The bill establishes the Washington Future Fund Pilot Project, aimed at addressing wealth inequity through a baby bond program. The project is designed to provide financial support to eligible Washingtonians born into poverty, allowing them to invest in education, homeownership, or business creation. The legislation outlines the criteria for eligibility, which includes being born in Washington, enrolled in a medical assistance program, and aged between 18 and 36. The project will randomly select participants and provide them with a grant of $25,000 to be used for eligible expenditures, while also requiring participation in financial coaching and impact evaluation studies.

Additionally, the bill amends existing law to create a fund within the state treasury specifically for the operation and administration of the pilot project. It includes provisions for the office of the state treasurer to contract with third-party vendors for project management and evaluation, as well as to collaborate with the University of Washington for research and reporting purposes. The bill also mandates the establishment of information-sharing practices among relevant state agencies to facilitate the project's implementation.

Statutes affected:
Original Bill: 43.08.190