(WTNH) — Connecticut State Treasurer Shawn Wooden took a trip to Washington D.C. Thursday to help push for so-called “baby bonds” on a national scale.
On July 1, Connecticut became the first state in the country to enact baby bonds.
Babies born that are on the state’s Medicaid program known as Husky will receive money in a trust.
At 18 to 30 years old, beneficiaries can use those funds to cover education, homeownership, or starting a business.
Treasurer Wooden spoke about his own experience growing up in Hartford and the many families he knew who were not able to pull themselves out of poverty.
“It’s not simply because they didn’t pull themselves up by their bootstraps, there were just too few bootstraps to pull. Connecticut baby bonds are bootstraps that will allow children born into poverty to have a chance at breaking that cycle of poverty,” Wooden said.
Wooden joined members of the Connecticut delegation to urge Congress to pass the American Opportunities Accounts Act. That bill would create savings accounts for children born into poverty.