The Coogan Law requires 15% of child actor wages to be held in trust until the children reach adult age. Before the Coogan Act, there were no restrictions and parents could spend all of their children's wages. Jackie Coogan, a successful child star, turned 21 to find out his greedy parents had spent all of his earnings. Since some stage parents rely on their children's wages to make a living, I think the percentage withheld is fair.
Yes, the Coogan Law was enacted years ago when a child actor's mother and stepfather squandered his earnings. The law was put into effect in order to protect a minor's earnings from the greed and inefficiency of an irresponsible parent. It is still in place today and doing its job.
No, the Coogan Act does not go far enough to protect child actors from greedy parents because too many greedy parents simply use their children to make a profit. It needs to do more to give the child a right over his or her money. Money should be put in a separate account that only they can touch.
I don't believe that the Coogan Law goes far enough in protecting children actors from greedy parents. More should be done in the way of preventing parents from squandering money made by their children in the entertainment industry. There have been several reported cases of abuse in this form and much more should be done to improve or replace this law.