Feb. 7 (Bloomberg) — Ron Wyden, poised to become the Senate's top Democrat on tax policy, said he will push to establish universal savings accounts for all newborns in the U.S. as a way to "really put a dent in the poverty rate."
Wyden, who will become chairman of the Senate Finance Committee as soon as next week after the Senate on Thursday confirmed Senator Max Baucus as ambassador to China, emphasized that he would discuss details with his colleagues before writing the legislation.
"These are areas that I want to talk to senators about," he said, speaking in Los Angeles at a conference sponsored by the University of Southern California School of Law and the Urban-Brookings Tax Policy Center.
The Oregon Democrat cited as a potential model legislation that New York Sen. Charles Schumer proposed in 2009 to provide all children born in the U.S. with a $500 savings account that could be put toward the cost of college, buying a home or retirement.
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