Chair Stevens reads statement from Council Member Williams on wealth inequality resolutions

Before we begin, I would like to thank committee staff, including Senior Policy Analyst Elizabeth Arts, our Senior Committee Counsel,

Real.

Agassiz for their hard work in preparing for this hearing, as well as my wonderful staff back at District 16.

I will now turn it over to the committee council to swear in the administration.

Oh, I have another statement I have to read.

It's very long.

This is from Dr.

Dantasha Williams, Council Member Dr.

Dantasha Williams.

Committee on Children and Youth Hearing statement on Reso 161-276-277-278.

Wealthy inequalities have often been described as one of the defining process issues of our time.

However, while the wealth gap in our country and our city has reached alarming levels, we know those disproportionate are the result of deep-rooted historical and systematic discrimination against

some of the most marginalized community, particularly black and brown New Yorkers.

Still today, the medium household net worth for black families and 14 times lower than that of white families in New York.

This reality, again, is underscored by state, city, state, and federal government have long known.

And at a time,

failed aquatic at a time has failed to add a

We address those who've been historically disadvantaged have also been systematically denied meaningful opportunities to build financial security for themselves and future generations.

Despite longstanding barriers that continue to particularly circle.

The cycle of poverty, lawmakers are every at every level of government introduced legislation aimed to narrowing the wealth gap.

One proposal that has gained significant attention is this creation of a so-called baby bond program.

Those programs establish government funded and managed savings accounts for newborns, helping create long term financial assets that can be

assess in adulthood, access in adulthood.