Vermont youth council formed to guide baby bonds program with financial coaching

The House Commerce Committee convened on May 13, 2025, to discuss the establishment of a youth council and the implementation of a baby bonds program aimed at supporting young Vermonters. The meeting focused on the importance of youth input in community projects and the potential for wraparound services to assist participants.

The committee highlighted the selection of a program administrator experienced in managing similar pilot programs. This administrator will provide financial education to recipients of the baby bonds, guiding them through modules designed to help them make informed decisions about their funds. The goal is to ensure that when young people receive their financial support, they understand the best ways to utilize it.

Discussions also touched on the program's design, particularly regarding eligibility criteria. The committee acknowledged that these criteria are still under development and will be shaped by input from an advisory committee and an upcoming Request for Information (RFI) for evaluation partners. The aim is to create a supportive cohort, particularly in areas like the Northeast Kingdom, to facilitate successful program participation.

A significant point of discussion was the intended use of the funds provided through the baby bonds program. The committee expressed a desire to encourage in-state investments, such as purchasing property or starting businesses within Vermont. However, the specifics regarding whether funds could be used for out-of-state education or business ventures remain undecided.

The committee also emphasized the importance of integrating the baby bonds with existing state benefits and services to maximize their impact. By coordinating these resources, the program aims to enhance the financial literacy of participants and ensure they are aware of all available support.

In conclusion, the meeting underscored the committee's commitment to developing a comprehensive baby bonds program that not only provides financial support but also equips young Vermonters with the knowledge and resources to thrive within the state. Further updates and decisions regarding the program's design and implementation are anticipated as the advisory committee continues its work.