Bill That Gives Every New Born a $5000 Nest Egg in North Dakota

There is discussions in the North Dakota Legislature about how feasible it would be to give every baby born in the state a nest egg to be used when they turn 18.

According to the bill's sponsor, Sen. Oley Larson, (R) from Minot -

“The bill combines common sense with vision and helps everyone get a fair start in life,”

The way the bill is written, it would require Bank of North Dakota, a state-owned bank to open a $5000 account for North Dakota babies born after January 1, 2017. The money would be handled by the bank until the child turns 18.

The money could then be used for college or help with a farm or home loan or even open a business.

The funds would go straight to the college or the financial institution and not into the hands of the resident.

The unused money would go back to the states general fund.

(source)