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Massachusetts public belief funds eyed to shut racial wealth hole – Fall River Reporter


Jun 16, 2022
child race racial

Michael P. Norton

Former Treasurer Shannon O’Brien will chair a process pressure that can meet month-to-month and give you legislative suggestions by November for publicly-funded belief funds for kids.

The Child Bonds initiative, introduced earlier this 12 months by Treasurer Deb Goldberg, is seen by the Treasury as a option to arrange extra individuals, particularly low-income kids, with invested funds that may be tapped once they turn into adults to assist pay for school, purchase a house, or begin a enterprise.

“Child Bonds presents Massachusetts with a possibility to shut the racial wealth hole and create a vivid future for all new child Bay Staters,” O’Brien stated in an announcement launched by Goldberg’s workplace.

The duty pressure will doubtless wrestle with the prices of this system and eligibility tips, and the November deadline will give Treasury officers time to translate their suggestions into legislative proposals.

Goldberg introduced plans for the duty pressure at an Financial Empowerment Belief Fund board assembly in March, and her workplace already has an concept of the place this system could also be going, envisioning kids born into low-income households shall be prioritized.

In an FAQ, Goldberg’s workplace says this system has “the potential to massively enhance the wealth of all future generations of younger individuals, considerably slim the racial wealth hole in our state transferring ahead and make investments funds again into the group by means of homeownership and small companies.”

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