Treasurer and coalition urge committee to advance baby bonds bill to close wealth gap

State Treasurer Deborah Goldberg urged the Joint Committee on State Administration and Regulatory Oversight to report favorably on House 3429 and Senate 2146, an act to establish a Massachusetts baby bonds program that would provide seed investments to children born or adopted into families with incomes below 200 percent of the federal poverty level or placed in DCF custody.

Goldberg said the program grew out of a state task force and would be administered by the state treasurer’s office via a trust and an advisory board. “These funds would grow until the child reaches 18, at which time the money could be used for long‑term wealth‑building activities like the purchase of a home, starting a business, or post‑secondary education or training,” Goldberg said. She described policy choices considered by the task force and…