An Act addressing the racial wealth gap

This bill establishes a new Massachusetts Baby Bonds Trust Fund designed to help individuals born on or after July 1, 2024, who currently receive state cash assistance or are in state custody. The fund aims to reduce the racial wealth gap by providing designated beneficiaries with money they can use for post-secondary education, buying a home, investing in local businesses, or building long-term financial assets. The state treasurer will manage the fund, which can be funded through public and private donations, while an advisory board will help set policies and prevent fraud. Money placed in the fund will remain available for future use and will not be returned to the state budget at the end of each fiscal year.