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Committee broadens 'baby bonds' working group to study wealth-building and existing asset programs
Summary
HB324, which would establish a baby-bond working group to reduce intergenerational poverty, was advanced with amendments recommending a broader 'wealth-building working group' to review existing asset-building programs like individual development accounts and the Hawaii College Savings Plan.
The committee advanced HB324 on Feb. 6 with amendments that broadened the proposal’s scope. Rather than solely a ‘‘baby bonds’’ working group, DHS written testimony and committee members recommended creating a broader wealth-building working group to review baby-bond proposals alongside existing asset-building policies, such as Individual Development Accounts and the Hawaii College Savings Plan.
Department of Human Services staff had submitted written testimony recommending a wider analysis to help coordinate asset-building initiatives and avoid duplication. The committee adopted the broader name and tasked the working group to review existing savings and education-savings programs and make recommendations for coordination and uptake.
Ending: HB324 advanced with amendments to rename and broaden the working group’s charge to review existing asset-building programs and consider how to leverage them alongside a baby-bond concept. The committee defected the date.
