According to a recent U.S. Census Bureau report, the United States will not have a clear racial or ethnic majority by 2043. America's deepening diversity has huge implications for the country's economy, and is creating challenges and opportunities for the nation's financial system as it works to increase minority access to the financial mainstream.
San Francisco, California-a hub of technological innovation-is one of the many U.S. communities experiencing extraordinary population growth. However, experts say that the recession has hindered its residents' ability to accumulate wealth, and asserts that increased financial literacy, financial services innovation and improved access to credit and capital are fundamental to growing the region's economy.
Join National Journal in San Francisco for a Next America summit, underwritten by MasterCard, as we convene local opinion leaders for a robust discussion about minority economic empowerment and financial inclusion. We will explore questions such as: How can the country close its widening wealth gap? What investments and innovations are working to improve minority access to key monetary services? What is the government's role in moving the country's underserved populations into the financial mainstream? And what lessons can be learned from recent demographic developments in San Francisco?
The Honorable Hector V. Barreto is Chairman of The Latino Coalition (TLC). A group whose stature in the business community has grown steadily since Barreto took the helm of the organization in 2006. TLC is now considered one of the leading and largest latino advocacy groups in the nation.
Barreto is also a frequent public speaker, media guest, panelist and commentator on key issues concerning business, politics and the Latino community.
A nationally-recognized business leader, Barreto served five years as the Administrator of the U.S. Small Business Administration after being unanimously confirmed by the U.S. Senate on July 25, 2001.
Born into an entrepreneurial family, Barreto gained invaluable business experience during his youth by managing his family’s restaurant, import/export business and construction company. He later moved to Southern California and started his own businesses, forming Barreto Insurance and Financial Services and a securities broker/dealer firm specializing in retirement plans. He is also the founder and former chairman of the non-profit small-business procurement program Business Matchmaking.
Barreto currently serves as a member of the board of the United States Chamber of Commerce and sits on its council for small business. He is a member of the Minority Business Hall of Fame and has been recognized by many organizations including the U.S. Congress, the California State Senate and Assembly, the County of Los Angeles, YMCA and the American Red Cross. He was honored in 2006 by President Fox of Mexico, with the prestigious Aguila Azteca Award, which is bestowed for significant contributions to Mexico from a citizen of another country.
Barreto is the author of The Engine of America – a book dedicated to motivating and inspiring entrepreneurs through real-life stories and the winning formulas of successful business leaders.
He currently resides in Southern California with his wife and three children.
In September 2004, Mayor Gavin Newsom appointed José Cisneros as Treasurer for the City and County of San Francisco. As Treasurer, he serves as the City's banker and chief investment officer, managing all tax and revenue collection for San Francisco. He was elected to a full term in November 2005.
Treasurer Cisneros is proud to lead an accomplished and effective city department. Under his tenure, the office has achieved the lowest-ever property tax delinquency rate in the history of San Francisco. This means more services for the people of San Francisco, and lessens the pressure to increase taxes. Treasurer Cisneros has also achieved high investment returns, outpacing other large California counties—while preserving the safety and liquidity of the City’s money. He is also proud of the excellent customer service offered to the people of San Francisco, which has consistently been rated “excellent” or “good” by more than 90% of those surveyed.
Treasurer Cisneros strongly believes that his role of safeguarding the City’s money extends to all San Francisco residents. In January of 2005 Treasurer Cisneros led the implementation of the Working Families Credit Program, an innovative public/private partnership providing a tax credit to qualified San Francisco families. More than 9,500 of the City’s lowest-income working families have received over $2 million from the program, which provides a match to the federal Earned Income Tax Credit. Treasurer Cisneros continues to expand his role as a financial educator and advocate for low-income San Franciscans through creating innovative programs aiming to give all city residents access to a bank account and lessen the need for check cashers and payday lenders.
Prior to his appointment, Treasurer Cisneros served as Deputy General Manager for the San Francisco Municipal Transportation Agency. In this capacity, he managed MUNI’s $7 billion capital program designed to repair, replace and enhance system assets – including the 3rd Street Rail extension serving Chinatown, Mission Bay and the residents of Bay View and Hunters Point. Before working at MUNI, Treasurer Cisneros served as a member of the MTA Board of Directors and was instrumental in creating Proposition E, the Muni Reform Charter Amendment.
Treasurer Cisneros has a strong business background in the private sector, previously working for IBM Corporation and Lotus Development Corporation as a Senior International Product Manager. Prior to this, he was an Assistant Vice President at Bank of Boston where he managed financial product portfolios valued at over $100 million.
José Cisneros received his Bachelor of Science from Sloan School of Management at the Massachusetts Institute of Technology (MIT) and studied for an MBA at Boston University. He lives with his partner in San Francisco.
Arlyn Davich is the Founder and CEO of PayPerks. She developed a passion for social entrepreneurship while getting her MBA at Columbia Business School and developed the win-win-win idea for PayPerks while enrolled in the school’s Greenhouse incubator program. Prior to founding PayPerks, Arlyn worked in various facets of Brand Management at different CPG, media, luxury goods and PR companies.
Kevin de León
The first Latino elected President pro Tempore of the California State Senate in more than 130 years, Senator Kevin de León (D-Los Angeles) is setting a bold agenda to give every kid a fair shot at a higher education, and to combat climate change while building a new, low-carbon economy with opportunities for all Californians. Leading the Senate of the largest state in the union, Senator de León takes on challenging issues that strengthen the national reach of California’s policy-making.
Jose Quinonez is the Chief Executive Officer of the Mission Asset Fund.
Rachel Schneider is Senior Vice President of Insights & Analytics for the Center for Financial Services Innovation. Under her leadership, CFSI produces independent, data-driven consumer and industry research and advice, including the Compass Principles - which are aspirational standards for excellence in the delivery of consumer financial services. These analyses inspire financial services providers, policymakers and others to stretch to create financial services that are a force for good in people's lives, and offer actionable guidance about how to design and deliver services that will increase consumer financial health.
Rachel is a Principle Investigator on the U.S. Financial Diaries research study, a ground-breaking project in partnership with the Financial Access Initiative at New York University that is collecting highly detailed data about how more than 200 households save, spend, borrow and plan their financial lives over the course of about a year. She speaks and writes broadly about consumer finance issues, always offering her frank assessment of the financial challenges facing the majority of Americans. Rachel began her career as an investment banker at Merrill Lynch & Co., though she hails her commitment to the potential for innovative finance to solve major social problems from her days as a VISTA Volunteer (now AmeriCorps). She holds a J.D./M.B.A. from the University of Chicago, and a B.A. from UC Berkeley.
Arjan Schütte is the founder and a managing partner of Core Innovation Capital. He is also a Senior Advisor to the Center for Financial Services Innovation, the nation’s leading authority on the underbanked market. He was previously a senior manager at CFSI from its inception until Core was launched in 2010.
Arjan is a passionate industry expert. Through CFSI and Core, he has invested in some of the most innovative companies serving the underbanked, including AccountNow, CircleLending (acquired by Virgin Group), iSend, L2C, and BankingUp. Arjan serves on the board of portfolio companies Ripple Labs (as an observer), SavvyMoney, TIO Networks, and Wipit and is an advisory board member for several companies including Progreso Financiero. Arjan formerly served as a board member for RentBureau (acquired by Experian). He is cited broadly, blogs for Forbes, and regularly speaks at industry conferences.
Arjan earned an MS from the Media Laboratory at the Massachusetts Institute of Technology and a BA in Philosophy and Communication at Lewis & Clark College.
Dr. Marc Spencer
Dr. Marc Spencer, CEO of Juma Ventures has twenty-five years of experience in the nonprofit management sector specializing in social enterprise, fund and program development; contracts and compliance; quality management; public-private joint ventures, and performance management. Dr. Spencer’s guiding interests are the development of programs and policies that promote socio-economic and educational achievement as essential components to sustain communities. His accomplishments include the development of a San Francisco African American independent school, the design and directorship of the nation's first Upward Bound Visual and Performing Arts program, and the creation of CollegeSet.org, a national matched college savings platform for low-income students. His latest innovation, YouthMade, is the first program of its kind to give low-income youth direct work experience inside small urban manufacturing businesses.
During his six year tenure as Chief Executive Officer, Juma has scaled nationwide: its social enterprise business portfolio expanded from 2 to 11, jobs created annually increased fourfold, and agency revenue grew 83%. Today, over 95% of Juma's youth graduate from high school and 90% enter post secondary education. In 2012, the San Francisco Business Times selected Dr. Spencer as the Most Admired Nonprofit CEO of the Bay Area. Dr. Spencer sits on the boards of the National Youth Employment Coalition, Social Enterprise Alliance, Evergreen Lodge, City of San Francisco Youth Council, Oakland Workforce Investment Board, and the Museum of the African Diaspora.
Raul Vazquez is the Chief Executive Officer of Progreso Financiero