Baby Bonds at the Federal Level
In 2010, Institute Founding Director and economist Dr. Darrick Hamilton, along with Dr. William Darity, Jr., proposed a national Baby Bonds policy to address the country's wealth gap. Since then, Dr. Hamilton has advised policymakers at all levels of government on how Baby Bonds can be an important part of an economy that works for all of us—where all of our neighbors have the resources to lead fulfilling, productive, and self-directed lives.
U.S. Senator Cory Booker (D-NJ) and Congresswoman Ayana Pressley (D-MA) first introduced Federal Baby Bond legislation in 2019, which inspired elected leaders in a number of states to consider state-level Baby Bond policy. Senator Booker and Congresswoman Pressley reintroduced their federal bill in 2021 and 2023.
Legislation
S.2231: American Opportunity Accounts Act (2019)
S.222: American Opportunity Accounts Act (2021)
S.441: American Opportunity Accounts Act (2023)
News and Resources
2023
U.S. News and World Report
The Baby Bond Bill: $1,000 for Every Baby Is Just the Start
May 23, 2023
State of Connecticut Treasurer’s Office
Sen. Cory Booker, Treas. Erick Russell Hold Roundtable Discussion on “Baby Bonds”
April 22, 2023
Fox 61
Sen. Cory Booker Discusses Baby Bond Program in Connecticut
April 22, 2023
Business Insider
Giving Babies $1,000 at Birth Is an 'Unprecedented Opportunity for Financial Security,' Ayanna Pressley and Cory Booker Say
March 8, 2023
Office of Congresswoman Ayanna Pressley
Pressley, Booker Re-Introduce Bicameral “Baby Bonds” Legislation to Tackle Wealth Inequality
February 15, 2023
2022
MarketWatch
Sen. Cory Booker Still Believes this Bill Could Narrow the Racial Wealth Gap, Help People Buy Homes and Afford College
June 17, 2022
2021
State of Connecticut Treasurer’s Office
Treasurer Wooden Joins Sen. Booker, Sen. Blumenthal, Rep. Delauro and Rep. Larson to Celebrate the Enactment of CT Baby Bonds and Urge Congress to Pass the American Opportunity Accounts Act
September 30, 2021
Politico
Booker Reintroduces ‘Baby Bonds’ Bill to Give All Newborns a $1K Savings Account
February 4, 2021
2019
The New York Times
Booker Campaigns on Baby Bonds Program to Combat Inequality
April 26, 2019
2018
The Washington Times
Cory Booker’s Bill to Create Taxpayer-Funded Savings Account for Every American Born in the U.S.
October 22, 2018