Lawmakers look at universal savings accounts for children at federal, state and local levels

An Oregon Democrat says he wants to create federal legislation that would set up each child born in the United States with a savings account as part of a major revamping of the country's tax code. Sen. Ron Wyden, on track to become the Senate's top Democrat on tax policy, says he wants to draft legislation that would provide each child with a $500 savings account as a way to curb poverty.