Campaign for Every Kid’s Future Newsletter; October 2022
No images? Click here
Spotlight
Marching On: Reimagining Children's Futures Together
The Campaign for Every Kid’s Future was proud to host the fourth Children’s Savings Account (CSA) Prosperity Summit Convening, following last month’s 2022 Prosperity Summit in Atlanta, GA. After three days of economic justice plenaries, workshops, conversations and events at the Summit, the CSA field gathered to synthesize learnings and connect with colleagues. The CSA Convening brought together more than 40 CSA practitioners, researchers, funders and vendors in a series of small group discussions. Participants met colleagues from across the country, including staff from the newest city-wide program at our host city in Atlanta. Coming out of the convening, participants indicated they are interested in continuing the conversation on racial equity in CSA programs and integrating CSAs with other programs, especially guaranteed income pilots. We were delighted to see old friends and connect with new ones. Look out for future virtual learning and other events to continue the conversation!
Policy Updates
Washington, DC Launches One of the First Baby Bonds Programs in the United States
After passing the Child Wealth Building Act in 2021, Washington, DC began implementing one of the first Baby Bonds programs to launch in the United States over the summer. The program will provide children from low-income DC families with up to $25,000 when they reach the age of 18. As adults, each enrolled child can use their investment to pay for higher education, a business investment or a downpayment on a home.
In the News
Creating Wealth With ‘Baby Bonds’ | Chronicle of Philanthropy
This article from the Chronicle of Philanthropy outlines the work many nonprofits, including Prosperity Now, are doing to research and advance Baby Bonds programs and highlights state and local Baby Bonds policies.
In August, we shared a spotlight on the launch of CalKIDS, California’s CSA program. This LAist article shares details of the program and interviews students who will directly benefit.
Baby Bonds – You’ve Got Questions, We’ve Got Answers
As support for Baby Bonds 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 about Baby Bonds. If you have other questions we haven’t answered, reach out to us at [email protected].
Tackling Poverty One ‘Baby Bond’ at a Time | The Lewiston Tribune
In August, we shared that Prosperity Now is conducting research on wealth inequities in Washington State to inform the development of Baby Bonds legislation known as the Washington Future Fund (WFF). This article from The Lewiston Tribune highlights Washington State Treasurer Mike Pellicciotti’s tour of eastern Washington, where he has promoted the WFF and its potential impact. Legislation for WFF is expected to be considered in 2023 and would likely invest an initial $4,000 for each eligible child.
Resources and Publications
Exploring Baby Bonds as a Tool to Improve Economic Security | Federal Reserve Bank of New York
In September, the Federal Reserve Bank of New York hosted an event on the intersection of Baby Bonds with health, wealth, housing and education. The event featured Darrick Hamilton of the Institute on Race, Power and Political Economy at the New School. You can watch a recording of the event here.
Upcoming Events
Webinar: A Call to Action: Economic Opportunity Narrative Change Coalition Launch | Prosperity Now | November 8, 2022 | Prosperity Now
Job Opening: Director of Economic Mobility, College Savings | Harlem Children’s Zone
Webinar Series: Building Up Black-Led CDFIs: A Roundtable Discussion on Community-Led Banking | Prosperity Now | November 3-9, 2022
- Community Collaboration for Economic Inclusion | November 3
- Rallying Your Community: Shaping Policy through Advocacy | November 7
- Investing in Change:
Growing High-Impact CDFIs of Color | November 9
