Sen. Booker pushes for baby bond proposal to help close wealth gap

Posted: Updated:
NEW BRUNSWICK -

Sen. Cory Booker, who is running for the Democratic nomination for president, says he wants to close a racial wealth gap from decades of discrimination.

Last week, Booker introduced a bill to study slavery, its lasting impact and the possibility of paying reparations to the descendants of slaves.

Under Booker's baby bond proposal, the government would create a federally funded savings account for every child born in America. The government would put away more money for children born to poor parents.

Booker says his plan will give the lowest income children in our country up to $50,000 to pay for college, put a down payment on a home or jump-start a small business.

Chenjerai Kumanyika, a media studies professor at Rutgers, thinks there should be research. He also says having a politician support reparations is not enough. He says more needs to be done.

Booker's office says his baby bond proposal would cost $60 billion per year.

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