Mar 14, 2026, 12:00 PM ETFireside Chat, Panel

Advancing Economic Mobility | Future of Finance 2026

Core Mechanism: Every American newborn born between 2025 and 2028 receives a government-funded investment account seeded with $1,000 invested in a broad index of American companies.
Wealth Disparity Context: The proposal addresses stark wealth gaps where the top 10% of Americans hold 72% of total wealth and 87% of stocks/mutual funds outside retirement accounts, while the bottom 50% hold only 2% of wealth and 1% of stocks.
Projected Returns (Compound Growth):
- Over 20 years (college age): $8,000.
- Over 40 years: $64,000.
- Over 60 years (retirement): $574,000.
Secondary Outcomes: Pilot programs in various states have shown that children with these accounts demonstrate higher test scores, higher high school graduation rates, and higher college attendance and graduation rates.
Strategic Goal: To integrate the entire population into the investment economy, shifting from a system where half the country holds 2% of wealth to one where all citizens have a "stake" in the American economy.

Target Population: Approximately 50 million U.S. workers (primarily 1099/gig workers) lack access to employer-sponsored retirement plans.
Policy Gap: Currently, only 6% of federal retirement tax expenditures benefit the bottom 50% of earners, despite $300–$400 billion in annual government spending on retirement incentives.
Proposed Solution: A federal match program similar to the "American Dream" accounts, featuring a $1,000 match on savings, with expanded eligibility (potentially raising the income cap from $35,000 to $65,000) and auto-enrollment features.
Fiscal Impact Model: A 40-year budget model developed by the Rand Institute estimates the initiative would save the federal government $4.4 trillion over four decades by reducing reliance on means-tested safety net programs (Social Security, Medicaid, Medicare).
Legislative Status: The President mentioned the initiative in the State of the Union and is expected to issue an executive order to establish a framework for implementation; subsequent legislation will be required to codify the expansion.

Organization: Ownership Works, led by CEO Annalisa Miller, focuses on scaling broad equity participation in private equity portfolio companies.
Scale of Operation:
- Partnerships with 45 private equity firms.
- 180 companies launched shared ownership programs.
- 250,000 employees covered across non-c-suite positions.
- 14 successful exits to date.
Financial Outcomes: The average payout for workers upon company sale is $50,000, with a projected total of $11 billion in payouts for workers outside the C-suite.
Business Case: 70% of companies with shared ownership programs report improvements in engagement, retention, safety, and operational metrics.
Case Study (Integrated Specialty Coverages):
- Acquired by KKR and sold to Onyx.
- Employee quit rate dropped from 25% to 10%; engagement rose from the 70th to 90th percentile.
- Generated a 2.5x return for investors and an average payout of $80,000 per employee.
- Implementation requires a 18-month culture shift to internalize ownership identity among staff.

Organization: Alt Finance, led by Marcus Shaw, focuses on strengthening the talent pipeline in alternative investments at Historically Black Colleges and Universities (HBCUs).
Demographic Data: 80% of Black judges, ~50% of Black doctors, and 20% of Black engineers attended HBCUs, yet only ~2% of asset management firms are minority or women-owned.
Program Metrics:
- 300 students completed the fellowship program in five years.
- 85% of fellows interned or secured full-time roles.
- Fellows see first-year compensation 2x to 3x their household income at graduation.
- 1,800+ students accessed educational platforms via the University of Pennsylvania Wharton School partnership.
Investment Thesis: Investing in human capital at HBCUs yields durable, compounding returns that often exceed financial market returns within 3–4 years of graduation.

Problem: Only two U.S. states currently provide tuition support for adults retraining for new careers, creating a barrier for workers displaced by automation and AI.
Proposal: Extend existing community college tuition support models to all adults (ages 25–50+), removing financial barriers for mid-career pivots.
Projected Enrollment: The model predicts 1.5 million additional adults would enroll in community college over a 10-year period (2026–2035).
Retention Impact: Tuition support would increase community college graduation/credential retention rates from 40% to 55%.
Income Projections (Lifetime Value):
- Certificate holders: +$5,000/year.
- Associate degree holders: +$8,400/year.
- Bachelor's degree holders (via transfer): +$28,000/year.
Fiscal ROI: The present value of additional income generated by the cohort benefiting in the first 10 years is estimated at $464 billion over 30 years, offsetting the cost of the program through increased tax revenue.

AI Displacement Risks: Disruption from AI and automation may render current skills obsolete, potentially causing "productivity to go to zero" for displaced workers if they are not retrained.
Ownership as a Resilience Mechanism: Employee ownership is identified as a strategic advantage for adopting new technologies, as worker-owners are more likely to proactively identify efficiency gains and creative applications of tools like AI.
Equity Distribution Concern: There is a risk that AI-driven productivity gains will disproportionately benefit a small group of asset owners unless pathways to ownership are broadened.
Policy Recommendations:
- Public policy responses to AI-induced job losses should prioritize retirement savings and long-term security over immediate stimulus checks.
- A bipartisan political campaign is required to expand eligibility for retirement matches and implement auto-enrollment for gig workers.
Intangible Asset Shift: U.S. businesses have invested more in intangible assets (intellectual property, brands) than physical assets since 2010; this trend has accelerated, necessitating policy shifts to support the workforce underlying these assets.
Institutional Collaboration: The Milken Institute is convening an Economic Mobility Alliance to coordinate efforts between public and private partners, including TD Bank, JP Morgan Chase, and Ownership Works, to accelerate implementation.