The bill establishes the Washington Future Fund Pilot Project, aimed at addressing wealth inequity through a baby bond program. The project will provide eligible Washingtonians, specifically those born into poverty and enrolled in medical assistance programs, with a grant of $25,000 to be used for education, home purchases, or starting a business. The bill outlines the eligibility criteria for applicants, which include being a resident of Washington, aged between 18 and 36, and having been enrolled in a medical assistance program before their first birthday and at the time of application. The project will also involve financial coaching and impact evaluation studies to assess the economic stability of participants.

Additionally, the bill amends existing law to include provisions for administering the pilot project and study under the state treasurer's service fund. It mandates the establishment of definitions relevant to the project, such as "accountable community of health" and "designated institution," and outlines the responsibilities of the office of the state treasurer and the University of Washington in managing the project. A memorandum of understanding will be created to facilitate information sharing among relevant state agencies to ensure the effective implementation of the pilot project.

Statutes affected:
Original Bill: 43.08.190