.  This amount will be indexed for inflation Contributions to the account would grow tax free, and annual contributions made by the child, his family, or any private source would be matched dollar for dollar, up to $500 a year, for families up to median income.  Up to $2,000 annually can be deposited into the account.
Children born into households making less than the national median income will be eligible for an additional contribution of up to $500 - those that live at 75% of the median income will receive the full $500 bonus, and the bonus phases out evenly until it hits $0 for people who are at the median income or above.  Children in households that make below 75% of median income can receive a dollar-to-dollar annual match of the first $500 of annual contributions until they turn 18 years old.

Permissible Uses of the Lifetime Savings Account

The money in the account could be used to defray the cost of college, for the purchase of a home, or to retire. An account holder would not be able to access the funds until their 18th birthday.  Before an individual turns 18, a parent or legal guardian will make investment decisions; after the account holder turns 18, their account will be governed by rules similar to Roth Individual Retirement Accounts (Roth IRAs). These rules allow for tax-free withdrawals without penalty for select pre-retirement uses including post-secondary education and first-time home purchase. When the accountholder is between 18 and 25, account withdrawals can only be used to defray the cost of college.  After the individual turns 25, withdrawals can be used to purchase a home or to supplement other retirement savings. Investment options for ASPIRE accounts will be similar to those for Thrift Savings Plans, such as a government securities fund, fixed income investment fund, and common stock funds. At any time after the account is opened, the family may transfer the account to a private sector financial institution.

The proposal allows parents, family members and other private sources to contribute to our children's future.  A corporation, for example, could offer to contribute a certain percentage of an employee's salary to his child's ASPIRE account as a benefit.  So instead of contributing to Roth IRA for themselves, a parent may be able to contribute to their Child's ASPIRE account.

Patrick Hope for Congress Campaign Kickoff Announced

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Please join Patrick Hope on February 16th for an official campaign kickoff.

Date: Sunday, February 16, 2014

Time: 3:00 p.m. - 5:00 p.m.

Location
At the home of Ingrid Morroy
1501 South Pollard Street
Arlington, VA 22204

Additional information or to RSVP info@HopeforCongress.com

Contributions accepted at the door.

Patrick Hope Announces Support for Sen. Warren’s Proposal to Replace Payday Lenders with USPS

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Today, Delegate Patrick Hope, running for Congress in Virginia's 8th Congressional District, announced his support for a proposal recently endorsed by Senator Elizabeth Warren (D-MA) to replace payday lenders with the U.S. Postal Service. "When un-banked households are forced to spend roughly 10% of their income on basic banking services, Congress must act to allow low income Americans to keep more of their own money," Hope said.

"The types of communities we're talking about are those that are often in 'bank deserts.' USPS offices penetrate many of these 'bank deserts,' so we have a unique opportunity to take advantage of existing infrastructure and to eradicate abusive and predatory lending practices."

"I commend Senator Warren and the Consumer Financial Protection Bureau for cracking down on unfair lending practices, and look forward to being one of their strongest allies in Congress."

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For immediate release:

Media Contact
Jarrod A. Nagurka
Phone: 703.473.5097
jarrod.a.nagurka@gmail.com

Patrick Hope Announces Support for Sen. Warren’s Proposal to Replace Payday Lenders with USPS

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Today, Delegate Patrick Hope, running for Congress in Virginia's 8th Congressional District, announced his support for a proposal recently endorsed by Senator Elizabeth Warren (D-MA) to replace payday lenders with the U.S. Postal Service. "When un-banked households are forced to spend roughly 10% of their income on basic banking services, Congress must act to allow low income Americans to keep more of their own money," Hope said.

"The types of communities we're talking about are those that are often in 'bank deserts.' USPS offices penetrate many of these 'bank deserts,' so we have a unique opportunity to take advantage of existing infrastructure and to eradicate abusive and predatory lending practices."

"I commend Senator Warren and the Consumer Financial Protection Bureau for cracking down on unfair lending practices, and look forward to being one of their strongest allies in Congress."

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For immediate release:

Media Contact
Jarrod A. Nagurka
Phone: 703.473.5097
jarrod.a.nagurka@gmail.com

PATRICK HOPE COMMENDS AG HERRING’S DECISION ON VA’S SAME-SEX MARRIAGE BAN

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For immediate release:

Media Contact:
Jarrod A. Nagurka
Phone: (703) 473-5097
jarrod.a.nagurka@gmail.com

Delegate Patrick Hope's Statement on AG Herring's Decision to Fight Virginia's Ban on Same-Sex Marriage

Richmond - Today I join thousands of Virginians in commending Attorney General Herring for his decision to challenge the Commonwealth's ban on same-sex marriage.  I have long believed that marriage should be a right granted to all Virginians, and that prohibiting marriage based on sexual orientation is a gross infringement on individual liberties and a violation of the Fourteenth Amendment to the U.S. Constitution.

Whether it be in the General Assembly or in Congress, I reaffirm my pledge to continue fighting for marriage equality and against the discrimination that thousands of LGBTQA Virginians face every day.  Marriage equality is both a civil rights and an economic issue, and Virginia can no longer afford to be on the wrong side of history.

Delegate Patrick Hope is a member of the Virginia House of Delegates from the 47th District representing part of Arlington County. He serves on the House Health, Welfare and Institutions; Courts of Justice; and Militia, Police and Public Safety Committees.

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PATRICK HOPE FORMS EXPLORATORY COMMITTEE

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For immediate release:

Media Contact:
Jarrod A. Nagurka
Phone:  (703) 473-5097
jarrod.a.nagurka@gmail.com

Delegate Patrick Hope Statement on the 8th Congressional District

Richmond - "Last week Northern Virginia suffered a tremendous blow with the announced retirement of Congressman Jim Moran.  As a senior member of the Appropriations Committee, Jim has been instrumental to virtually every major federal project that has occurred in the 8th District in his ten."

"The 8th District needs a Representative who is able to begin rebuilding seniority and is ready to be effective," Hope continued.  "I am a current Member of the House of Delegates where I founded and co-chair the Virginia Progressive Caucus.  In addition to these responsibilities, I work as a health care attorney in government relations for a national physician organization whose mission is to transform our health care system into one that expands coverage, improves access and quality health care, and lowers costs.  Prior to this I gained significant experience working as a legislative aide on Capitol Hill."

"Today I am announcing the formation of an exploratory committee for the 8th Congressional District seat.  We must have a proven progressive leader as our Democratic nominee in the 8th District.  We also need a nominee who will be ready to be effective on day one and able to build the necessary seniority that will be so crucial to our region," Hope concluded.

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