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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.

Colin Powell dies from COVID complications at 84

Photo: Paul Morigi/Getty Images for Capital Concerts

Colin Powell, the first Black U.S. secretary of state, died of complications from COVID-19, his family announced Monday. He was 84.

Driving the news: The Powell family said in a statement that he was fully vaccinated. "We want to thank the medical staff at Walter Reed National Medical Center for their caring treatment."

Mike Allen, author of AM
3 hours ago - Politics & Policy

GOP senator calls for senility test for aging leaders

Photo: "Axios on HBO"

Sen. Bill Cassidy (R-La.), a physician, told me during an "Axios on HBO" interview that he favors cognition tests for aging leaders of all three branches of government.

Why it matters: Wisdom comes with age. But science also shows that we lose something. And much of the world is now run by old people — including President Biden, 78 ... Speaker Pelosi, 81 ...  Senate Majority Leader Chuck Schumer, 70 ... and Senate Minority Leader Mitch McConnell, 79.