CALL TO ACTION: Sign on letter to request a hearing for HB1094/SB 5125 to create the Washington Future Fund
Dear Community leaders,
Everyone should have the opportunity to build a secure financial future, not just those fortunate enough to be born into wealth. Unfortunately, nearly half of all babies born in Washington state are born into poverty, a statistic that is disproportionately higher for rural areas and children who identify as Black, Latinx or Indigenous. This disparity is due to centuries of systemic racism that has targeted Black and brown people, stripping them of their wealth while simultaneously allowing wealthy elites to hoard assets.
The proposed Washington Future Fund seeks to address this inequity by setting aside $4,000 for every child who receives Apple Health coverage within the first year of their life. This money will go towards investments into each person’s future, creating a “baby bond” that has the potential to grow into a substantial sum over time. With this investment account in place, these children will have access to resources that could potentially provide an economic foundation for their future lives.
The funds would be managed by Washington state agencies on behalf of each child and would be given out when they reach adulthood; this stipend could then be used for college tuition payments or other educational expenses such as textbooks and supplies. The accounts could also be used for homeownership downpayments or business start-up costs in order to provide people with the capital necessary to build wealth and move up the economic ladder. Additionally, since research shows that investments in early childhood development can reduce generational poverty, this initiative could help break cycles of poverty and inequality that have been so difficult for many communities to overcome.
By providing children with access to financial resources at an early age, we can begin closing the racial wealth gap and ensure more equitable outcomes for generations to come. The baby bonds created through the Washington Future Fund present an unprecedented opportunity for individuals throughout our state – especially those from marginalized backgrounds –to realize their full potential later in life. It is essential that we seize upon this chance to give everyone a fair chance at building a better future.
Now is the time to ACT! We need Chair Ormsby and the Appropriations committee to hear this important bill.
We’d like to send 1,000 emails to House Appropriations by Friday, February 10, 2023. If you did not have a chance to sign on to the letter, please do the following:
- Cut and paste the letter below!
- Add the name of your group or organization.
- Email it to:
Sign on letter to request a hearing for HB1094/SB 5125 to create the Washington Future Fund
Wednesday, February 8, 2023
RE: WA Future Fund (HB/1094 and SB/5125)
Dear Chair Ormsby, Rep. Bergquist, Rep. Gregerson, Rep. Macri, and Rep. Stokesbary,
We, the undersigned, are writing to request a hearing in the Appropriations Committee for HB 1094, the Washington Future Fund, which is Office of the State Treasurer requested legislation. The prime sponsor is Rep. Stonier. The bill was voted out of the House Human Services, Youth, and Early Learning Committee on Jan 27.
Dear Chair Rolfes, Sen. Robinson, Sen. Mullet, and Sen. Lynda Wilson,
We, the undersigned, are writing to request a hearing in the Ways and Means Committee for SB 5125, the Washington Future Fund, which is Office of the State Treasurer requested legislation. The prime sponsor is Senator Yasmin Trudeau. The bill was voted out of the Senate Human Services Committee on Jan 26.
Everyone should get the chance to build their financial future, not just the few who have been born into wealth. Right now, a baby’s financial future is largely determined by the amount of wealth they are born into. Unfortunately, nearly HALF of babies in Washington are born into poverty. And children in rural areas and those who are Black, Latinx, or Indigenous are more likely to be born into families with little or no wealth, hindering their future opportunities. This wealth divide is due to a long history in our country and state of stripping wealth from Black and brown people and allowing wealthy elites to hoard assets.
The Washington Future Fund would begin to change that. For every child who receives Apple Health during the first year of their life, the state would set aside $4,000 for them, which would grow in value over time. When the children grow up, they can use that money toward postsecondary education, buying a home, or starting a business – helping them to get their financial start in life. This innovative policy would begin leveling the playing field for children born into families without wealth.
Please hold a hearing for this important legislation. The Washington Future Fund will help make Washington a more equitable place for children to grow up in and families to thrive.
7 Simple Machines
ACLU of Washington
American Civil Liberties Union
Coalition for Investing in Washington Jobs
Columbia Legal Services
Community Day Center for Children
Economic Opportunity Institute
Early Learning Action Alliance
Faith Action Network
Habitat for Humanity Seattle-King & Kittitas Counties
Housing Development Consortium of Seattle
Institute on Race, Power and Political Economy / The New School
Jewish Community Relations Council of the Jewish Federation
Jewish Family Services
Puget Sound Advocates for Retirement Action (PSARA)
Quaker Voice on Washington Public Policy
Sumner-Bonney Lake Education Association
The Children’s Center at Burke Gilman Gardens
Tiny Tots Development Center
United Way Blue Mountains, Elevate Walla Walla
United Way of King County
WA Build Black Alliance
Washington Asset Building Coalition
Washington Association for the Education of Young Children
Washington Association of Mortgage Bankers
Washington Cradle to Career Advocacy Network
Washington Education Association
Washington State Budget and Policy Center
Washington State Community Action Partnership
WA Student Association
YES! FOR EARLY SUCCESS
Paula F. Sardinas, NBPLA (she/her/ella)
President & CEO
Founder of the WA Build-Back Black Alliance
Phone: (206) 823-9344