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Spotlight

Baby Bonds – You’ve Got Questions, We’ve Got Answers [[link removed]]

As support for Baby Bonds [[link removed]] has grown in the past few years, so have the questions. In a new document, Prosperity Now put together answers to the questions we receive most often about Baby Bonds—questions such as:

Can Baby Bonds impact families’ eligibility for public benefits (e.g., SNAP, Medicaid)? Are Baby Bonds actually savings bonds? Why are the uses of Baby Bonds restricted?

You’ll find answers to these and other common questions in Frequently Asked Questions [[link removed]] about Baby Bonds. If you have other questions we haven’t answered, reach out to us at [[email protected]].

California Kicks Off the Country’s Biggest CSA Program

With the launch of the CalKIDS Children’s Savings Account (CSA) program [[link removed]], California is leading the nation in children with CSAs. The program will be enrolling over 3.4 million children this year, that’s nearly triple the total number of kids with CSAs in all other programs combined [[link removed]]! The first component of the program provides public school students from low-income households in grades one through 12 with an initial $500 deposit into a 529 college savings account, with an additional $500 for youth who are in foster care or are unhoused. The second component provides babies born in California on or after July 1, 2022 a $25 initial deposit and up to $75 in additional incentives. The launch was covered in many news outlets, including San Francisco Chronicle [[link removed]], KCRA [[link removed].] and Sacramento Bee [[link removed]].

Policy Updates

Prosperity Now Research to Inform Potential Baby Bonds Program in Washington State

Prosperity Now, along with its partner Camber Collective, has been selected by the Washington Office of the State Treasurer (OST) to conduct research on wealth inequities in Washington State [[link removed]] to inform the development of Baby Bonds legislation. In early 2022—at the request of State Treasurer Mike Pellicciotti—the state legislature appropriated funds to create the Washington Future Fund (Baby Bonds) advisory committee and for a study on wealth inequities in the state to inform future Baby Bonds legislation. Prosperity Now will collect quantitative and qualitative measures of the impact of wealth inequities across the state, which will be presented in a final report to OST and the advisory committee at the end of October. The Treasurer is expected to introduce revised WFF legislation based on the research in 2023.

St. Paul Boosts Its CSA Program with Guaranteed Income

St. Paul, MN mayor Melvin Carter announced a new initiative, CollegeBound Boost [[link removed]], which will explore the impact of combining CSAs and guaranteed income. Through CollegeBound Boost, 333 families with low incomes who have children participating in the CollegeBound Saint Paul [[link removed]] CSA program will receive $500 monthly unrestricted payments for two years, and their children will each receive a $1,000 deposit into their CSA. The initiative is being funded through American Rescue Plan funds and philanthropic support. The city is working with Dr. William Elliott of the University of Michigan to evaluate the impact of bringing together CSAs and guaranteed income.

New HOPE for Children in California

California’s 2022-2023 budget includes $100 million in one-time funding and $10 million in ongoing funding for Hope, Opportunity, Perseverance, and Empowerment (HOPE) Accounts [[link removed]]. HOPE Accounts will invest funds for over 32,000 children from low-income households who lost a primary caregiver to COVID-19 and children in long-term foster care. Recipients can use the funds beginning at age 18 for education, business, housing and other investments in their future.

In the News

Baby Bonds News Round-Up: More Locations Pursuing Baby Bonds and Disbanding the “Lucky Sperm Club”

With the passage of Baby Bonds policies last year in Connecticut and Washington, DC, Baby Bonds are gaining momentum across the country as seen in recent articles. An article in Axios [[link removed]], which includes a quote from Prosperity Now Policy Fellow, Shira Markoff [[link removed]], highlights the Baby Bonds task force set up by Massachusetts Treasurer Deborah Goldberg and efforts to create Baby Bonds in Washington State. A recent AP article [[link removed]] profiled families in DC whose children will benefit from the new program. Meanwhile, a recent opinion piece [[link removed]] described Baby Bonds as a way to dismantle the “Lucky Sperm Club”, meaning that Baby Bonds can even the playing field for children who are not born into wealthy families and help address the stark racial wealth divide.

VP Harris Joins Oakland Promise in Celebrating a $50m Milestone

Alongside Vice President Kamala Harris, Oakland Mayor Libby Schaaf announced [[link removed]] that the city raised $50 million for the Oakland Generation Fund to support Oakland Promise. The additional funding will expand the Brilliant Baby program to provide $500 in 529 college savings account for all Oakland children born to Medi-Cal eligible households. The funding will also build on an existing program that provides $1,000 to public school students from low-income households to attend postsecondary education.

Resources and Publications

Child Development Accounts Reach Over 15 Million Children Globally [[link removed]] | Center for Social Development, Washington University in St. Louis | July 2022

Upcoming Events

2022 Prosperity Summit [[link removed]] | Prosperity Now | September 19-21, 2022 | Atlanta, GA

Prosperity Now’s three-day conference is an opportunity for racial equity advocates to present, network and workshop with 1,500+ fellow attendees around the year’s theme of Marching On: Reimagining Economic Justice for All.

CSA Post-Conference [[link removed]] (following the Prosperity Summit) | Prosperity Now | September 21, 2022, 1:45-4:00pm ET | Atlanta, GA

Join Prosperity Now and the Campaign for Every Kid’s Future for the CSA Post-Conference following the end of the Prosperity Summit. The event will provide a venue for those who work on, advocate for, or support CSAs and related topics to network with peers, learn about innovative ideas and approaches, and share best practices and challenges. Registration [[link removed]] is required (though free!) and is separate from the Summit registration. Hurry - the deadline is September 2.

1200 G Street NW, Suite 400, Washington, DC xxxxxx

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