The first in the nation legislation became official this year and will provide low-income children born into poverty under the states HUSKY Medicaid program, a fund that can grow to more than $10,000 by the age of 18 for those still in-state.Championed by Treasurer Wooden, he tells And Another Thing that the CT Baby Bonds program is the most effective way to narrow the racial wealth gap and break the cycle of poverty and inequality in the state.
The funds will be managed by the Office of the Treasurer and can be used to pay for higher education, purchase a home in the state, start a business in the state or invest into a retirement fund once a beneficiary is between the ages of 18 and 30 and completes a financial education requirement.
A Hartford native, the nation's only African-American-elected state Treasurer and Connecticut’s only statewide-elected African-American, Wooden is campaigning for Connecticut’s bill to be the nation's blueprint in efforts to federalize Baby Bonds.
This episode was previously broadcast on July 8, 2021.