Children born into poverty will have a leg up in Connecticut starting in July.
Any baby born after July 1 covered under Husky Insurance will be automatically enrolled.
In the program, $3,200 will be invested in the child's name.
The Office of the Treasurer manages the money and when the child turns 18, they can apply for it.
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It has to be used for buying a home in Connecticut, starting or investing in a business, paying for college or job training or saving for retirement.
A total of $381 million will go toward the Baby Bonds.
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“It’s really a shot to break the cycle of generational poverty," said Treasurer Erick Russel, (D) Connecticut.
“I want them to have hope and a dream to want something better," added Sen. Patricia Billie Miller, (D) Stamford.
State officials say the funds are being repurposed from a reserve that was set aside in 2019 during the re-structuring of the Teachers Retirement Fund.
That will now be replaced with a relatively inexpensive insurance policy.
