Connecticut Treasurer Shawn Wooden’s “baby bonds” bill, whose aim is to give every child born into poverty a $3,200 savings account at birth, has passed the General Assembly and is awaiting Gov. Ned Lamont’s signature.
House Bill 6659 mandates that, as of July 1, any child whose birth is covered by HUSKY Health Medicare would receive a $3,200 savings account held by the state.
Over 18 years, the funds would be managed and invested by the treasurer’s office; once the participant reaches 18, they can use the funds solely toward the purchase of a home in Connecticut, to invest in a business in Connecticut, for educational purposes or to contribute toward a retirement savings program.
Modeled after a bill introduced in Congress in 2019 by U.S. Sen. Cory Booker (D-New Jersey) – which he reintroduced this year – HB 6659 will make Connecticut the first state to offer such a plan.
The governor is expected to sign the bill, which also includes other bonding measures, into law.