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 born in the state. The project will involve a random selection process for grant recipients, and participants will be required to engage in financial coaching and impact evaluation studies.

Additionally, the bill amends existing law to create a fund within the state treasury for the operation and administration of the pilot project, as well as to facilitate the necessary studies. It mandates the establishment of definitions relevant to the project, including terms like "accountable community of health" and "designated institution." The bill also requires the office of the state treasurer to collaborate with the University of Washington for project evaluation and to submit a final report to the legislature by June 30, 2027. Furthermore, it stipulates that a memorandum of understanding be created for information sharing among relevant state agencies to support the project's implementation.

Statutes affected:
Original Bill: 43.08.190