Dear friends and partners,

In this edition of our newsletter, we are excited to feature the release of our latest brief on Baby Bonds as a key tool to advance racial economic equity and close the racial wealth divide. In partnership with the New School’s Institute on Race, Power and the Political Economy, the brief provides guidance for state and local elected officials, policymakers and advocates who want to create Baby Bonds programs by describing the essential elements for impactful Baby Bonds proposals that can help narrow the racial wealth divide. We encourage you to review this brief, which we hope will build on the momentum around Baby Bonds from the American Opportunity Accounts Act and recent legislative wins in Connecticut and Washington, DC, and help empower states and cities to enact their own Baby Bonds programs.

In this November issue, we also take this opportunity to commemorate Native American Heritage Month.  Native American Heritage Month is a time to honor and celebrate Native American culture, while also acknowledging the historical wrongs and socioeconomic inequities that disproportionately impact them today.

Lastly, as we approach the year’s end, we share some exciting media pieces that showcase Prosperity Now voices in support of building an economy that works for everyone. We are proud of this coverage and hope you will help us share them on social media tagging @ProsperityNow.

Thank you for your continued support.

The Wall Street Journal: New Efforts Aim to Support Black Businesses and Entrepreneurs, Gary Cunningham, President & CEO

CNBC: These states offer free money when you open a 529 college savings plan for your child, Shira Markoff, Senior Fellow

MBN USA: MBDA secures permanent funding in Infrastructure Investment and Jobs Act

The Hill: One provision of the infrastructure bill can change the game for minority businesses, Gary Cunningham, President & CEO

The Hill: Work requirements for the child tax credit are draconian and counterproductive, Joanna Ain, Associate Director of Policy

NEW: Narrowing the Racial Wealth Divide with Baby Bonds

Prosperity Now and the New School’s Institute on Race, Power and Political Economy have jointly released a brief, A Bright Future for Every Child: How Your State Can Narrow the Racial Wealth Divide with Baby Bonds. Baby Bonds—which were conceptualized by the brief’s co-author, Darrick Hamilton—are significant investments made by governments on behalf of children to be used for their future wealth-building, with the largest investments going to children from the lowest-resourced households.

The brief provides guidance for state and local elected officials, policymakers and advocates who want to create Baby Bonds programs by describing the essential elements for impactful Baby Bonds proposals that can help narrow the racial wealth divide. We hope this brief will build on the momentum around Baby Bonds from the American Opportunity Accounts Act and recent legislative wins in Connecticut and Washington, D.C. and help empower states and cities to enact their own Baby Bonds programs.

Celebrating Native American Heritage Month

This Native American Heritage Month, Prosperity Now team members spoke with Melanie McFalls, Tax Administrator and VITA program leader for the Fallon Paiute-Shoshone Tribe, about her work. Read what we learned from Melanie’s experience working with the Native American community while navigating the COVID-19 pandemic in a new blog.

Returning Citizens Need Better Housing Options – Here’s How They Can Get Them | Prosperity Now
Housing security is the key to building financial stability, acquiring wealth and connecting with the community, but returning citizens face several barriers that prevent them from securing affordable housing.

Build Back Better Reduces Racial Disparities | Center on Budget and Policy Priorities
The Center on Budget and Policy Priorities discusses the recent Build Back Better (BBB) legislation, which takes important steps to address racial disparities rooted in this nation’s long history of racism and discrimination. These disparities create large gaps in both opportunities and outcomes in education, employment, health and housing.

Investing in Diverse Businesses Can Help Close the Racial Wealth Gap | The Atlantic
This article discusses the role that entrepreneurs with radical new business models can play in bridging the racial wealth gap.  However, BIPOC entrepreneurs often confront biases that make it difficult to mobilize their resources to execute their vision and take their businesses to scale.

Why the Child Tax Credit Matters | Johns Hopkins University
In this recent article, economist and congressional adviser, Robert Moffitt discusses the American Rescue Plan’s monthly Child Tax Credit allowance and how the program can lift children out of poverty, cut food insecurity and invest in children.

How to Create an Inclusive Economy and Why it Is Urgent | Aspen Institute
A recent piece by The Aspen Institute discusses the findings from the Global Inclusive Growth Summit, which convened leaders and inclusive economy experts to discuss how innovative solutions, new partnerships and collective action have the power to rebuild an economy that works for all.

Persistent Gaps in SNAP Benefit Adequacy across the Rural-Urban Continuum | Urban Institute
A policy brief by the Urban Institute details the gaps in SNAP benefits across the Rural-Urban Continuum Codes based on data from the U.S. Department of Agriculture.

Incorporating Racial Equity Analysis in Policymaking: Racial Impact Statements in Justice Reform | Urban Institute | Nov. 15, 2021

The Future for Community Use of Data to Advance Equity | Urban Institute | Nov. 17, 2021