Vermont State Treasurer updates House Committee on baby bonds and savings programs

In a recent meeting of the House Committee on Commerce and Economic Development, Vermont State Treasurer's office representatives presented updates on two significant financial initiatives: the Vermont Saves program and the Baby Bonds initiative. This meeting, held on May 13, 2025, highlighted the state's ongoing efforts to enhance economic empowerment and financial security for its residents.

Becky Wasserman, the director of economic empowerment at the Treasurer's office, provided context for these programs. She explained that the Vermont Saves program was established to help Vermonters build savings, while the Baby Bonds initiative aims to provide financial support to children born into low-income families. These initiatives are part of a broader strategy to ensure equitable access to economic opportunities across the state.

Wasserman noted that the creation of a new economic empowerment division within the Treasurer's office reflects the state's commitment to these programs. This division will also oversee the recently passed medical debt abolishment project, indicating a comprehensive approach to addressing financial challenges faced by Vermonters.

The committee received a report earlier in the session that combined updates on both Vermont Saves and Baby Bonds. Wasserman expressed optimism that future reports would continue to consolidate these initiatives, allowing for clearer communication with the legislature regarding their progress and impact.

The discussions during this meeting underscore Vermont's proactive stance on financial empowerment, particularly for vulnerable populations. As the state moves forward with these programs, the focus will remain on building financial security and ensuring that all Vermonters have access to the resources they need to thrive. The committee's ongoing oversight will be crucial in evaluating the effectiveness of these initiatives and addressing any emerging challenges.