SOUTH HADLEY — Massachusetts Treasurer Deborah Goldberg appointed Town Administrator Lisa Wong to chair the state’s task force exploring the creation of a trust fund to benefit Massachusetts newborns.
The Baby Bonds Task Force, which Goldberg convened in June, plans to issue its recommendations to the treasurer on how to create a publicly funded program that would make money available to the newborns once they turn 18.
The Baby Bonds trust fund will be a “significant financial investments made by the government into a collective fund on behalf of newborn children,” according to a statement from Goldberg’s office published on the Commonwealth’s website.
According to the statement, the money from the fund could be used to start a business, by a house or pay for college. The program is intended to help chip away at the racial wealth gap.
In the Sept. 28 press release announcing Wong’s appointment, Goldberg said Wong’s “background in fiscal management and knowledge of the economic issues our residents face will be an asset to the Task Force.”
Wong began working as South Hadley’s town administrator on Oct. 31, 2021.
”Massachusetts is home to one of the largest racial wealth gaps in the country. Lisa’s experience and knowledge will support the development of strategies and ideas to narrow the gap, and support the financial stability of our entire state,” Goldberg stated.
Wong said that “Baby Bonds will help ensure the economic security for future generations of Massachusetts residents, and I look forward to providing the Task Force’s recommendations to Treasurer Goldberg.”
Wong replaces the task force’s previous chair, former State Treasurer Shannon O’Brien. O’Brien was appointed to chair the Cannabis Control Commission.