
Having a baby? If Sen. Chuck Schumer gets his way, the Federal Government will create a savings account at a local bank under your child's name. How much? How-bout a $500 initial deposit for each newborn U.S. citizen?
Schumer unveiled his plan this week to help children save money starting the day they are born. The American Saving for Personal Investment Act is one of the few initiatives that Schumer and Gingrich agree on. Newt had suggested something similar many years back.
According to the AP: The Fed will deposit $500 annually, but additional deposits can be made as well. Up to $2,000/year.
There are programs in our schools and now through television programs encouraging our kids to save money with the intent to teach them early. Having an account started when they are born should boost that effort tremendously.
















