ND may look into giving every baby $5K to help ensure a 'fair start in life'

Author:
Updated:
Original:

A bill being discussed in the North Dakota Legislature would study how feasible it is to give every baby born in the state a nest egg to be used when they turn 18.

“The bill combines common sense with vision and helps everyone get a fair start in life,” one of the bill's sponsors, Sen. Oley Larsen, R-Minot, said, according to The Forum.

Senate Bill 2165 was originally written to require the state-owned Bank of North Dakota to create a $5,000 account for babies born after Jan. 1, 2017. The bank would manage that money until the child turned 18, and then they could use it to pay tuition at a state college, or pay for a business, home or farm loan.

All the unused money would go into the state's general fund, Forum notes.

The Senate approved the bill, with an amendment – to study the "desirability and feasibility" of this idea before implementing it and report back to the 2017 Legislature.

The House committee took no action on this measure Wednesday, and the full House will debate it later, The Associated Press reports.

The bill, as originally written, would cost about $50 million every year (based on 10,000 newborns per year), but Larsen says the $5,000 account could grow to $20,000 by the time the child turns 18 (based on a 7 percent return), Forum reports, and that money would go directly from the state bank to the college or lending institution, not into the pockets of the resident.

Larsen suggests using the state's Legacy Fund, which was approved by voters in 2010, to fund the accounts, reports note.

Next Up

covid

Here is Minnesota's COVID-19 update for Monday, Jan. 18

The latest update from the Minnesota Department of Health.

Tom Kelly Jr.

Tom Kelly Jr., son of Twins World Series manager, dies at 42

He was a member of the 2001 UST national championship team.

Hennepin County CSI

Police: Man shot in the head by woman in Richfield

It happened in the early hours of Monday.

University of St. Thomas

St. Thomas students robbed by suspects in ski masks

Nobody was injured in the early Saturday incident.

mn state capitol january 17 2021

Amid huge police presence, weekend rallies at state Capitol were tiny and peaceful

Officials across the U.S. remain on alert for possible violence ahead of President-elect Joe Biden's inauguration on Jan. 20.

Antoine Winfield Jr.

Watch: Gopher alums Antoine Winfield Jr., Tyler Johnson make key plays in Bucs' playoff win

The Minnesota greats had a pair of highlights as Tampa Bay advanced to the NFC Championship.

Er-hgw7XYAQup5n

Crews respond to fire at Gertens in Inver Grove Heights

It's reported that a greenhouse on the grounds was on fire.

Marcus Carr

Why the Gophers could be in line for a high seed in the NCAA Tournament

The Gophers are done with a brutal stretch and are poised to make a run.

Related