Democrats Proposebr Plan to Provide Everybr Child With a $1,000br Savings Account.br On Thursday, Democrats reintroduced legislationbr that would provide every child with an interest-accruingbr fund managed by the Treasury Department.br The plan is spearheaded by Senator Cory Bookerbr and Representative Ayanna Pressley.br It was cosponsored by Senate Majority Leader Chuck Schumerbr and Senators Elizabeth Warren, Bernie Sanders and Dick Durbin. .br According to their legislation, br each child would receive an br “American Opportunity Account”br at birth, seeded with $1,000. .br From then on, each year the child would receive betweenbr $0 and $2,000, depending on family income. .br At age 18, the recipient could access their accountbr and utilize the funds for “wealth-building activities.” .br These activities include higher education,br homeownership and entrepreneurship. .br According to Booker, “Baby Bonds” representsbr a “once-in-a-generation” chance to “close the racialbr wealth gap” and “unleash economic opportunity.”.br When it comes to racial justice,br we cannot afford to wait. As we emergebr from this dark period of our nation’sbr history, Baby Bonds is exactly thebr type of universal, race consciousbr program necessary to build ourbr economy back better, Cory Booker, via 'Business Insider'.br The legislation also noted that the cost ofbr “Baby Bonds” would be about $60 billion annually.br Booker previously argued that hiking estate taxes and closingbr tax breaks for the wealthy could easily offset the cost.