As chilly winter weather sets in across much of the country, here at Prosperity Now, our hearts are being warmed by a slew of action on Baby Bonds as the new legislative session kicks off in many states. So let it snow, let it snow, let it snow! We’ll be keeping nice and warm campaigning for every kid’s future in the halls of state legislatures!

Here are a few highlights: 

• Vermont – Treasurer Mike Pieciak (D) announced his support for Baby Bonds in December and things have moved quickly since. A bill (H. 769) was introduced in the House on January 11 and the House Commerce and Economic Development Committee held a day-long hearing on it the following week. The hearing featured Treasurer Pieciak, Connecticut Treasurer Erick Russell and Dr. Darrick Hamilton. Shira Markoff, Sr. Policy Fellow, and Lauren Bealore, Associate Director for State & Local Policy, also presented testimony in support of the bill and shared recommendations to further strengthen it.  

  As currently written, the bill would invest $3,200 on behalf of children whose births are covered by the Dr. Dynasaur program (Medicaid). The Treasurer has proposed a unique funding source — the state’s Unclaimed Property Transfer Fund — to cover the anticipated 2,000 eligible babies each year. The prospects for the bill are strong, with over 70 co-sponsors in the House including both Democrats and Republicans.    
  

• Massachusetts – Treasurer Deb Goldberg (D) continues to champion a statewide Baby Bonds program. In November, the Joint Committee on State Administration and Regulatory Oversight voted the Senate version of the Baby Bonds bill (S.1999) out of committee favorably. The House bill is pending before the Joint Committee on Financial Services, which held a hearing on it in October. Prosperity Now is joining forces with Midas Collaborative and United Way of Massachusetts Bay on January 29th to hold an event at the Massachusetts State House to urge legislators to move this legislation forward. More details and a registration link are here.  

• Washington – Washington’s legislature is once again taking up Washington Future Fund legislation that would create a statewide Baby Bonds program. Treasurer Mike Pellicciotti (D) continues to lead the efforts, along with a robust coalition of organizations from across the state led by the Campaign for Every Kid’s Future Steering Committee member, Washington State Budget & Policy Center, and Economic Opportunity Initiative. The odds of passage this year are long given that 2024 is a short legislative session, but the coalition members are pushing for the legislative’s fiscal committees to hold hearings on the bill.   

• Connecticut – While not a new legislative achievement, we’re excited to see an update from Connecticut — which finally funded its Baby Bonds program in June — that since the program launched on July 1, 2023, 7,810 babies have been born who qualify automatically for the program.  

This winter, join us in our efforts to make Baby Bonds a reality for more children across the country!