Baby Bonds have gained momentum at the state level over the past few years, including the passage of the first two programs in the country in Connecticut and Washington, DC in 2021. Baby Bonds are significant monetary investments made by the government on behalf of children for future wealth building (i.e., purchasing assets that grow in value over time). They are designed to address the racial wealth divide by providing the largest investments for children from households with the least wealth, which are disproportionately households of color.  

The recent election bodes well for continued state-level Baby Bonds activity, with voters electing or reelecting several Baby Bonds champions across the country. The election also produced new Democratic trifectas (in which Democrats control the governorship and both legislative houses) in Michigan, Minnesota, Massachusetts and Maryland, which opens the potential for new legislation in those states to address the racial/ethnic wealth divide and promote economic justice, including Baby Bonds. 

As Baby Bonds champions (re)take office, Prosperity Now is supporting their efforts by publishing Baby Bonds: A Legislative Toolkit for Building a Brighter Future in Your State. The toolkit provides detailed guidance to state and local policymakers and advocates on drafting Baby Bonds legislation, including a legislative template with all the key elements needed for an effective Baby Bonds policy and advice on customizing the elements to align with the needs of each state or locality. You will also find key messages for communicating about Baby Bonds and sample social media posts.  

We will leverage the toolkit to support the efforts of the Baby Bonds champions who won in the election, including: 

• Maryland: Wes Moore Elected as Governor — Moore, who won his election by over 30 percentage points over his opponent, championed Baby Bonds throughout his campaign. His campaign platform called for a $3,200 investment for children born under the state’s Medicaid program, which accounts for almost 40% of the babies born in the state, including a disproportionate number of Black and Latinx babies.   

• Massachusetts: Deborah Goldberg Reelected Treasurer — In May 2022, Treasurer Goldberg launched a task force to develop recommendations for a state Baby Bonds program. After an easy reelection, Goldberg plans to introduce and advocate for Baby Bonds legislation during the 2023 legislative session. The Treasurer’s Office will also continue running the BabySteps Children’s Savings Account (CSA) program, which would complement the proposed Baby Bonds program.  

• Nevada: Zach Conine Reelected Treasurer — Treasurer Conine won a tough reelection fight to serve a second term. Conine, whose office also runs the Nevada College Kickstart CSA program, proposed a state Baby Bonds program earlier this fall. The legislative path for this proposal may be difficult in 2023, with Republican Joe Lombardo’s defeat of Democratic incumbent Steve Sisolak for governor, although the legislature remains Democratic.  

• Connecticut: Erick Russell Elected as Treasurer — With his victory in the treasurer’s race, Russell became the first Black out LGBTQ person elected to a statewide position in the US. During the campaign, Russell expressed firm support for the state’s Baby Bonds program, including listing the implementation and funding of the program in his campaign priorities. Earlier this year, the governor and legislature pushed back the implementation of the program—which has been championed by outgoing Treasurer Shawn Wooden—from 2022 to 2024. 

• California: Gavin Newsom Reelected as Governor — Governor Newsom is a long-time supporter of wealth building for children, including championing the Kindergarten to College CSA program as San Francisco mayor. He helped shepherd an expansion of the state’s CalKIDS CSA program in 2021, which provides up to $1,500 for children in grades 1-12 who are from low-income households, are unhoused and/or are in foster care. Earlier this year, Newsom signed into law the HOPE for Children Act, which puts up to $8,000 in trust for children from low-income households who lost a parent or primary caregiver to COVID-19 and children in long-term foster care—a policy many advocates see as a step toward statewide Baby Bonds. 

We are celebrating this for Baby Bonds and look forward to working with these and other Baby Bonds champions in the new year to move legislation forward. 

We encourage you to check out and share Baby Bonds: A Legislative Toolkit for Building a Brighter Future in Your State with policymakers and advocates in your state. If you have additional questions about Baby Bonds or would like additional support in crafting Baby Bonds legislation, contact us at [email protected]. We also encourage you to join the Campaign for Every Kid’s Future to keep up with the latest news, events, publications and advocacy opportunities around child wealth building, including Baby Bonds and CSAs.