On Thursday, January 16, 2025, the Federal Reserve Bank of New York, in partnership with Asset Funders Network and the Institute on Race, Power, and Political Economy at The New School, hosted an in-person event highlighting how strategic investments in baby bonds, combined with direct financial assistance, can address wealth inequality.
Baby bonds are an innovative policy tool that provide children with publicly funded investment accounts that can be accessed at age 18 for specific uses, including education, homeownership, small business, and retirement. The funds are intended as a long-term investment designed to narrow the wealth gap and address generational poverty. California, Connecticut, and Washington, D.C. have passed baby bonds legislation.
This event was of interest to researchers, nonprofit leaders, and policymakers.
January 16, 2025
1:00pm-4:30pm
(Coffee and networking preceded event; reception followed.)
Federal Reserve Bank of New York
Auditorium
33 Liberty Street
New York, NY
This event was open to the public.
This event was open to the media. All remarks were on the record, with the recording to be made available afterwards. For media inquiries, please contact Ellen Simon at Ellen.Simon@ny.frb.org.
Agenda
| 1:00pm-1:10pm | Welcome Remarks
David Erickson, Head of Outreach & Education, Federal Reserve Bank of New York |
| 1:10pm-1:55pm | A Conversation on Baby Bonds
Moderator: David Erickson, Head of Outreach & Education, Federal Reserve Bank of New York Erick Russell, Connecticut State Treasurer Darrick Hamilton, Henry Cohen Professor of Economics and Urban Policy and Founding Director of the Institute on Race, Power and Political Economy, The New School |
| 1:55pm-3:05pm | Amplified Impact: Scaling Baby Bonds with Direct Financial Assistance
Moderator: David Radcliffe, Director of State and Local Policy for the Institute on Race, Power and Political Economy, The New School David Grusky, Edward Ames Edmonds Professor in the School of Humanities and Sciences; Professor of Sociology; and Director of the Center on Poverty and Inequality, Stanford University Max Rong, Postdoctoral Fellow, Center on Poverty and Inequality, Stanford University Dara Eskridge, CEO, Invest STL Hope Wollensack, Founder & Executive Director, The Georgia Resilience & Opportunity (GRO) Fund Laura Clancy, Executive Director, The Bridge Project |
| 3:05pm-3:20pm | Baby Bonds as an Economic Development Tool (Virtual)
Michael J. Freda, First Selectman and Chief Elected Official, North Haven, CT |
| 3:20pm-3:30pm | Break |
| 3:30pm-4:30pm | Shaping the Future through Philanthropy’s Investments in Equitable Prosperity
Moderator: Joe Antolín, President and CEO, Asset Funders Network Kilolo Kijakazi, Former Acting Commissioner, United States Social Security Administration Devin Murphy, Founder and Principal, Integrated Purpose Mendi Blue Paca, President & CEO, Fairfield County’s Community Foundation |
| 4:30pm | Closing Remarks
Joe Antolín, President and CEO, Asset Funders Network |
