Urban Institute
04/16/2024 | Press release | Distributed by Public on 04/16/2024 13:10
Mayor Bowser’s Proposed Subtitle (VII)(E) Would Limit the Child Wealth Building Program’s Ability to Reduce Racial Wealth Inequity in the District of Columbia
TestimonyMayor Bowser's Proposed Subtitle (VII)(E) Would Limit the Child Wealth Building Program's Ability to Reduce Racial Wealth Inequity in the District of Columbia
Madeline Brown,Ofronama Biu
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April 16, 2024
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Madeline Brown and Ofronama Biu submitted testimony to the Committee on Business and Economic Development of the Council of the District of Columbia in response to Mayor Bowser's proposed FY2025 budget, and specifically subtitle (VII)(E) of the Budget Support Act. In the testimony, they highlight that subtitle (VII)(E) would reduce the size of the baby bonds accounts to roughly $9,100 in 2024 dollars, compared to $21,000 under the original Child Wealth Building Act. This reduction would limit the program's ability to reduce racial wealth inequity in the District of Columbia.
Research AreasChildren and youthWealth and financial well-beingRace and equity
TagsRace, gender, class, and ethnicityWealth inequalityRacial wealth gapIncome and wealth distributionState programs, budgets
Policy CentersCenter on Labor, Human Services, and PopulationIncome and Benefits Policy CenterOffice of Race and Equity Research
StatesDistrict of Columbia
CitiesWashington-Arlington-Alexandria, DC-VA-MD-WV
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