that is pretty good. i do not know about the cal bears part. i wanted to thank mayor newsom on his leadership on this issue. this would not have happened without the mayor making it the priority that it has been. 84 pushing back, even when cuts were being made in city hall. -- thank you for pushing back, even when cuts were being made in city hall. on a personal level, what is so powerful for may, the notion that when a kid begins the school system that you make it clear to him or her that college is a possibility for them i think that is something that cannot be overestimated. it is something that is powerful. in california, only 10% of latinos have a college degree. 22% for african-americans,

compared to 40% of the anglo population. that is a huge disparity, and unless we address it in this state, it will have long-term ramifications about the future of this had state, economically and otherwise. i have always said, i have benefited from the fact that i was an immigrant, that i grew up in latin america. in latin america, it is not too far-fetched for latinos to go to college. every person who goes to college in latin america is a latino, so the notion that a member of that minority group, go to college was something that you grew up with. a lot of our kids do not have that here. we need to make it clear, in this land of opportunity, that opportunity is available to you. and what a better way of making that statement clear, and then

by the government saying we are willing to make that investment, because we believe in you? i think that is powerful. if that is going to change the lives of not only these kids, but the lives of their families. so it is really amazing for me to be a part of this. i want to thank everyone who has made it possible. [applause] >> thank you, supervisor campos. as you heard, we have a number of strong partners here, on the first day that we are announcing the program, to make this program a success. one of our longstanding partners, an organization that is helping low income families become more successful with their money -- earned. i want to introduce to you the president of earn. >> good afternoon. earn is a program that helps

families save and invest, and things like college. for too many years, we have seen families save millions of dollars when they have the incentive to do so and use them for things, like college. today, we are happy to announce we are going to match the first $100 of a family's savings account for their child's college fund. [applause] we have seen the power of a small incentive like this give real life to aspirations that might feel like a dream but might become a reality for families that participate. i want to say, earn has been successful because of groups that we work with, the new america foundation, for example. we are grateful to have some of the two greatest thinkers in the

country hear about this subject. they and the san francisco foundation helped to create our organization. i want to thank you all for being here. appreciate your interest in the program. [applause] >> thank you. as ben mentioned, we have a number of strong organizations working with us. an organization on the national level is cfed, working to build savings for college accounts. i want to reduce bob of cfed. >> thank you, mr. treasurer, all of you. it has been our honor and freedom, i guess, to be working nationally to create a realistic path for every american to go to

college, start a business, buy a home. in that, we have gone to look at the emergence over the last 20 years of children's savings accounts, college savings accounts. i want to take that national perspective and just reflect here. i think it is not just san francisco being out there, but san francisco being out there in front. i want to make three comments on that. there was a lot of research and demonstration that had gone into this. we had a large seed initiative thousands of people in rigorous evaluations. i have some reports from that. but san francisco carefully considered what had gone before and applied the lessons of that. we found out, given the opportunity, even poor families can save, because it is the

price of stability and hope. secondly, there is not just one innovation here. there are a series of them. i think they have been called out, but it is worth underscoring. the city has figured out how to create a flexible, spare foundation for lifetime savings and aspirations that can be built on. and they had the guts to invest in a tough time, knowing that this is about the future as well as the present. the school system totally integrated teaching, where it ought to be in the school system, and within existing courses. we know there are lots of financial education programs. there is very little effect of this to that without an account

attached. and then the city, for those of you who have tried to open up a savings account for a kid, you know it is not easy. this cannot happen unless it is easy. the city has figured out a way to do that and it is rolling it out. finally, to my nonprofit partners, it cannot happen in the public sector alone, you need nonprofit partners. san francisco is the first but it will not be the last. i imagine 10 of the other cities at san francisco has organized for financial empowerment will follow the lead. i hope the federal government will aspire legislation, or some other child account legislation comment as nomerica has been proposing. thank you very much. [applause] >> thank you, bob. i am proud to announce today the

san francisco foundation has also come aboard to support this program. i know everyone is familiar with them here. they are an incredibly strong community support representative. with that, i want to introduce the ceo of the san francisco foundation, sandra fernandez. >> thank you. i think you have to have told city leadership, and you can see our mayor, treasurer, superintendent, all understand what part they can play. we also recognize as a community foundation that there are many donors and corporations, philanthropic institutions, that really care about the future of california, and the future really was sitting here about half an hour ago. in addition to the research that has been done, the notion that you expect somebody coming in as a kindergartner to go to college

-- if you set the expectation as well as the opportunity -- that is what this partnership is about. we believe in as the building as an important means for people to sit -- for people to pursue economic opportunity and be better citizens. we are happy to partner, bring in our donors and other foundations to help with the matching and financial literacy. we are happy to be a part of this incredibly exciting program. thank you. [applause] >> one of the primary thought leaders on the national level and that we have been working with is the new america foundation. i am proud to introduce our local thought leader, here in san francisco, with the new america foundation. [applause] >> thank you so much. i am the last speaker. i do not think there is anyone else waiting in the wings.

i think it has all been said. i am feeling really proud to be a san franciscan right now. our city, in this area, in many others, are not afraid to go first. we are up here because everything we have seen, from the latest research, from the good work of earn, what fed has been testing -- cfed has been testing around the country, really improves the odds for success for kids. i know that this is a tough budget time. we need to make sure, especially in education, that every dollar we spend is working as hard as it can. from what we know, at this point, this is going to be a small investment there really pays off later.

at new america, it is funny, we are a nonprofit institute. when all the kids were sitting there, i wanted to say, who wants to work at a think tank when they grow up? i am sure there and would have shot up in the air. at new america, we are lucky because we get to advance good policy. specifically, we want to move forward big ideas that really break out of the traditional, left-right way of approaching things. we think this is one of those ideas. again, we are just excited. we are going to work with everyone here to make sure the account is an effective tool as it can be, for kids as well as parents. and we will help other cities who are interested in this approach, make it happen. i think this will also drive and

informed some policy innovation. we are seeing it at the state level and at the national level. there is a bipartisan bill to create a savings account for all americans. with that, i will wrap it up. [applause] >> thank you. i know we have taken a lot of your time. i think we have a couple more minutes. if there was just a question that we could answer? >> [inaudible] >> i think the question was how much money families could put into the account to make it successful, make sure that they are advancing inflation and things like that. the obvious answer is, the more, the better.

our goal is to make sure that they are putting in at least what they can, perhaps $5, $10 a month would be a good start. we hope that they can bring in other family members, friends, employers -- we are or to work with them to make sure these accounts are successful. we just started our negotiations with citibank. we will make sure that they are low cost for the families and the city. we know that this is the right thing to be doing. it is good business for the bank, the city, and account holders. >> there are no minimum balances or fees for the parents who have these accounts. those 25 students, those are 25 potentially future college graduates, hopefully bankers of san francisco. for all of us, it is an investment over time. they all seem like good clients for the future.

>> just to put it in perspective, $20 a month, you will have $14,000 when they are 18th. -- 18. that is not bad. i know that is a lot of money for some people, but when you kept on hearing today -- which is an important part of what is happening today -- the flat former notion. this is not what we are announcing. we are announcing a platform that can be built on. earn is going to match $100 in savings. who else is out there? citibank says no minimum, no cost. who else is out there? stanford is looking at this. who else is out there? this thing can be built upon. if you are a philanthropist in

san francisco and you do not know how to give back to the city, maybe you can put up $100 to these accounts. i am serious, without speaking out of school, i took a bit of my salary and cut it. what greater return on investment, direct investment, on the quality of someone's life? in 10 years, we are going to look back, a remarkable moment, but we do not know how remarkable. that is why i am so excited and proud to have these partners. and this just started today. >> [inaudible] the initial investment is not a lot of money.

as we go through budget challenges, how do you justify spending this money? >> we invested more money this year in health care. we invested more in preschool. we are going to complete maria su's vision of after-school from years ago. we are making investments. you do not just make cuts. i am sick and tired of the politics in this country. it is a zero sum game. either or, you tax and cut. there is a third way to do things, target investment. it is so inevitable, i cannot believe it. the money is important, but the minimus, we have already attracted more money than we have invested.

that is my kind of investment. [applause] >> with that, i want to conclude things for today. a number of us will be sticking around for those of you who have questions. thank you. >> welcome to "culture wire." the director will introduce you to the man behind one of san francisco's most anticipated music festivals. ♪

>> welcome to "culture wire." with me today is the founder and financier behind the hardly strictly bluegrass festival. tell me about what inspired you to have the festival. >> i am flattered that you would want to listen to me. now you are going to have to. i had a sort of fantasy for a lot of years that it would be really fun to put on a bluegrass festival. i have a friend named jonathan nelson. we were skiing one weekend. i told him about my fantasy.

he said that i should do it. dawn holliday and sherry sternberg. the four of us had lunch. he said we would start a festival. that was the genesis. it was not anything more complicated than that. in my own defense, and was not yet playing the banjo -- i was not yet played the banjo. the ulterior motive i was accused of did not exist yet. >> i would have thought it was because of your interest in the music and the instrument of the banjo that you play with a lot of love and enthusiasm. i would have thought that would lead to the founding of the festival. >> i have loved the music. much of my life. i really love the old time music. >> you mentioned dawn holliday. she works with you collecting the older music.

>> she basically organizes the whole thing'. she decides who is going to be on. they have incredibly great bands opposite each other. i always worry about that, but she tells me not to. >> this has really grown in the number of participants. >> she kept asking what i would do about it and i kept saying nothing. i do not want to change anything. i love it the way it is. i know it creates traffic jams, but so what? there ought to be something we can do once a year where there is a little bit of suffering a lot of pleasure. >> you have a band. >> the wronglers. i think this is our third or

fourth year in the festival. the first year was spectacular. the band had played together less than a year at that point. this stage manager said he could give us 10 more minutes. i told him we did not know anything else. [laughter] so far, we have not had to audition for it. that may give them the idea. >> one thing that fascinated me is that it seems so incongruous to consider someone with your background that is ultimately the driving force behind this fabulous music festival. >> i guess this sort of shirtsleeves to shirtsleeves in one generation. i went to cal and went away for 28 years. i always wanted to come back. it turned out there was a

wonderful moment in time when three of my four for children were living here. now all four do with their children. i thought there was a real opportunity. i wanted to start a new financial firm. it was a wonderful opportunity to do it in san francisco. i get to do business with people i do not the test. [laughter] >> you established your firm here. he reestablished your family roots here. -- you reestablished your family roots here. you used this festival as a way to give back to the community even more. >> the theory of that was that we would have a concert for the middle school kids. we bust in nearly all of the middle school kids from san francisco and now from around the bay area. the kids love it. the letters i get are very endearing. school volunteers and the school districts are really into it.

there is a lot of collaboration. >> i have this image in my mind of you as the biggest fan of the hardly strictly bluegrass festival. what are some of the highlights for you over the last 10 years? >> they are sort of the nostalgic highlights. every year at the end, when in the low harris -- emmylou harris closes the festival and someone else opens the festival. i always call them the heart and soul of the festival. those are wonderful must object moments. having a chance to listen up close to some of the greats. those are some of the great emotional moments. there's always one moment that is so bizarre. 3 or four years ago i was sitting out front listening to

emmylou harris. she was very stylishly dressed. i turned to her making conversation. i said there was a strong smell of pot and she asked if i wanted some. [laughter] the following year my wife said there was an elderly gentleman old banjos. he was a very nice man sitting on the ground. he said he understood that i like old benches. he said he had three that he would like to show me. he said he understood that i liked white ladies. he said i would like this one. i asked if he was trying to sell the banjos. he said he was giving it to me. he was giving me a $3,000 musical instrument. he said he really wanted me to

have it. >> that is a beautiful story. it is true. >> do you play it? >> yes. the this delta region the nostalgic, the letters, depreciation -- -- the nostalgia, the letters, the appreciation. i love the music and i love the way that people have gotten into it. it has become a part of people's lives. i wrecked my car the other night and was waiting for triple a. this man came up and said was the one who put on the bluegrass festival. he said it is the best thing that happens to him all year. the pleasure of that, i love the appreciation there is for

the festival. what snow in the lineup of the 10th anniversary concert -- >> knowing the line of of the 10th anniversary concert, what are you looking forward to? >> there is one band we met up in colorado. i am sure nobody in san francisco is familiar with. they recalled the ebony hillbillies. i hope everyone will come to hear them. you will not believe them. >> what are some of the other groups who are looking forward to? >> trombone shorty is that in the deal of publicity lately. he is off the charts. we have a band coming up from new york. margo is phenomenal. the chocolate drops did a special on public broadcasting. they are fantastic.

the anderson family band, i live in sheer terror of us having to follow a family band. they're performing saturday morning at 11:00 for 40 minutes. we have enough stuff to play the whole time. we are ready. >> it has been a delight to have you on "culture wire." i want to thank you personally for this great musical festival you have given us. >> is a lot of fun. >> remembered the hardly strictly bluegrass festival will be in san francisco. visit the website to get information on all of the performances. ♪