Schumer Announces ASPIRE Intent; Endorsed by Newt Gingrich

Senator Chuck Schumer (D-NY) has long been a champion of universal children’s savings accounts, so it should surprise no one when Senator Schumer sent out a press release announcing his intention to introduce the ASPIRE Act in the 111th Congress. After all, Sen. Schumer first sponsored ASPIRE way back in 2005, and reintroduced the bill himself in 2008. In the release, Senator Schumer said:

“At a time of record college prices and financial uncertainty, providing seed money so our children start to save early is more important than ever,” Schumer said. “Providing these lifetime savings accounts will take some of the burden of paying for college off the shoulders of struggling middle class families, make it easier for account holders to buy homes, and promote long term savings. Having a savings account will ensure that children have resources to draw on when they turn 18, and will provide them with confidence and increased opportunities.”

The Senators release was picked up in a variety of news sources, many across NY State, and was even picked up by the San Francisco Chronicle.

Last Friday, the San Francisco Examiner ran an op-ed by Newt Gingrich (with Peter Ferrara and Emily Renwick) that endorsed the ASPIRE Act. Former Speaker Gingrich and his colleagues write:

“A savings program started at birth has more years to earn and accumulate interest, resulting in a bigger nest egg through time. Granting every child such an opportunity would result in broader and more equal ownership of savings and capital for each citizen. Such widespread capital ownership would empower and liberate every American in their personal pursuit of happiness and the American Dream.”

ASPIRE has always been a bipartisan endeavor. It was originally introduced by Senator Rick Santorum (R-PA) and Senator Jon Corzine (D-NJ) in the Senate and a bipartisan group including Reps. Harold Ford (D-TN), Phil English (R-PA), Patrick Kennedy (D-RI) and Thomas Petri (R-WI) in the House. We’re very glad to see that thinkers on all sides of the political spectrum continue to believe in the promise of the ASPIRE Act.