State Treasurer Goldberg announced last week a group of experts, leaders, and community members to spearhead the Baby Bonds Task Force. This Task Force is 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. The Task Force will meet monthly and will provide their final recommendations by November, ahead of the legislative filing deadline.
Baby Bonds is an initiative that provides 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.
The Task Force’s diverse cross-sectoral group is filled with people who have expertise and lived experience in racial wealth equity, community engagement, child welfare, and asset-growth initiatives. The members’ personal experiences and professional backgrounds will help the Task Force design a Baby Bonds program that is feasible, impactful, lasting, and tailored specifically to Massachusetts. The Task Force will be chaired by former Massachusetts State Treasurer Shannon O’Brien. A full list of Task Force members can be found on our website, www.mass.gov/babybonds.
“Baby Bonds has the potential to narrow the racial wealth gap and provide our youngest generation with a foundation for success in adulthood,” said State Treasurer Deborah B. Goldberg. “Our task force members have multiple and diverse experiences in developing impactful programs that make a difference for Massachusetts residents of all backgrounds.”
“As a former Massachusetts State Treasurer, I am so thrilled to work alongside Treasurer Goldberg to improve the lives of all children and set up our economy for continued success,” said former State Treasurer and Baby Bonds Task Force Chair Shannon O’Brien. “Baby Bonds presents Massachusetts with an opportunity to close the racial wealth gap and create a bright future for all newborn Bay Staters.”
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 or have launched these wealth-generating programs as well, including Washington, D.C. and Connecticut.
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.