WASHINGTON — Earlier this month Sen. Cory Booker, D-N.J., joined his democrat colleagues for a press conference celebrating the enactment of Connecticut’s new ‘Baby bonds’ legislation. Booker called on Congress to immediately take up a federal version of this legislation entitled the American Opportunity Accounts Act.
‘Baby bonds’ is a social program that sets aside money for children born to low-income parents. The funds can’t be touched until they are adults.
Connecticut, led by state treasurer Sean Wooden, is the first state to implement this policy. For each child born into poverty and covered by the state’s Medicaid program, Connecticut will allot $3,200 into a trust.
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