HB 24-1297

Abstract

The bill directs the state treasurer to conduct a study to evaluate the feasibility of and to make recommendations regarding the creation of a "baby bonds" program (program), through which the state deposits a specified amount of money into a public trust account and the money is invested by the state treasurer for an eligible child, who may use the money and its earnings for certain eligible uses upon turning 18 years of age. The study must: Assess the distribution of wealth in the state; Assess the landscape of existing public assistance opportunities for wealth building for: Individuals whose family income does not exceed 195% of the federal poverty line, adjusted for family size; and Individuals belonging to groups who have historically been denied access to wealth-building opportunities or who have experienced wealth stripping and exploitation, which has led to a lack of intergenerational wealth, including individuals who are Black, Indigenous, and people of color; Examine and evaluate the feasibility of creating the program in the state; Examine investment options for the program; Determine how the creation of the program could address the racial wealth gap in the state; and Examine any other area related to a baby bonds program that is deemed appropriate by the state treasurer or a third-party entity conducting the study, including any pilot project of related programs performed in the state. The state treasurer may enter into an agreement with a third-party entity to conduct all or part of the study. At the conclusion of the study and not later than April 15, 2025, the state treasurer is required to submit a report of its findings and make recommendations to the general assembly. (Note: This summary applies to this bill as introduced.)