✍🏾: @lexisryann
This week, Representative Ayanna Pressley (D-MA) and Senator Cory Booker (D-NJ) re-introduced the American Opportunity Accounts Act, also known as the baby bonds bill, which would create federally funded savings account for every American child.
Sen. Booker first introduced the bill language during the 116th Congress and then again during the 117th Congress alongside Rep. Pressley, but in both sessions, legislators never voted on the bill and only referred it to House committees.
If the 118th Congress passes the bill “and President Joe Biden signs it into law, the federal legislation would authorize the secretary of the Department of Treasury to transfer $1,000 into an account for every individual born after Dec. 31, 2023.”
Depending on a family’s income, the American Opportunity accounts would receive up to an additional $2,000 a year and accrue interest until the individual is 18 years old.
According to the congressional offices, accounts for minors in a family of four that earns less than $25,000 a year could accrue as much as $46,215.
Are y’all here for this? #BWLM💕
