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Support the American Opportunity Accounts Act (Baby Bonds)

Dear CSA Community,

Within the next few weeks, we expect that Senator Cory Booker (NJ) will reintroduce the American Opportunity Accounts Act, which would provide every child, at birth, with the economic resources needed to begin building long-term economic security and generational wealth.

Building on the “Baby Bonds” proposal by Dr. Darrick Hamilton and Dr. William “Sandy” Darity Jr., as well as 15 years of practice and research around children’s savings programs, the American Opportunity Accounts Act would provide each of the approximately four million children born in the U.S. annually with an American Opportunity Account seeded with an initial $1,000 deposit.

Every year after, until the child turns 18, up to $2,000 would be deposited directly into the accounts on a sliding scale, with those from lower-income households receiving higher annual deposits. For children that come from our lowest income-earning households, the investments made by the American Opportunity Accounts Act could grow into a nest egg of more than $45,000 by the time they reach 18, which could be used to access wealth-building opportunities, including higher education and homeownership.

Considering that 40% of all U.S. households are liquid asset poor [[link removed]], and that communities of color face an ever-growing racial wealth gap, the American Opportunity Accounts Act would not only ensure that all children— regardless of their family’s economic circumstances—have the resources they need to succeed when they become adults, but also would substantially close the racial wealth gap [[link removed]] facing Black and Latinx families.

In advance of reintroducing the legislation, Senator Booker’s office is seeking organizational endorsements to accompany the formal bill announcement.

As a CSA supporter, you know the importance of ensuring that every child has a nest egg for their future. If your organization is interested in supporting the legislation, please click the button below to add your organization to the list of endorsers.

Sign On to Endorse the American Opportunity Accounts Act [[link removed]]

The deadline to sign on as an endorser of the legislation is COB Wednesday, July 29, 2020.

If you would like to learn more about the American Opportunity Accounts Act, click here [[link removed]] for a summary of the legislation. If you have any questions, please contact Shira Markoff [mailto:[email protected]] and Emanuel Nieves [mailto:[email protected]].

1200 G Street NW, Suite 400, Washington, DC xxxxxx

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