Treasury's Lew visits Intuit on financial inclusion mission

MOUNTAIN VIEW, Calif. — A high-powered congressional delegation, led by Treasury Secretary Jack Lew, came to Intuit on Monday to powwow on partnering to bring innovation and financial inclusion to all Americans.

With tax season in full swing, Lew, House Minority Leader Nancy Pelosi, D-Calif., and Rep. Anna Eshoo, D-Calif., toured Intuit labs and met with executives of the Silicon Valley company for a private, roundtable Q&A session here. Brad Smith, CEO of TurboTax-maker Intuit, hosted.

Their tech mission? To spread the word on software programs and services that help small businesses and younger consumers save money.

"We need (young people) to develop good habits of saving, planning and access to credit," Lew told USA TODAY in an exclusive interview. In November, the government unfurled a free, no-risk saving plan called myRA.

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"Unfortunately, there is a big difference between growing up in a privileged environment and growing up in a less privileged environment," said Lew, who was making his third visit to Silicon Valley in his three years as Treasury secretary. Pelosi and Eshoo took in several Intuit labs amid tight security.

Fiscal responsibility is a major narrative during tax season, when 70% of Americans get their biggest chunk of money during the year — a $2,800 tax refund, on average — but don't know what to do with it, Smith said.

Most use the financial windfall to pay bills, Lew said.

Consequently, the personal savings rate of Americans is a slim 5.5% , at a seasonally adjusted annual rate, according to the St. Louis Fed.

The 90-minute tour and sit-down with Intuit execs underscores the Obama administration's increasing interest in Silicon Valley’s growing role in solving the everyday problems of Americans. The emphasis at Intuit was on small businesses, a core audience of the 32-year-old company, which produces financial and tax-preparation software programs.

Last month, Housing and Urban Development Secretary Julian Castro visited San Francisco to build support for ConnectHome, a new initiative that aims to bring accessible broadband Internet access to 750,000 residents of low-income housing communities in 28 U.S. cities.

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Intuit has quietly developed a strong partnership with the Treasury department over myRA and in raising awareness about student loan repayments. Smith served on the President’s Advisory Council on Financial Capability for Young Americans.

Additionally, Intuit has teamed with Washington University the past few years to test how behavioral economics can assist low-and moderate-income households increase savings at tax time.

During the labs tour, Smith jokingly said he hopes to make financial software "exciting" to the masses through the benefits of larger personal savings.

Follow USA TODAY San Francisco Bureau Chief Jon Swartz @jswartz