‘Baby bonds’ measure, to aid children born into poverty, awaits Lamont’s signature

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.