 |
|
9/23/2025
|
Baby Bonds bill sponsored by Sen. Murray and Giraldo highlighted in State House ceremony
|
 STATE HOUSE - State leaders and advocates gathered at the State House yesterday for a ceremony honoring the signing of legislation sponsored by Sen. Melissa Murray and Rep. Joshua Giraldo to create the Rhode Island Baby Bonds Trust.
General Treasurer James A. Diossa and respresentatives of organizations including Rhode Island Kids Count, Economic Progress Institute and the New School looked on as Governor McKee ceremonially signed the legislation into law.
The legislation (2025-H 6071A, 2025-S 0761A), which Representative Giraldo and Senator Murray and introduced at the request of the Office of the General Treasurer, creates the legal framework for a statewide Baby Bond program designed to help close the racial wealth gap and expand economic opportunity for Rhode Island’s most vulnerable children.
“This is a wealth-building tool that gives kids born in poverty a stake in their own future,” said Representative Giraldo (D-Dist. 56 Central Falls). “It will also help close the racial and economic wealth gap in our state, where Black and Latino families have just a fraction of the wealth of white households. It will be a tremendous benefit for every community in the state for the most vulnerable to be able to go to college with just a little bit less debt.”
Senator Murray (D-Dist. 24, Woonsocket, North Smithfield) was unable to attend the event, but said, “Every single child deserves the opportunity to thrive, no exceptions. Baby Bonds will grow resources for young people, regardless of their families’ means. With this program, we are laying the groundwork to help children escape generational poverty and striving to live up to our nation’s promise as a land of opportunity. I applaud General Treasurer Diossa for his partnership in establishing Baby Bonds here in Rhode Island, and for his continued effort to identify funding for them, so they will serve as a lifeline to a better future for all Rhode Islanders.”
Under the program, a trust account will be established for eligible newborns and managed by the Treasurer’s Office until the child reaches adulthood. Funds and investment growth can then be used for wealth-building purposes such as paying for college or vocational training, buying a home, starting a business or making other long-term investments — all within Rhode Island.
“I’m grateful to Governor McKee and the General Assembly for advancing this bold step toward economic equity,” said General Treasurer James A. Diossa. “By giving every child a foundation for future investment, the Rhode Island Baby Bond Trust creates the conditions for upward mobility and long-term financial stability.”
Although this legislation does not include initial funding, the Treasurer’s Office is working with private and philanthropic partners to secure the resources necessary to launch the program and deliver on its transformative promise for Rhode Island families.
"The Rhode Island Baby Bond Trust is a strategic investment in people, opportunity and Rhode Island's future," said Governor Dan McKee. "I'm proud to have signed this legislation, which will empower the next wave of leaders, entrepreneurs and minds with the financial tools to create prosperous, promising lives for themselves and their families."
IN PHOTO: From left, General Treasurer James A. Diossa, Rep. Joshua Giraldo and Gov. Dan McKee following the bill's ceremonial signing.
For more information, contact:
Meredyth R. Whitty, Publicist
State House Room 20
Providence, RI 02903
(401) 222-1923
|
|