Treasurer Goldberg Announces Baby Bonds Task Force
BOSTON — State Treasurer Deborah B. Goldberg announced at the Economic Empowerment Trust Fund board meeting that she is convening a Baby Bonds Task Force. The Task Force will be charged with providing the Treasurer, the Office of Economic Empowerment, and the Economic Empowerment Trust Fund with recommendations on creating a Baby Bonds initiative in Massachusetts. Baby Bonds is a term used to describe government-supported trust funds for children. When account holders reach adulthood, they can access their funds and spend it on assets that can grow over time or generate wealth (e.g., higher education, buying a home, starting a business, etc.). Studies show Baby Bonds can help close the racial wealth gap.
Several policy proposals on Baby Bonds have been introduced on the federal level, including Massachusetts Congresswoman Ayanna Pressley’s American Opportunity Accounts Act, which would establish federally funded savings accounts for all children in the United States. Multiple cities and states are exploring these wealth-generating programs as well. Connecticut launched CT Baby Bonds during the 2021 Legislative Session, providing deposits to HUSKY participants. HUSKY is the state’s Medicaid and CHIP insurance provider.
Individuals and organizations interested in participating in the Baby Bonds Task Force should complete an interest form by Thursday, March 24th at 5pm. Treasurer Goldberg seeks a diverse cross-sectoral partnership with leaders in racial wealth equity, community engagement, child welfare, and asset-growth initiatives. To learn more, please visit www.mass.gov/babybonds.
About the Office of Economic Empowerment
Treasurer Goldberg created the Office of Economic Empowerment (OEE) with the goal of increasing financial stability for everyone in Massachusetts. The office works to promote programs that serve women, families, high school students, Veterans, and seniors. Its initiatives focus on closing the race and gender wage gap, racial equity, increasing access to financial education, improving college affordability, and investing in STEM careers and education.