BlackRock Chairman and CEO Larry Fink said he supports the GOP’s proposal to create investment accounts for children at birth, now dubbed “MAGA accounts” — a twist for the lifelong Democratic Party supporter who’s been pushing Washington for stronger policies to promote retirement planning. “An investment account for every American at birth is a powerful investment in our country’s future. Ownership creates connection,” Fink told Semafor in a statement.
BlackRock and the Bipartisan Policy Center are releasing a report today offering recommendations to policymakers and employers to address impending shortfalls in retirement accounts for many Americans.
The report backs the MAGA account concept to fund $1,000 in tax-advantaged investment accounts for every newborn baby with a Social Security number, and also suggests policymakers further expand access to retirement plans in the workplace and through private accounts.