 Thank you for that wonderful introduction and I'm glad you read it exactly as I wrote it. It's nice to see all of you here today. I have news for those of you who are Met fans, everything as well. For those of us that are Yankee fans, we'll talk mañana because things are getting rough. I want to, this is a great opportunity for me to come and join you at this special conference very briefly just to only because I have the advantage that some of you don't have of being in Congress every day. Both parties are trying to figure out what Donald Trump is up to so don't worry about it. I came up with something that I hear is going to get quoted in some places and it's the only political statement I'll make during the day honestly but it fits with what we're doing here today and it is Mr. Trump America is already great. We just want other people and more people to share in his greatness and that's what this is about. It's not and then the only ethnic statement I'll make of the day is he gets away with stuff. If I said that this country is not great and we have to make it greater I would be run out of town. Trust me for being on patriotic and he seems to do it and you know he reminds me of Ross Perot. I can fix that you know and that's all he said. So thank you so much for inviting me today. I want to thank cities for financial empowerment, New America, the Fund for Social Development and the New York Fed for convening this conference on this extremely important issue. I also want to thank Intuit and J.P. Morgan, Chase for their work and helping to address these issues as well. All of us are here today because of a wealth crisis in the United States. Now that almost sounds like an improper use of the language or wealth crisis in this outrageous country on earth. A crisis that hits far too many working families where the wealthiest nation on earth but that far too many Americans struggle with day to day. They're either already in debt or just one financial emergency away from poverty. The statistics are truly troubling. Recent studies have shown that two thirds of Americans do not have savings to cover a $500 emergency and one third have no savings at all. These problems disproportionately affect minorities, in particular African Americans and Latino communities including in my district in the Bronx. You know I represent one of the poorest districts in America. My opponent always beats me over that but I've been able to survive for a few years explaining what the struggle is about and yet that district is located within the richest city on earth and within walking distance of the wealthiest district in the nation which is Carolyn Maloney's east side of Manhattan and I'm not knocking the east side of Manhattan. I want my folks to have those same opportunities too but it's amazing to understand that when Fernando Ferreira got in trouble and lost a race perhaps by saying a tale of two cities it is in many cases exactly that. These problems disproportionately affect minorities and particularly African Americans and Latinos. Simply put far too many families live paycheck to paycheck and feel unable to save for the future and when disaster strikes families don't have the resources to weather the storm that leaves them facing no win situations. It means increasingly relying on high cost alternatives like payday loans and other forms of a scrupulous lending that can only make the situation worse and believe me in districts like mine every other day there's a storefront opening up that just hurts people and hurts people by painting a picture that's not a real picture. That is why so many of you here today have been working to find solutions that encourage savings for those who need it most but who oftentimes feel least able to afford it and I want to thank you I truly do want to thank you for your efforts here in New York and around the country. Right now our tax system provides incentives for savings but in ways that do not encourage the participation of low and moderate income families and individuals. Retirement savings incentives currently in the tax code tend to be geared towards those thinking 20 years down the line rather than those thinking 20 days ahead. An individual development accounts help families save for large purchases somewhere in the future but that doesn't always resolve the problem in fact it doesn't at all. I don't mean to denigrate these programs. They're important and valuable saving tools but they're simply not geared to an increasing number of working families who are concerned about sitting upon the cliff of financial disaster. That is why I have been interested in finding ways to encourage savings among the very individuals who feel least comfortable doing so and keep in mind also and this I've experienced personally that as more and more immigrants come to New York especially from Latin American countries from African countries like in the Bronx from the African continent it's not just the issues you know about that confront them it's also a distrust of institutions distrust of government. I remember one year just to show you how we in public office can make mistakes one year there was an asbestos crisis in the Bronx in a couple of buildings so somebody came up with a great idea of holding the election that day out in the schoolyard in a tent and bringing the National Guard to guard the election and I said guys these folks just ran away from a country most likely where the military stands by you as you vote you're gonna have the military standing out here as they vote nobody will vote they said gee we never thought of that I said well every so often let's think about that and that is what is happening in many cases too that savings is not something that is unattainable but savings is something that needs education and saving needs the understanding that we're in the United States where if you save there are laws and there are institutions that protect your savings even during the most hard hit times you don't have to worry that somebody's gonna run away with your money as I said I don't mean to denigrate these programs they're important and valuable savings tools but they are simply not geared to an increasing number of working families who are concerned about sitting upon the cliff of financial disaster that is why I have been interested in finding ways to encourage savings among the very individuals who feel least comfortable doing so and it is also why when New York City came to me a couple years ago expressing interest in introducing federal legislation I was all ears now you haven't paid attention to what I just said I know but I just set a world's record you hardly ever hear a politician admit to somebody else gave him the idea for the legislation you know I'm supposed to tell you right now that this thought came to me alone and I developed it but getting it through the caucus they call themselves the freedom caucus but getting it through the tea party is not easy so give me some credit for it if we accomplish it the bill we developed called the financial security credit act builds upon the great work that New York City has done with the save USA program as you all know New York City initiated what was originally called a save New York's NYC initiative which allowed working families with incomes below 50,000 to visit a volunteer income tax assistance site and in addition to getting free tax preparation assistance established a savings account and direct some portion of their tax refund to be deposited there the program has worked in my district and elsewhere the recently released MDRC study shows just how effective providing the right savings incentive at the right time can be the study which looked at the save USA program in New York and elsewhere showed numerous positive results that policymakers at all levels of government should be paying attention to despite low incomes about two-thirds of program participants maintained their tax refund savings for long enough to merit the savings match and they did not have to put themselves into financial hardship in order to participate participants in the program also saved more than more than similarly situated individuals and families who did not participate in the program the difference average five hundred and twenty two dollars or thirty percent participants participants in the program were also more likely to save than non-participants even after the end of the financial incentives to save and most importantly there were increases in the financial security of participants there was a six percent reduction in liquid asset poverty levels among participants meaning that they had enough assets including savings to live at the poverty level for three months if all other income was lost these study findings show that the right savings incentives at the right time can have a meaningful effect on people the save USA model became the template for my legislation that financial security credit act which attempts to take this concept and embedded in the federal tax code the legislation allows low and moderate income working families to build their savings and increase their financial security by allowing them savings at tax time in similar way to the save USA model in New York the credit allows taxpayers from low and moderate income brackets to receive a tax refund to deposit some portion of that refund to any of a number of saving options ranging from savings accounts to 401ks to savings bonds and numerous options and here's where I make a sarcastic comment which is not written here and the point is that a lot of people say well how are you going to get this through well this may just have interest of some people for instance there are some people in the audience representatives of people in the audience and people certainly not far from this building would like to see an influx of savings accounts open in their institutions this program allows for that to happen not millionaire deposits but this country wasn't built on millionaires this country created millionaires by allowing people to work and to save and the problem is just allowing people the understanding the saving is proper the credit allows taxpayers from low income moderate income brackets to retrieve as a receiver tax refund to deposit some portion of that refund into any of a number of savings options ranging from saving accounts to 401ks to savings bonds and numerous other options for those taxpayers who don't have a bank account or other savings mechanism or who want to open a new one the legislation creates a process by which they they can open an appropriate account on their income tax form so the income tax form now would take on a new life also rather than just take your money which makes all Americans angry right I don't know any American who likes to pay taxes but makes everybody angry I actually like to pay taxes in fact I wish I could pay about 50 million in taxes every year you know because it's all relative right if the taxpayers then holds or exceeds that initial balance in the account for eight months they will become eligible for a refundable tax credit of up to $500 which is directly deposited in the same account as their initial savings importantly the credit is focused on low and moderate income individuals and families any family earning less than 55,500 is eligible for the full credit as is any individual earning less than $41,625 a partial credit is also available along a sliding scale to any family earnings between 555 and 70,500 and to any individual earning between 41 6 and 56 625 like the save USA model this bill's goal is to create a savings incentive at the right moment tax time or many working families expect to receive a significant tax refund and I do think that these ideas are getting increasing interest in momentum this conference is an important step in bringing together researchers think tanks advocates government officials and agencies to help plan how to move forward on these issues so basically what I'm asking you today is to join us in this because I've been in Congress now 26 years I've been in public office 41 years one these days I'm gonna have to get off the public payroll but I've been around a while now when I when I got elected Nixon was president and beam was mayor and most of you were not born and that's a scary thought I have ties older than some of you in fact I think I think I'm worried once today and so basically what I'm asking is for all of you to kind of look at this program and understand that this is a good start a good strong start and get on board if we get on board and begin to push and I just have the congressman push as the congressman would have people push and institutions push this can happen this could happen because this plays right into the hands of that other group that says that America must save and save money well let's see if they really mean it I was also happy to see that the president's budget includes a financial innovation for working families fund within the Department of Treasury which will help working families to build savings for the future although it was proposed as mandatory funding I hope it will help spark conversations on these subjects let me close by saying this there's an increasing savings and wealth gap in this country it disproportionately affects working families and in particular Latinos and African Americans when I hear members of both political parties talk about economic opportunity and the American dream I'm also aware of the financial disadvantages that caused so many to miss out on those things we think of as crucial to that dream owning a home going to college economic success and financial comfort we have too many people in our country who worry about their next meal and this is going to come from aware it's coming come from or the financial disaster they might face if they lose their job or have a medical emergency as policymakers and Congress and elsewhere we need to discuss wealth building opportunities we cannot ignore those who can benefit most from our savings incentive and so I close my friends by asking you to continue to do the work you're doing and to join us in pushing this you know I was born in Puerto Rico I was born an American citizen I like so many Puerto Ricans are doing now left Puerto Rico because of an economic crisis not because we didn't like the sound of a cookie a little tiny frog or the palm trees bother us or the air was too warm we left out a need my mother had two years six years of school my father had two and my mother reminded my father every day that she was highly educated in his case you know he worked in a factory she was a seamstress but they made sure that my brother was a teacher and that I'm not doing too badly as a congressman and so even though I was born an American citizen the American dream applied to me and this city took good care of me and I tried to give back every day but what we need to understand especially I see a lot of young faces is that the people that are coming to this country now are coming out of need and they're coming to create a problem they're not coming to sell us drugs not coming to you know so the man says he's gonna make Mexico pay for the wall what happens if they refuse we're gonna invade them or something I don't get it you know and this country of all countries and this I'll close with this because I want you to feel a little bit about me rather than just the notes I bought with me this is the greatest country on earth this of all countries should never build a wall not a wall there's got to be other ways to work can you imagine the contradiction in New York Harbor there'll be a lady saying give me your poor your needy and so on and then then on the other side there'll be a wall same but keep those people out you know when technically if we want to get technical but we don't get technical anymore most of the land we want to keep them out was their land anyway to begin with a long time ago but we're not supposed to say that you know and so a couple years ago I wrote a piece which was my sarcastic piece and that's why I never got printed and the op-ed court was called don't advertise and my sarcasm was this you tell the world you're the greatest country on earth and we are you tell the people with the greatest economy on earth and we are you tell people with the greatest democracy in fact sometimes we try to push it on their throat and we are the greatest democracy then why are you surprised when people come here you've been telling them as the greatest place and nothing should change so let's let's let's get on something like this let's break the fears let's tell people that they can save that we can build wealth let's not give up let not anybody tell you that this is a dry subject or a bad subject let's lobby let's work together let's make it happen and I can tell you this as a member of the U.S. Congress the press tells you and the politicians running this year which is unique that we're falling down the drain one guy says our military doesn't win anymore what a disrespect to a man or woman in a wheelchair who came back from Afghanistan you know or to say that McCain would I don't agree with on issues that McCain is not a hero because he got caught how insulting is that you know and so let's have faith in ourselves let's understand ourselves and let's also understand something and this is where you'll probably run me out of town what's the dirtiest word you hear gridlock right well gridlock can be stubbornness and craziness to where you don't move that's bad gridlock can also be two parties elected by the people not agreeing immediately my sarcasm or my truth is in China the budget is always on time but we have a different system and so let's have faith in our country let's keep working let's all get out to vote and let's remember that the people that are coming here just want to be just want to share let's remember that we all came from somewhere where their citizens are not and by the way I don't agree with Mr. Cruz but he qualifies to be president because if he doesn't qualify then I don't qualify and I'm still strong enough to run for president one of these days so thank you so much I bless you all stay strong and to some of the young people here who've been influenced lately by a great man why no well there's nothing wrong with capitalism it's just that we may have to make sure that more people share in that capitalism if we do that it's fine there's nothing wrong with our system that doesn't need just a little tweaking and in my final example of that is Obamacare and I was one of the first people to call it Obamacare and I was criticized for it the reason I call it Obamacare is because 20 years from now there'll be Medicare Social Security and Obamacare and that'll be his legacy forever well Obamacare like Social Security like Medicare needs fixing but don't throw it away because it's the first time to discover it for all it's a perfect no but tell the right tell the right wingers in this country that you want to get rid of that part that says your child can stay on the program till he's 26 years old and see what happens or tell those people who hate it because it was Obamacare creation that pre-existing conditions should come back and that you should be denied insurance because of a pre-existing condition that runs you out of town so let's have faith let's stay strong thank you for the invitation today I unfortunately can't stay with you I'm doing something today usually don't do a hang around and I mingle but I've got a run to the Bronx where my son and I are holding our annual black history celebration to pay tribute to the African-Americans in our country who've done so much it's a big celebration at Oslo's Community College so be strong be well don't lose hope in the Yankees and and and and don't lose hope in our Congress like I said we disagree a lot and sometimes it's a big problem but it's still the greatest democracy in the greatest country on earth thank you so much