Treasurer Goldberg’s Baby Bonds Task Force Releases Findings Report and Virtual Briefing
The report details the Task Force’s findings on establishing a Baby Bonds program in the state
BOSTON – The Massachusetts Baby Bonds Task Force released its findings report on creating a Baby Bonds program in the state on Monday, December 12th. Included within the report are comprehensive recommendations on establishing an at-birth Baby Bonds program, an asset-building policy aimed at increasing economic opportunities for vulnerable communities.
The report can be viewed in its entirety on this page.
In conjunction with the report, members of the Task Force held a virtual briefing to highlight their findings. State Treasurer Deborah Goldberg opened the event with special remarks before members of the Baby Bonds Task Force provided an overview of their report.
Baby Bonds Task Force Chair and South Hadley Town Administrator Lisa Wong moderated the panel which included Leimary Llopiz, Advocacy Coordinator at YWCA Southeastern Massachusetts; Robert Dais, Statewide Director of GEAR UP Massachusetts; and Beth Mattingly, Assistant VP, Community Development Research and Communications at the Federal Reserve Bank of Boston.
The recording of the event can be found here.
“Baby Bonds has the potential to narrow the racial wealth gap and provide a more inclusive and productive economy for many of our state’s youngest generation,” said State Treasurer Deborah B. Goldberg. "This program will give us an opportunity to reach children across the state who suffer from generational poverty, providing them with a foundation for future success in adulthood.”
“This report and the event are made possible thanks to the tremendous work by the Baby Bonds Task Force,” said Chair of the Baby Bonds Task Force Lisa Wong. “A diverse group of stakeholders from across our state helped shape this important asset-building program for future generations of Massachusetts residents.”
During the virtual briefing, State Senator Paul Feeney and State Representative Andy Vargas announced their support of the Baby Bonds bill, which will be introduced in the 2023 legislative session.
"With this report complete, we can now start building an effective and transformational Baby Bonds program that will build wealth from the bottom up, and the middle out, to put hard-working residents on a trajectory for real opportunity from day one," said State Senator Paul R. Feeney (D-Foxborough). "By investing at the start of a child’s life, we are providing a jump-start to individuals otherwise at a disadvantage by beginning to narrow the racial wealth gap and giving our most vulnerable residents a fighting shot at the middle class and the American Dream."
“A Baby Bonds program brings us a step closer towards addressing our racial wealth gap and ensuring everyone in Massachusetts gets their chance at the American Dream, regardless of the home they’re born into. I’m proud to join Senator Feeney in this effort and am grateful to Treasurer Goldberg and the Baby Bonds Task Force for making this possible through their diligent work and collaboration,” said State Representative Andy Vargas (D-Haverhill).
Baby Bonds is a term used to describe trust funds set up by governments intended to build assets for low-to-moderate income residents and narrow the racial wealth gap. These trust funds are established at birth and grow until recipients reach adulthood. Account holders can then access their funds for asset-building activities such as post-secondary education, homebuying, or investing in a business.
Treasurer Goldberg convened the Baby Bonds Task Force earlier this year to explore the creation of Baby Bonds in Massachusetts. The Baby Bonds Task Force is a diverse cross-sector collaboration with members who have work, research, or volunteer experience in racial wealth equity, child welfare, public policy, community engagement, and asset-building initiatives. The Task Force also serves as an instrument to engage with impacted communities to allow community participation in the design of the program.
About the Office of Economic Empowerment
Treasurer Goldberg created the Office of Economic Empowerment, led by a deputy treasurer, with the deliberate goal of implementing a range of economic empowerment initiatives that include closing the race and gender wage gap, addressing racial equity, increasing access to financial education, and creating pathways to economically stable futures for all residents across the state.