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Sen. Cory Booker. Photo: Axios

Sen. Cory Booker (D-N.J.) wishes the racial wealth gap would also be known as the "American wealth gap," he said at an Axios virtual event on Wednesday.

What he's saying: "[W]hen you have large poverty concentrated disproportionately among African Americans, it actually leads to the deficit of us all," he said, pointing to the economic disparity caused by Black entrepreneurs not having the same access to capital as their white peers.

Booker, who will virtually address the Democratic National Convention on Wednesday night, touted his "baby bonds" proposal as a practical solution to close the racial wealth gap, saying the program could be funded by modifying the tax code.

  • "But it's just going to take getting the political will. It's just going to take all of us deciding as a society, how our policies reflect our values."

Catch up quick: Booker pressed the baby bonds proposal during his 2020 presidential bid. The federal government would give every newborn a $1,000 savings account and make additional payments annually. The accounts "could eventually provide up to nearly $50,000," per the Washington Post.

Go deeper

Fortune 100 companies commit $3.3 billion to fight racism and inequality

Data: Fortune 500, Axios analysis of company statements, get the data; Chart: Andrew Witherspoon, Naema Ahmed/Axios

Big businesses continue to push funding toward fighting inequality and racism, with the 100 largest U.S. companies' monetary commitments rising to $3.33 billion since the death of George Floyd at the hands of Minneapolis police earlier this year, according to an Axios analysis.

Why it matters: The continued pace of funding commitments shows that months after Floyd's death there remains pressure for the wealthiest corporations to put their money behind social issues and efforts.

Woman who allegedly stole laptop from Pelosi's office to sell to Russia is arrested

Photo: FBI

A woman accused of breaching the Capitol and planning to sell to Russia a laptop or hard drive she allegedly stole from Speaker Nancy Pelosi's office was arrested in Pennsylvania's Middle District Monday, the Department of Justice said.

Driving the news: Riley June Williams, 22, is charged with illegally entering the Capitol as well as violent entry and disorderly conduct. She has not been charged over the laptop allegation and the case remains under investigation, per the DOJ.

Biden will reverse Trump's attempt to lift COVID-related travel restrictions

Photo: Tasos Katopodis via Getty

The incoming Biden administration will reverse President Trump's last-minute order to lift COVID-19 related travel restrictions, Jen Psaki, the incoming White House press secretary, tweeted.

Why it matters: President Trump ordered entry bans lifted for travelers from the U.K., Ireland, Brazil and much of Europe to go into effect Jan. 26, but the Biden administration will "strengthen public health measures around international travel in order to further mitigate the spread of COVID-19," Jen Psaki said. Biden will be inaugurated on Wednesday, Jan. 20 and Trump will no longer be president by the time the order is set to go into effect.