Chair Stevens continues reading Williams statement on baby bonds and savings accounts
Stevens continues reading Williams's statement, detailing Resolution 161's call for a foster youth baby bond pilot, Resolution 277's American Opportunity Accounts Act, and Resolution 278's state-managed savings accounts, citing research on the long-term impact of modest savings.
Reso 161 would call the New York State legislation to pass Assembly Bill A7415, sponsored by Assemblymember Khalil Anderson, which would establish a BB bond pilot program for foster youth who
disproportionately face financial instability.
In adulthood.
Reso 277 will call on Congress to pass S441 slash HR1041, also known as the American Opportunity Account Act, sponsored by Senator Cory Booker
and Congresswoman Presley.
Reso 278 will call on New York State to pass Senate Bill S4564 and Assembly Bill A60.
5-9 introduced by Senator Jamal Bailey and Assemblymember Michael Benedetto.
These will require the state to deposit a $1,000 allocation into accounts managed by the controller.
Additionally, Resolution 278 will call on Congress to pass legislation creating a meaningful, tested, guaranteed income program for low-income individuals, young adults, and foster care youth.
Research also shows that even small amounts of savings could have meaningful long-term impacts, including reducing the future state loan debt.
Lowering chronic financial stress, and increasing household wealth, with particularly significant gains for black and Latino families.
Those findings make it clear that even modest investments in financial security can create meaningful generational changes.
We must continue to advance serious conversation and bold policies that help close the wealth gap and expand opportunities for our young people.
Thank you.