Baby bonds: 70,000 NYC public kindergarteners receive college savings plan
NEW YORK -- About 70,000 kindergartners in New York City were the first in the nation to receive universal baby bonds, Mayor Bill de Blasio said Wednesday.
Every public kindergartener in the five boroughs will have a 529 college savings account set up with a minimum of $100 as the city invests in the future of its children.
The mayor met with some of the children Wednesday morning who were some of the first beneficiaries.
“This is the first time this has been done on this scale anywhere in this nation,” the mayor said. “We need to take profound and fast actions to address inequality.”
New York Sen. Michael Gianaris, who has been a voice for equality, called baby bonds “transformative.”
Not only has the city implemented 3-K and universal pre-K, the baby bonds would help these children in the future and “put them on a path to success,” Gianaris said.
"Imagine if you're that child hearing constantly that people believe in you and want to help you, what a boost, you know what that means," the mayor said.
The mayor initially announced the plan in June as part of the city’s Juneteenth Economic Justice Plan, with the goal of building generational wealth for New York’s Black and low-income students.