An Act addressing the racial wealth gap

This bill creates the Massachusetts Baby Bonds Trust Fund to help children born on or after July 1, 2024, who receive state cash assistance or are in state care, build wealth through education, home purchases, or business investments. The state treasurer will manage the fund, which can accept public and private donations, and will provide investment options specifically for these designated beneficiaries. To oversee the program, the bill establishes an advisory board that includes state officials and community representatives to set policies, prevent fraud, and ensure the fund supports communities disproportionately affected by the racial wealth gap.