HI SR28

Department of Human Services is requested to convene a working group to consider creation of a baby bonds program for Hawaii, which would set aside funds for children born into poverty to use for homeownership, higher education, business startup, or retirement.

Working group membership includes the Director of Human Services (chair), Directors of Taxation and Finance, one Senate member, one House member, University of Hawaii Economic Research Organization Executive Director, and representatives from nonprofit organizations focused on public health, anti-poverty policies, and child advocacy.

Working group is requested to develop program recommendations to reduce intergenerational poverty and wealth inequality, suggest eligibility criteria, coordinate with other stakeholders, and analyze Connecticut's baby bonds program for beneficial aspects to incorporate into Hawaii's initiative.

Working group must submit findings, recommendations, and any proposed legislation to the Legislature no later than twenty days before the 2025 Regular Session convenes.

Resolution cites Connecticut's 2021 baby bonds program as a model and notes Hawaii's high cost of living and systemic inequality as justification for exploring similar intervention for low-income families and communities of color.