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Investing.com -- BlackRock (NYSE:BLK) Chairman and CEO Larry Fink has expressed support for the Republican proposal to create investment accounts for children at birth, known as "MAGA accounts."
"An investment account for every American at birth is a powerful investment in our country’s future. Ownership creates connection," Fink said in a statement to Semafor.
This position marks an interesting development for Fink, who has historically been a supporter of the Democratic Party. He has long advocated for Washington to implement stronger policies promoting retirement planning.
On Monday, BlackRock and the Bipartisan Policy Center are set to release a report with recommendations for policymakers and employers addressing potential shortfalls in retirement accounts for many Americans, according to Semafor.
The report endorses the MAGA account concept, which would fund $1,000 in tax-advantaged investment accounts for every newborn baby with a Social Security number.
Additionally, the report suggests that policymakers should expand access to retirement plans both in workplaces and through private accounts to help secure Americans’ financial futures.
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