“I grew up in a low-income family and my parents didn’t speak fluent English. I did a lot of the paperwork for my parents when applying for benefits.” 

For Tracy Yeung, leveling the playing field so the economy works for families struggling to make ends meet is not just about advocating for what’s right, it’s deeply personal. 

Tracy has dedicated her career to solving the problem of an economy that is tilted towards the wealthy few. Currently serving as a policy analyst at the Washington State Budget & Policy Center (B&PC), a key partner in Prosperity Now’s work on advancing Baby Bonds, Tracy brings not just her own lived experience but the experience of working directly with low-income and immigrant families. Tracy has seen firsthand how systems not only failed families but acted as a barrier to getting the resources they needed to stay afloat. There was often miscommunication or missed services families could no longer access due to language barriers. And there wasn’t much assistance or compassion provided. Tracy helped many Chinese families access services by translating information and providing guidance on resources they could benefit from.  

Prosperity Now has long advocated for a world in which people’s skin color or zip code does not limit their economic opportunities. But racial wealth inequities are so entrenched in our system that it will take transformative solutions that turn the economy right side up so that it works for all of us, especially families trying to put food on the table. With key partners like Tracy, Prosperity Now fights for a world where all families can do better than just getting by, but can thrive with abundance.  

But centuries of racist policies and practices perpetuated by wealthy politicians and CEOs have allowed the rich to get richer, keeping wealth predominantly White, fueling the persistent racial wealth divide, which is worse today than it was in the 1960s. The distribution of wealth in the U.S. is unequal. While White households are more likely to have the resources needed to pursue higher education, open businesses, or buy a home, Black, Latine, and Indigenous households are left with very limited options to build financial stability and wealth. That’s why together with B&PC, we advocate for Baby Bonds.  

Baby Bonds legislation helps equip children who are born into families without wealth—who are disproportionately Black, Latine and Indigenous—with the start-up money they need when they become adults to participate in the economy on a level playing field. Prosperity Now has partnered with many local organizations advocating for Baby Bonds in their state and we have seen some success in passing this policy at the state and local level.  

One such partnership is the Washington State Budget & Policy Center (B&PC). PN has worked with B&PC for several years to provide every child with the economic resources they need to build long-term economic security and generational wealth. The partnership first began when working on children’s savings accounts and has grown in advocating for Baby Bonds legislation, referred to as the Washington Future Fund, in the state.  Last year, recognizing B&PC and Tracy’s leadership in the field, Prosperity Now invited Tracy to join the Campaign for Every Kid’s Future steering committee and serve as a thought leader on advancing policies to provide children with a substantial investment to begin building wealth and close the racial wealth divide.  

Why are Baby Bonds so important in Washington? Consider this…in 2019, the median net worth of White households in Washington was $286,204, but only $13,665 for Black households – a whopping 20-fold difference – and $29,631 for Latino households – a nearly a 10-fold difference. While public benefits such as SNAP (food stamps) and housing assistance provide some immediate financial support for families, no current benefits programs address the racial wealth gap.  

“Baby Bonds aim to disrupt the cycle of intergenerational poverty and reduce the racial wealth gap by providing a nest egg to low-income families,” says Tracy.   

“Tracy and her colleagues at B&PC have led on making the case to Washington legislators that Baby Bonds are essential to advancing the future prospects for children in the state and in turn the state’s long-term economic health,” said Shira Markoff, Sr. Policy Fellow at Prosperity Now. “At the same time, they have also demonstrated that Baby Bonds should be implemented alongside policies that address families’ critical needs now, like guaranteed income.” 

This summer, Tracy joined many other advocates and policymakers in Washington DC for Prosperity Now’s For Every Kid’s Future Capitol Hill event and day of action featuring keynote speakers Senator Cory Booker (D-NJ) and Representative Ayanna Pressley (D-MA-7)—lead sponsors of national Baby Bonds legislation, the American Opportunity Accounts Act. Tracy’s memorable takeaway was meeting other people across the country also working on Baby Bonds. “It was great hearing from Senator Booker and Rep. Pressley speak on the power of baby bonds…I remember feeling so inspired”. And as Rep. Pressley said, “I know I’m preaching to the choir, but I need the choir to sing.” This resonated with Tracy because it’s not enough to have people know the work but feel activated…to do something…talk to their friends, neighbors and contact their legislators.  

Baby Bonds policy is an important strategy for addressing systemic inequities.  Connecticut and Washington, DC paved the way for state and local Baby Bonds legislation, and we are working with others like B&PC to pass it in their states. At the end of the day, Baby Bonds is about giving every child, whatever their race or family background, the resources they need to achieve their dreams – whether that's going to college, starting a business, or buying a home. And thanks to the hard work of Prosperity Now and its partners, like Tracy, this dream is one step closer to becoming a reality for all.