Establishes the Massachusetts Baby Bonds Trust Fund to address the racial wealth gap.
The bill creates the Massachusetts Baby Bonds Trust Fund to assist designated beneficiaries in pursuing opportunities for education, housing, and entrepreneurship. Eligible beneficiaries are born on or after July 1, 2024, and receive cash assistance or are under the care of the Massachusetts Department of Children and Families within their first year. The fund aims to create financial independence opportunities. The state treasurer administers the fund, accepts contributions, and can contract with practitioners and administrators.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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