Following an appearance on yesterday's John and Ken Show on KFI, Sen. Bob Dutton has dropped his name from Senate Bill 752. That would have given each newborn in California a $500 savings account:

"Over the last 48 hours, thousands of Californians have asked me what I was thinking so I thought I would take this opportunity to share my thoughts."

Indeed. He also references the federal version of the bill and says:

Just yesterday, Federal Reserve Chairman Ben S. Bernanke voiced his support for similar accounts by saying "To the extent that we can help people learn about how to save, how to budget, we are doing a great service."