Grinstein-Weiss Visits Israel to Promote Savings for Every Child Legislation

Faculty; Policy

Michal Grinstein-Weiss, associate director of the Center for Social Development (CSD), recently visited Israel to share insights on the country’s new Savings for Every Child law with stakeholders and media outlets.

Starting in January 2017, the law will provide seeded savings accounts with monthly deposits for all children born in Israel and currently under age 18. With the goal of providing a better economic start to the nation’s children, Israel’s parliament passed the law in November 2015, based on a 2010 proposal by Grinstein-Weiss and rooted in years of research largely led by CSD leadership, including Director Michael Sherraden, Policy Director Margaret Clancy, and Grinstein-Weiss.

Grinstein-Weiss met with top Israeli stakeholders such as the National Insurance Institute, the Bank of Israel, and the Ministry of Finance around design and evaluation of the law. She joined CSD leaders Michael Sherraden and Li Zou to speak on global CDA examples and evidence at the Innovations in Poverty Policy conference hosted in early December by the Taub Center for Social Policy Studies in Israel.

Under the leadership of Grinstein-Weiss, CSD leaders have played a key role in development of the Savings for Every Child law, including writing the original proposal, solidifying the evidence supporting CDAs over several decades, providing strategies for implementation of the law, hosting seminars and delegations, and working directly with government officials and other stakeholders.

Grinstein-Weiss was interviewed about the legislation during a recent live Q&A session hosted by TheMarkerTV. She answered questions about features of the CDA program, including withdrawal age, investment options, and taxes and capital gains on the funds.