John,

In this country, the median Black family with a child turning 18 has 94% less wealth than the median white family.

The median Hispanic family with a child turning 18 has 88% less wealth than the median white family.

The racial wealth gap is one of the largest barriers toward advancing racial equity in the economy and addressing acute disparities for communities of color.

But there is a solution. It’s one that Representative Ayanna Pressley and I have introduced before — creating “Baby Bonds,” a savings account of $1,000 at birth for every child in the country, with additional deposits each year based on family income, which every child can access when they turn 18 years old.

If you agree that we need to close the racial wealth gap by supporting families with children, add your name as a citizen cosponsor of my legislation with Representative Ayanna Pressley, the American Opportunity Accounts Act, to invest in Baby Bonds for every child in America.

At a cost of about $60 billion per year, which is less than 10 percent of what we currently spend to subsidize wealth-building through the tax code, we can lower the racial wealth gap between Black and white families with children turning 18 by 23%, and between Hispanic and white families by 21%.

The legislation that Representative Pressley and I have introduced is an unprecedented opportunity for financial security, and it’s even garnered bipartisan support in some states — though not yet on Capitol Hill.

I strongly believe that Baby Bonds will help every child and family in America build wealth while significantly closing the racial wealth gap. If you agree that the House and Senate should take up and pass our legislation, add your name as a citizen cosponsor of the American Opportunity Accounts Act today.

Thank you for adding your support to this critical initiative to support children and families.

With love and gratitude,

Cory