Press Releases
04/10/2024
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TREASURER RUSSELL AND GOVERNOR LAMONT BUILD AWARENESS FOR CT BABY BONDS AHEAD OF JULY 1 START DATE
HARTFORD, Conn. – Treasurer Erick Russell and Governor Ned Lamont celebrated the upcoming launch of CT Baby Bonds alongside state and municipal leaders, community advocates, and health care professionals on Wednesday. The event, hosted by Hartford Healthcare, raised awareness of Connecticut’s first-in-the-nation baby bonds program which will see its first eligible participants born beginning Saturday, July 1. Children whose births are covered by HUSKY, the state’s Medicaid program, will be automatically eligible for CT Baby Bonds. When they are between the ages of 18 and 30, they will be able to claim funds to be used for specific, wealth building purposes.
“It’s thrilling that this transformative program is about to see its first participants born this weekend,” said Treasurer Russell. “Parents and caretakers do not need to take any action on behalf of their newborns. Eligibility is automatic and processes are being constructed to manage claims and support these children and their families now, and over the next 18-30 years, to ensure they’re getting the most out of this incredible opportunity. CT Baby Bonds is an investment in the future of our state, leveling the playing field for thousands of children who will be born into poverty and giving them a fair shot at economic success. I can’t wait to see the amazing things these kids will accomplish.”
“This first-in-the-nation Connecticut initiative will lift up children who are born into poverty, acting as a stepping stone to help them buy their first home, pay for higher education, start a business, or save for retirement,” Governor Lamont said. “Ultimately, this will be used as a catalyst to interrupt the cycle of intergenerational poverty. This is a creative way of addressing the wealth gap and promoting economic growth.”
CT Baby Bonds invests $3,200 on behalf of each child whose birth is covered by HUSKY. Those funds will grow over time. When participants become young adults, and complete a required financial literacy course, they can use the funds to buy a home in Connecticut, start or invest in a Connecticut business, pay for education or job training, or save for retirement. An estimated $11,000 and $24,000 will be available to each participant, depending on when the funds are accessed.
"CT Baby Bonds will be life-changing for families across our state and a powerful tool to fight systemic poverty,” said Senator Pat Billie Miller, chair of the legislature’s Black and Puerto Rican Caucus. “I'm proud of the work our caucus put in to make this program a reality and eager to help spread awareness across the state as eligible babies are born beginning this weekend. I’m also proud about what this says about Connecticut. We should build on this momentum and continue to make our state a national leader for expanding economic participation.”
“As Commissioner for DSS and a community member, I look forward to partnering with the Office of the Treasurer to make this first-in-nation legislation a tremendous success,” said Andrea Barton Reeves, Commissioner of the Department of Social Services. “Our goal at DSS will be to support the Office of the Treasurer with the implementation of the program and to inform and encourage our HUSKY members to take advantage of this opportunity to set their children on a path to prosperity.”
In May, a funding solution was identified to repurpose $381 million in cash reserves and deposit that amount into a trust fund for CT Baby Bonds, reducing the overall cost estimates by over $200 million and requiring no state borrowing or budgetary appropriations. That proposal was included in the biennial state budget passed by the legislature and signed into law by Governor Lamont.
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About the Office of the Treasurer
The Office of the Treasurer is charged with safeguarding Connecticut’s financial resources through prudent cash and debt management, with the State Treasurer serving as principal fiduciary for six state pension and nine state trust funds. Additionally, the Office enhances the state’s fiscal stability through programs promoting financial literacy and college savings, and it leverages business partnerships to support the advancement of Connecticut’s social and policy priorities, including combating gun violence and protecting our environment. The Office of the Treasurer is led by State Treasurer Erick Russell, the only Black elected state treasurer in the country. To learn more, visit portal.ct.gov/ott.
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Contact: Tyler Van Buren
tyler.vanburen@ct.gov | (959) 529-2468