Over the last several months, the Massachusetts Baby Bonds Task Force, which includes Prosperity Now Policy Fellow, Shira Markoff, has met to develop recommendations for a state Baby Bonds program. The Treasurer’s Office recently published the Task Force’s recommendations, which the state Treasurer, Deborah Goldberg, plans to put forth into policy. Prosperity Now interviewed Samantha Perry, a Deputy Director at the Massachusetts Office of the Treasurer and Receiver General, to learn more about the Task Force and its recommendations. It has been edited for length and clarity. 

What is the Massachusetts Baby Bonds Task Force and what are you trying to accomplish?  

Treasurer Goldberg convened the Baby Bonds Task Force to explore the possibility of bringing a Baby Bonds program to Massachusetts children. The Task Force came together with the common goal of identifying a pathway for a policy that could address wealth inequities. Throughout the months leading up to the release of the report, members focused on identifying the potential economic, political and logistical barriers and setting forth a set of thoughtful recommendations for the next steps that the State Treasurer can take to make this concept a reality.  

Who are the members of the Task Force and how were they identified? 

Treasurer Goldberg called for applications to the Baby Bonds Task Force in March of this year. Through her Office of Economic Empowerment, her team spread the word to stakeholders and community partners. The Task Force was comprised of over 60 individuals from across the Commonwealth and the United States. Lisa Wong, the former Mayor of the city of Fitchburg and current Town Administrator of South Hadley, chaired the Task Force. Members were diverse in their professional and personal backgrounds—from practitioners and advocates to legislators and academic leaders.  

What can you share about the Task Force’s recommendations? 

The complete Baby Bonds Task Force report with comprehensive recommendations was released on Monday, December 12th at a virtual roundtable discussion. Legislation following the recommendations will be filed at the start of the 2023-2024 legislative session with our champions in the Massachusetts House of Representatives and in the Massachusetts State Senate. The recommendations result from cooperatively determined decisions of four working groups: Eligibility and Funding, Building Financial Capability and Engagement, Accessing and Using Baby Bonds, and Trust Management. The subcommittee members dedicated hours of their time to see achievable and comprehensive guidance for the Treasurer. The recommendations stand on several key principles: 

1. The program must target the most impoverished children in Massachusetts 

2. Enrollment should be automatic 

3. The endowment (i.e., amount invested for each child) should be significant 

4. Funds should be managed in a single omnibus account, but allow participants to track their own endowment 

5. Funds should be used to support wealth-building activities 

6. Ongoing engagement with program participants and their families is crucial to the program’s success 

What’s next with the Task Force? What do you hope is done with the recommendations? 

The work of the Task Force is just beginning. In partnership with our legislative champions, Treasurer Goldberg and the Task Force will be vital in building awareness of the Baby Bonds movement when legislation is filed at the start of the 2023-2024 Legislative Session. We also know there is no silver bullet to closing the racial wealth gap. The Task Force members can play a role in supporting a suite of policies and programs that can work together to address structural racism and break generational poverty.

What else do you want to share with the members of the Campaign for Every Kid’s Future? 

Treasurer Goldberg and the Office of Economic Empowerment would like to thank members of the Campaign for Every Kid’s Future for their support. From the BabySteps Savings Plan to the Baby Bonds Task Force, the Campaign’s members have played a significant role in shaping and improving asset-development initiatives for children in Massachusetts. We especially want to recognize the leadership team at the Campaign, particularly Shira Markoff at Prosperity Now and our partners at Inversant (both Task Force members!) We invite Campaign members to engage more with our work by signing up for our mailing list to get updates on our initiatives.