An Act establishing a Massachusetts Baby Bonds program
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill proposes establishing a Massachusetts Baby Bonds program, designed to address the racial wealth gap by providing new parents with funds to invest in their children’s future. The program would offer eligible families a state-funded trust account for each newborn child, with the funds growing over time. These ‘baby bonds’ would be intended to help close the wealth gap and promote economic opportunity for future generations.
Key provisions
- Creates a Massachusetts Baby Bonds program.
- Provides funds to eligible families upon the birth of a child.
- Funds would be held in trust accounts for the child’s benefit.
- Funds would grow over time, potentially through investment.
- Aims to reduce the racial wealth gap.
- Eligibility criteria would be established.
- The program would be administered by the state.
- Funds would be subject to state oversight.
Who is affected
- Parents of newborns in Massachusetts
- Families in Massachusetts
- Children born in Massachusetts
- Massachusetts residents
- The state of Massachusetts
Notable changes
- Addresses the racial wealth gap.
- Provides a mechanism for wealth accumulation for children from low-income families.
- May require adjustments to existing financial assistance programs.
Bill text
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Sponsors
Official sponsors from legislative records.
7 on record
Primary sponsor
Cosponsors
James B. Eldridge
Joanne M. Comerford
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