Robert Torricelli: “I believe, indeed, this debate is helpful in narrowing some of these issues. As I think I have attested, I also believe…”

“I believe, indeed, this debate is helpful in narrowing some of these issues. As I think I have attested, I also believe Senator Dodd has a good idea, an idea that should be adopted. It simply is not an alternative to this idea. Let me suggest to my colleagues where Senator Dodd and I have common agreement and where we have differences. Senator Dodd has made the point that most families could not afford to put the $2,000 in a savings account to pay for their public or private school education. I agree. It is critical to this concept that this $2,000 savings account does not rest solely on the shoulders of the mother or the father. I remember--I am not so young I cannot recall--a time when in an American community, the education of a child was generally an involvement of the larger community. It wasn't just a single mother or the father. These accounts are an opportunity to re-ignite that sense of involvement. We allow the extended family--grandparents, aunts, uncles, churches, labor unions, corporations--to put money into these accounts. Senator Dodd is right that few families will be able to put $2,000 in these accounts per year. But a lot of labor unions can go to their employers and say: We would like a little raise next year and we want money in the savings account. A lot of churches will be able to go to the parishioners and say: Thanks for giving to the church. We would like to help Johnny or Jane with their education savings accounts.”