Councilmember McDuffie Unveils “Baby Bonds” Legislation to Eliminate DC’s Racial Wealth Gap

Councilmember McDuffie Unveils “Baby Bonds” Legislation to Eliminate DC’s Racial Wealth Gap

Press Release
New program would make unprecedented investment aimed at eliminating the District’s racial wealth gap    For Release: Tuesday, May 4, 2021 Contact: Malcom Fox, 202-227-1701, mfox@dccouncil.us Washington, DC – Yesterday, Ward 5 Councilmember Kenyan McDuffie introduced the Child Wealth Building Act, a child trust fund or “baby bonds” proposal aimed at eliminating the District’s stark racial wealth gap and ending generational poverty. In the District, a white family’s median wealth ($284,000) is 81 times higher than the median wealth of a Black family ($3,500). If passed, the child trust fund proposal would ensure that every baby born in the District has tangible economic, educational, and entrepreneurial opportunities to succeed. “Residents of color have waited long enough for the transformational change necessary to achieve racial equity,” said Councilmember McDuffie. “We must…
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