Democrat —

Intergenerational poverty has created a severe wealth gap between Black and white families in the United States: today, the median white family has almost ten times the wealth of the median Black family. 

The truth is, due to systems of oppression throughout our country's history — from slavery to redlining — a disproportionate share of Black and Brown families have been unable to gain wealth and pass it down to their children, grandchildren, and future generations the way many white families have. 

Every child in America deserves the opportunity to build wealth and achieve success, no matter the circumstances they were born into. That’s why I introduced the American Opportunity Accounts Act, more commonly known as "baby bonds," in the Senate. Here’s what that means: 

Every newborn child would receive a savings account at birth. That savings, which would grow over time with interest, could then be utilized by children when they turn 18 to go towards wealth-building investments like a college education or vocational training, a down payment on a house, or starting a business.

And we recently received great news from Governor Phil Murphy, who just proposed a “baby bonds” program in the New Jersey State budget, borrowing from our groundbreaking legislation in the Senate.

I am thrilled that New Jersey is leading the nation in fighting to break the ongoing cycle of intergenerational poverty. 

Investing in our young people is how we can address economic inequities both in our state and across this nation.

— Cory Booker