Democrats Propose<br />Plan to Provide Every<br />Child With a $1,000<br />Savings Account.<br />On Thursday, Democrats reintroduced legislation<br />that would provide every child with an interest-accruing<br />fund managed by the Treasury Department.<br />The plan is spearheaded by Senator Cory Booker<br />and Representative Ayanna Pressley.<br />It was cosponsored by Senate Majority Leader Chuck Schumer<br />and Senators Elizabeth Warren, Bernie Sanders and Dick Durbin. .<br />According to their legislation, <br />each child would receive an <br />“American Opportunity Account”<br />at birth, seeded with $1,000. .<br />From then on, each year the child would receive between<br />$0 and $2,000, depending on family income. .<br />At age 18, the recipient could access their account<br />and utilize the funds for “wealth-building activities.” .<br />These activities include higher education,<br />homeownership and entrepreneurship. .<br />According to Booker, “Baby Bonds” represents<br />a “once-in-a-generation” chance to “close the racial<br />wealth gap” and “unleash economic opportunity.”.<br />When it comes to racial justice,<br />we cannot afford to wait. As we emerge<br />from this dark period of our nation’s<br />history, Baby Bonds is exactly the<br />type of universal, race conscious<br />program necessary to build our<br />economy back better, Cory Booker, via 'Business Insider'.<br />The legislation also noted that the cost of<br />“Baby Bonds” would be about $60 billion annually.<br />Booker previously argued that hiking estate taxes and closing<br />tax breaks for the wealthy could easily offset the cost.<br />In a country as wealthy as ours,<br />every person should have access to<br />economic opportunity and the chance<br />to build assets and create wealth, Cory Booker, via 'Business Insider'
