Montgomery County is deliberating on a proposal dubbed the ‘baby bonds’ bill, which aims to allocate $1,000 for each child born in the county. Managed by an 11-member committee, the Child Investment Fund would mature for applicants upon reaching adulthood at 18.
To qualify for disbursements from the fund, recipients must meet specific criteria:
- Born after January 1, 2024
- Resident of Montgomery County
- Income and wealth assessed at application
Usage of the funds would be restricted to educational or vocational pursuits, starting or investing in local businesses, purchasing county property, or funding retirement.
County Council members Will Jawando and Gabe Albornoz lead the initiative. Albornoz estimates the program could exceed $16 million based on last year’s 30,000 births.
Acknowledging challenges such as rising college costs and housing expenses, Albornoz stressed the necessity of preparing future generations for success through ambitious measures to tackle wealth disparity.
Public opinion on the bill varied. The Montgomery County Taxpayers League expressed concerns over administrative costs, eligibility criteria, and the program’s sustainability, questioning its fiscal benefits. Conversely, the Montgomery County Food Council endorsed the bill, praising its potential to dismantle barriers to wealth accumulation and foster long-term economic growth.
The County Council conducted a public hearing on the bill Tuesday evening, with further details pending resolution.
