HARTFORD, Conn. - Beginning on July 1, Connecticut will be the first state to offer baby bond trusts in an attempt to close the "racial wealth gap," according to a state treasury news release.
Individuals who use Husky Health, Connecticut’s version of Medicaid, will be eligible for the state’s Baby Bond Trust Program which gives children who are living in low-income households a savings account which they can access once they turn 18.
State Treasurer Shawn T. Wooden championed House Bill 6659 which "addresses long-standing economic and race-based wealth disparities by investing directly in children born into poverty to boost Connecticut’s economy," according to a March news release when the initiative was first introduced. "One of the most.