{"id":537404,"date":"2021-05-22T18:06:04","date_gmt":"2021-05-22T22:06:04","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=537404"},"modified":"2021-05-22T18:06:06","modified_gmt":"2021-05-22T22:06:06","slug":"l-a-mayor-says-new-program-giving-50-savings-accounts-to-first-graders-is-about-racial-justice","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/l-a-mayor-says-new-program-giving-50-savings-accounts-to-first-graders-is-about-racial-justice\/","title":{"rendered":"L.A. Mayor Says New Program Giving $50 Savings Accounts To First-Graders \u2018Is About Racial Justice\u2019"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">30<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fl-a-mayor-says-new-program-giving-50-savings-accounts-to-first-graders-is-about-racial-justice%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=537404&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/05\/Mayor-Eric-Garcetti.jpg?w=1200&amp;h=800&amp;ixlib=react-9.0.3\" class=\"ff-og-image-inserted\" \/><\/div>\n<p>Los Angeles officials introduced a new plan on Friday that provides free $50 saving accounts to first-graders enrolled in the city\u2019s public education system.<\/p>\n<p>The Opportunity L.A. program is a partnership between the City and County of Los Angeles and the L.A. Unified School District (LAUSD) to provide free college savings accounts to approximately 13,000 students in 196 schools this spring before expanding to more than 35,000 schoolkids on 519 campuses in the fall. All first-grade students who choose to participate are expected to be enrolled in the program by the end of this year.<\/p>\n<p>\u201cThis is an investment and a vision, to not just say you\u2019re important, but to prove it by putting the resources in the pathway in all of our zip codes for all of our people,\u201d said L.A. Mayor Eric Garcetti, a Democrat, at a press conference on Friday. \u201cThis is about racial justice. This is about economic opportunity. This is about a stronger economy.\u201d<\/p>\n<p>\u201cYou can concentrate on your studies,\u201d the mayor told students in attendance. \u201cDon\u2019t worry about being priced out of an education.\u201d<\/p>\n<p>The initiative, which has been in the works for years, is funded in part by the California Student Aid Commission, the mayor\u2019s budget, and a contribution of more than $1 million from L.A. City Council President Nury Martinez\u2019s reinvestment funding program. It is overseen by the city\u2019s Housing + Community Investment Department and <a href=\"https:\/\/youtu.be\/ek6HaHIbk2o\">advertised<\/a> as \u201cthe largest Children\u2019s Savings account program in the nation.\u201d<\/p>\n<p><a href=\"https:\/\/edsource.org\/2021\/l-a-unified-to-launch-nations-largest-college-savings-account-program\/655207\">According<\/a> to EdSource, \u201cthe cost to fund students\u2019 saving accounts during the first year would exceed $666,000, plus administrative, outreach and other related costs.\u201d<\/p>\n<p>\u201cA child with a college savings of a dollar to $499 is three times more likely to go to college and four times more likely to graduate,\u201d said Martinez on Friday. \u201cHowever, 40% of families do not have $400 in their savings account to even address an emergency \u2014 let alone having a savings account to go to college.\u201d<\/p>\n<p>Martinez told reporters that the pandemic has shown \u201cwhy we need \u2018Families First\u2019 policies.\u201d<\/p>\n<p>Students will automatically receive a deposit-only Citibank savings account in their name with an initial deposit of $50, regardless of their parent\u2019s income or immigration status. Families can make deposits into the accounts, but the accumulated funds are intended only for college or vocational training after the students graduate high school. A student, parent, or guardian <a href=\"https:\/\/hcidla2.lacity.org\/wp-content\/uploads\/2021\/05\/Opportunity-LA-LAUSD-CSA-Flyer-English.pdf\">may request<\/a> early withdrawal in the case of a family emergency, but restrictions apply.<\/p>\n<p>There are no banking fees, and officials emphasize that the accounts will have \u201cno impact on public benefits or eligibility\u201d and cannot be counted as part of household income.<\/p>\n<p>Nick Melvoin, a school board member, said the new strategy is \u201ctruly starting to close the gaps and helping to plant the seeds early so our kids know that college is possible and is expected.\u201d<\/p>\n<p>Families that do not wish to participate can submit an opt-out form during enrollment.<\/p>\n<p><em>The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a<\/em> <a href=\"https:\/\/www.dailywire.com\/subscribe\"><em>member<\/em><\/a><em>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Los Angeles officials introduced a new plan on Friday that provides free $50 saving accounts to first-graders enrolled in the city\u2019s public education system.The Opportunity L.A. program is a partnership &#8230;<\/p>\n","protected":false},"author":1,"featured_media":2312711,"comment_status":"close","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/05\/Mayor-Eric-Garcetti.jpg?w=1200&h=800&ixlib=react-9.0.3","fifu_image_alt":"L.A. Mayor Says New Program Giving $50 Savings Accounts To First-Graders \u2018Is About Racial Justice\u2019","footnotes":""},"categories":[],"tags":[],"class_list":["post-537404","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/05\/Mayor-Eric-Garcetti.jpg?w=1200&h=800&ixlib=react-9.0.3","fifu_image_alt":"L.A. Mayor Says New Program Giving $50 Savings Accounts To First-Graders \u2018Is About Racial Justice\u2019","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/537404","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=537404"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/537404\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2312711"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=537404"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=537404"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=537404"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}