Treasurer Diossa Joins Governor McKee, Legislators Murray and Giraldo, and Advocates in Celebrating Signing of “Rhode Island Baby Bond Trust” into Law
PROVIDENCE, RI – General Treasurer James A. Diossa yesterday joined Senator Melissa Murray (Senate sponsor), Representative Joshua Giraldo (House sponsor), and advocates from organizations such as Rhode Island Kids Count, Economic Progress Institute, and the New School, as Governor McKee signed the “Rhode Island Baby Bond Trust” (H 6071 / S 0761) into law.
The legislation, introduced at the request of the Office of the General Treasurer, creates the legal framework for a statewide Baby Bond program designed to close the racial wealth gap and expand economic opportunity for Rhode Island’s most vulnerable children.
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.”
“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.
“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,” said Sen. Melissa Murray (D-Dist. 24, Woonsocket, North Smithfield.)
“This is a wealth-building tool that gives kids born in poverty a stake in their own future,” said Representative Joshua 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.”
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.