Earlier this month, a plan was announced to reintroduce the American Opportunity Accounts Act, which is also known as 'baby bonds.'
Newly introduced legislation could provide some Americans with up to $45,000 by the time they turn a certain age.announced a plan to reintroduce the American Opportunity Accounts Act, which is also known as"baby bonds."
"U.S. Senator Cory Booker and U.S. Representative Ayanna Pressley today reintroduced the American Opportunity Accounts Act, legislation that would create a federally-funded savings account for every child in order to make economic opportunity a birthright for everyone in America and help close the racial wealth gap," Senator Cory Booker's office said in a statement.has decreased since the high of 9.1 percent in June.
U.S. dollar notes with inset Sen. Cory Booker during a news conference on January 26, 2023, in Washington, D.C. Earlier this month, Booker introduced legislated to provide some infants with a federally-funded bank account that could reach $45,000.would set up a savings account when a child is born and immediately start with $1,000. Following the initial deposit of $1,000, the savings account would receive more money each year, depending on the family's income.
"These funds would sit in a federally insured account managed by the Treasury Department, achieving roughly 3 percent interest. Account holders may not access the money until they reach age 18 and will only be able to use the funds for allowable uses like homeownership and higher education — the kind of human and financial capital investments that changes life trajectories," Booker's office said in a statement.
"Americans today are having a harder time accessing homeownership, higher education, and a secure retirement than their parents did just a generation before them," Booker said in the statement."'Baby Bonds' would fix our broken tax code by providing every American child with startup capital for their life, and helping to drive down the wealth inequality that holds American families back from their full potential.
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