WaTimes: Sen. Cory Booker announced a new bill Monday that would establish a taxpayer-funded savings account for every American at birth.
“Today, nearly one in three American families have zero to negative wealth, and it’s hard to get ahead if you begin life behind the starting line,” said Mr. Booker, New Jersey Democrat.
The “American Opportunity Account Act” would essentially create a trust fund for every U.S. citizen born in the U.S. After age 18, the money can be accessed but only used for certain “human and financial capital investments” like buying a house or paying for higher education.
At birth, every child will be given $1,000 deposit into their new “Opportunity” account managed by the Treasury Department. Funds will accrue about 3 percent interest. MORE HERE