ROCKVILLE, Md. — Montgomery County wants to pay newborns $1,800.
You read that right. County lawmakers have started work on a "baby bonds" program that would help close the racial equity gap in the county.
“We are a training ground for many policies,” County Councilmember Will Jawando said.
Jawando admits his latest proposal is ambitious even for the county.
“How do you live in a place where everybody has an opportunity to thrive?” he asked.
He and councilmember Gabe Albornoz think they found it: baby bonds.
If passed, it would start with babies born in January of this year.
“There would be an $1,800 deposited in an interest-bearing account,” he explained.
Jawando said "Baby Bonds" or the Child Investment Fund, would accrue more money over time. When a child turns 18, if they live in the county, the could apply for a percentage payout from the fund.
“(They could use the fund) for four purposes: buying a home, going to school, investing In retirement, or starting a small business here in the county,” Jawando said of the parameters of the money.
All families are eligible, but the amount the fund would pay each family would be based on income. More money would be allocated for lower income families.
Jawando estimates those payouts in 18 years could be anywhere from $10,000 to $20,000.
“We wanna incentivize folks who are born here to stay here,” he said. “Let’s grow our own talent. We hear it all the time, ‘I cant afford to live here.’ Well, we wanna help with that.”
But, the program isn’t a done deal. Montgomery County is in the middle of budget season with big decisions to make. Jawando estimates this would add $22 million to the budget.
We asked him: do you think this will make it into the budget?
“I think $22 million to invest in every single child born in this county is a small amount for the benefit down the line,” Jawando responded.
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