Comparing Federal Early Life Wealth Building Policy Proposals

The goal of the Financial Independence policy conference held on September 16 and 17, 2024 in Washington, D.C. was to bring together experts from the asset and income fields to share theory, evidence, and best practices. The conference was divided into four sessions. The first two sessions were on Children’s Savings Accounts and Baby Bonds, the asset arm of the conference. The third session focused on the income arm. More specifically, it focused on Unconditional Cash Transfers, the Child Tax Credit, and Child Allowances. The final session focused on why solving poverty requires both asset and income proponents to come together. This policy brief is part of the Baby Bonds’ session. ; This working paper analyzes two pieces of early life wealth-building federal legislation: the American Opportunity Accounts Act (AOAA) and the 401Kids Savings Act (401Kids), calling special attention to the many areas of alignment, the few important distinctions, and the degree to which they reflect agreed upon principles shared by the field. ; Annie E. Casey, Charles Stewart Mott Foundation, McKnight Foundation, and the University of Michigan’s School of Social Work ; http://deepblue.lib.umich.edu/bitstream/2027.42/195251/1/ComparingFedEarlyLifeWealthBldg.pdf ; Description of ComparingFedEarlyLifeWealthBldg.pdf : Brief ; SELF