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State Treasurer, advocates push pilot ‘Future Fund’ to test baby-bond style grants to young Washingtonians
Summary
SB 5541 would create a Future Fund pilot run by the State Treasurer to provide 40 one-time $25,000 grants to eligible Washington residents who were born and remain residents of the state and enrolled in Medicaid/Apple Health as infants; the treasurer, advocates and applicants described goals, distribution rules and evaluation plans.
The Ways & Means Committee received a briefing and public testimony on Feb. 3 on Senate Bill 5541, a proposal to establish a pilot “Future Fund” in the State Treasurer’s Office that would provide one-time $25,000 grants to 40 eligible Washington residents to invest in education, training, home purchase or business creation.
Sam Brown, committee staff, described the program structure: applicants must have been born in and currently reside in Washington, be age 18–36 at application, and have been enrolled in Apple Health (Medicaid/CHIP) before their first birthday and at application. Distribution would ensure representation across the state’s Accountable Communities of Health, with a random selection among screened applicants and evaluation conducted by a University of Washington contract. The treasurer would contract with a third-party administrator to run the program.
State Treasurer Pelletiati (testifying) said the pilot is a request of the State Treasurer’s Office and follows prior legislative work on a broader Washington Future Fund. “This would be a way to continue to get the information necessary for the legislature to fully appreciate the value of a baby bonds program,” the treasurer said, thanking the bill sponsor and describing the pilot as a method to gather evidence for a larger program.
Advocates supported the pilot during public testimony. Gabriela Quintana of the Economic Opportunity Institute said the pilot is “a fiscally responsible option” to study whether direct investment in young residents can interrupt generational poverty. Kareem Lazard, a small-business owner advising the treasurer’s office, testified the pilot could provide evidence needed to consider a larger, permanent Future Fund.
The fiscal note cited an indeterminate overall impact beyond the $1,000,000 cost for the grants themselves but noted additional indeterminate costs for contracting evaluation work and possible Department of Health verification services. No committee vote was recorded during the hearing.
