December 12, 2022
The Massachusetts Baby Bonds Task Force released its findings report detailing its recommendations on establishing an at-birth Baby Bonds program in Massachusetts.
Watch the webinar: https://www.youtube.com/watch?v=27O3wgcfHyI&t=2s
Massachusetts State Treasurer and Receiver General Deborah Goldberg offered opening remarks before panelists dove into the highlights of the findings report. Berkshire United Way Community Impact Director Katherine von Haefen served on the Task Force.
“Berkshire United Way (BUW) works to ensure economic stability for our most vulnerable families, and this program will help provide a financial foundation for the youngest members of these families,” said von Haefen.
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.
Read this follow-up article from iBerkshires.com: https://www.iberkshires.com/story/70470/Baby-Bonds-Task-Force-Provides-Recommendations.html