Congresswoman Ayanna Pressley (MA-07) and Senator Cory Booker (D-NJ)’s Reintroduce Baby Bonds Proposal
Recently Congresswoman Ayanna Pressley (MA-07) and Senator Cory Booker (D-NJ)’s introduced “The American Opportunity Accounts Act, also known as “baby bonds”, would give every American child a fairer chance at economic mobility by creating a seed savings account of $1,000 at birth. The funds would sit in an interest-bearing account that would receive additional deposits each year depending on family income. At age 18, account holders could access the funds in the account for allowable uses like buying a home or paying for educational expenses. The legislation is fully paid for by making common sense reforms to federal estate and inheritance taxes, including restoring the estate tax to 2009 levels.”
Booker and Pressley recently talked about their plan on Instagram live: which you can watch below.
To see the one page summary of the bill provided by Rep Pressley which is the thumb nail to this post clock here: https://pressley.house.gov/sites/pressley.house.gov/files/2021-02-03%20Baby%20Bonds%20One%20Pager.pdf You can also watch Senator Booker talking about the Bill which he first introduced over a year ago in the video below.
