Political Quotes

Paul Coverdell: “You alluded, Senator, to the gift from the grandparent, but you introduced the debate with the suggestion this could be…”

On the recordJune 23, 1998
You alluded, Senator, to the gift from the grandparent, but you introduced the debate with the suggestion this could be a form of union negotiations, which I think it would. I just want to point out two points: The $12 billion we cite is not a calculation of the first dollar that would come from outside sources, which makes this savings account unique--that a union, a company, a neighborhood, a church, anything, could adopt a child with a savings account. None of that money is in the calculation of the $12 billion, and there is no way to estimate, but I believe it will match ultimately the parents' contribution of the $12 billion. The second point I make is that those who have more difficulty saving because of their income strata will have these outside sources, which is one of the reasons for the sponsor contributions that will help open those accounts for those families who have more difficulty.
Said by
Paul Coverdell
Georgia
Source
govinfo.gov

Editor's note · Context

Discussing the implications of savings accounts for children during a Senate debate.

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