Montpelier, VT – Today, Treasurer Mike Pieciak announced the formation of a Vermont Baby Bonds Advisory Committee. The Committee will convene local and national experts to support the development of a baby bonds pilot program in Vermont.
In 2023, Treasurer Pieciak and legislative leaders brought forward a proposal to implement a baby bonds program in Vermont, which would have invested $3,200 for every Vermont child born on Medicaid. When the child reaches adulthood, they could access the funds for wealth-building activities like buying a home in Vermont, starting or investing in a local business, pursuing higher education or job training, or saving for retirement.
The Legislature authorized Treasurer Pieciak to develop a baby bonds pilot program to evaluate the potential impact and operational needs of a fully funded program. The pilot will target young Vermonters born into poverty in the Northeast Kingdom, where communities face significant barriers to economic mobility.
“Across the board, we’re seeing a concentration of wealth at the top, while opportunities for working people to get ahead are few and far between,” said Treasurer Pieciak. “A Vermont baby bonds program will ensure every child born into poverty has a fair shot at success and hope for the future.”
Pieciak continued, “I want to thank the advisory committee for offering their expertise to move this bold policy forward—a critical investment to address intergenerational poverty, rural economic development, and retention of young people in our state.”
The Advisory Committee includes:
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David Radcliffe - State and Local Policy Director, New School’s Institute on Race, Power, and Political Economy
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Kirstin Boehm - Senior Director, Outreach, Research & Development, VSAC
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Stephanie Bonin - Senior Manager for Federal Campaigns, Center on Budget Policies and Priorities
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Priscilla Gilbert - Certified Financial Planner, CenterPoint Financial
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Amy Rose - Policy Director, Voices for Vermont’s Children
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Katie Mobley - Dean of Enrollment and Community Relations, Community College of Vermont
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Ted Castle - Founder, Rhino Foods
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Liz Scharf - Director of Community Economic Development and Food Security, Capstone Community Action
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Julie Lowell - Economic Security Policy and Outreach Director, Public Assets Institute
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Emily Bush - Director, Vermont’s Women's Fund
Recently, there has been a surge in interest and legislative action at the federal, state, and municipal level around baby bonds. Connecticut, Washington, D.C., and California have passed and funded baby bond programs, and another 20 states, including New Mexico, Georgia, and Louisiana are considering legislation.
To support the baby bonds pilot program, the Treasurer’s Office is seeking private funding from philanthropic sources. Those interested in supporting the program can learn more here.
The Advisory Committee’s first meeting will take place on Friday, March 27 at 1 PM. All meetings are open to the public and available through the Committee website. Members of the press are encouraged to RSVP in advance.
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