Mitchell College hosts the Community Foundation of Eastern Connecticut for their public information event “Ending child poverty in Connecticut: Baby Bonds and beyond,” on Monday, February 12, 10am–noon at The Red Barn on the Mitchell campus, 629-A Montauk Avenue, New London. The program features a conversation between Connecticut State Treasurer Erick Russell and Darrick Hamilton, an economist and professor at The New School. Attorney Nilda Rodriguez Havrilla, from Connecticut Legal Services, facilitates the discussion, which focuses on how the Baby Bonds program will bring greater equity to children and families in Eastern Connecticut and help end child poverty. Dr. Tracy Y. Espy, president of Mitchell College, will give the welcome.
The program is free, but registration is required (open through February 8). REGISTER HERE
Erick Russell, in his first term as treasurer, successfully secured funding to launch CT Baby Bonds, the first-in-the-nation program to combat generational poverty. According to the CT Baby Bonds website, the program invests $3,200 on behalf of each baby born in Connecticut whose birth is covered by HUSKY, Connecticut’s Medicaid program. The funds are held, managed, and invested by the Office of the Treasurer. When a participating child reaches adulthood (between the ages of 18–30), they are eligible to claim the funds to buy a home, start or invest in a Connecticut business, pay for higher education or job training, or save for retirement. To be eligible to claim for approved uses, participants must be Connecticut residents and complete a financial literacy course. Depending on when the funds are claimed, the initial investment is expected to grow to between $11,000–$24,000.
Darrick Hamilton is the Henry Cohen Professor of Economics and Urban Policy and founding director of the Institute on Race, Power, and Political Economy at The New School. He has been involved in crafting policy proposals, such as Baby Bonds and Federal Job Guarantee, which have inspired legislative proposals at the federal, state, and local levels.