Cory Booker's 'baby bonds' giving $1,000 per newborn could get a new life in a Democratic Congress

NJ.com
By Jonathan D. Salant | NJ Advance Media for NJ.com

U.S. Sen. Cory Booker on Thursday proposed legislation that he prominently featured in his unsuccessful presidential campaign: A $1,000 savings account for every newborn American.

Known as “baby bonds,” the government would add up to $2,000 every year depending on income. Recipients could begin withdrawing money from their accounts at age 18, giving them a nest egg to tap to spend on things like a college education, a downpayment on a home, or start a small business.

The funds would sit in a U.S. government account paying around 3% interest, and Booker, a Democrat, said the money would help narrow the economic gap between rich and poor. During the presidential campaign, he said his proposal could give children as much as $50,000 in the bank by the time they finished high school.

“In a country as wealthy as ours, every person should have access to economic opportunity and the chance to build assets and create wealth,” Booker said.

https://www.nj.com/politics/2021/02/cory-bookers-baby-bonds-giving-1000-per-newborn-could-get-a-new-life-in-a-democratic-congress.html