Bill Text: HI SR28 | 2024 | Regular Session | Introduced

Hawaii Senate Resolution 28

Introduced

Bill Title: Requesting The Department Of Human Services To Convene A Baby Bonds Working Group.

Spectrum: Partisan Bill (Democrat 8-0)

Status: (Introduced) 2024-03-22 - The committee on HHS deferred the measure. [SR28 Detail]

Download: Hawaii-2024-SR28-Introduced.html

THE SENATE	S.R. NO.	28
THIRTY-SECOND LEGISLATURE, 2024
STATE OF HAWAII

SENATE RESOLUTION

REQUESTING THE DEPARTMENT OF HUMAN SERVICES TO CONVENE A baby bonds WORKING GROUP.

WHEREAS, intergenerational poverty undermines social and economic wellness; and

WHEREAS, according to the 2009 paper "Childhood and Intergenerational Poverty: The Long-Term Consequences of Growing up Poor" by Robert L. Wagmiller, Jr., and Robert M. Adelman, "individuals who grow up in poor families are much more likely to be poor in early adulthood"; and

WHEREAS, Hawaii's high cost of living makes overcoming intergenerational poverty difficult for working families; and

WHEREAS, according to the National Low Income Housing Coalition's 2023 Out of Reach study, a minimum wage employee must work one hundred seven hours per week to afford a one-bedroom rental home at fair market rent in Hawaii; and

WHEREAS, the same study also found that a worker must earn $41.83 per hour to afford a two-bedroom rental unit without being cost burdened; and

WHEREAS, the Massachusetts Institute of Technology's living wage calculator estimates a livable wage for a Hawaii resident who is a single adult and has no children to be $27.33 per hour and a single adult with one child to be $51.83 per hour; and

WHEREAS, longstanding systemic inequality and its continued effect on government policy has created unacceptable outcomes across the spectrum of child well-being for children in communities of color, including but not limited to Native Hawaiian and other Pacific Islander, Filipino, Black, Hispanic, Asian, and immigrant households; and

WHEREAS, the COVID-19 pandemic and its economic fallout further exacerbated entrenched disparities for children of color and their families; and

WHEREAS, in 2021, Connecticut became the first state to pass an initiative that invests directly in children born into poverty known as "baby bonds"; and

WHEREAS, the program sets aside funds for each baby born in Connecticut whose birth is covered by Medicaid, with those funds to be held, managed, and invested by the Connecticut Office of the Treasurer; and

WHEREAS, when participating children reach adulthood, they are eligible to claim funds to be used for buying a home, paying for higher education or job training, starting a business, or saving for retirement; and

WHEREAS, Connecticut's baby bonds program is designed to narrow the wealth gap and spur long-term economic growth for Connecticut's families and economy; and

WHEREAS, a baby bonds program could significantly alleviate intergenerational poverty in Hawaii; now, therefore,

BE IT RESOLVED by the Senate of the Thirty-second Legislature of the State of Hawaii, Regular Session of 2024, that the Department of Human Services is requested to convene a working group to consider the creation of a baby bonds program for Hawaii; and

BE IT FURTHER RESOLVED that the working group is requested to consist of the following members:

(1) The Director of Human Services or the Director's designee, to serve as Chairperson of the working group;

(2) The Director of Taxation or the Director's designee;

(3) The Director of Finance or the Director's designee;

(4) One member from the Senate, to be appointed by the President of the Senate;

(5) One member from the House of Representatives, to be appointed by the Speaker of the House of Representatives;

(6) The Executive Director of the University of Hawaii Economic Research Organization or the Executive Director's designee;

(7) One representative from a nonprofit public interest organization specializing in public health, as invited by the Chairperson;

(8) One representative from a nonprofit, public interest organization specializing in anti-poverty policies for low-income individuals, as invited by the Chairperson;

(9) One representative from a nonprofit public interest organization specializing in advocacy for children, as invited by the Chairperson; and

(10) Other relevant stakeholders as recommended by the working group and invited by the Chairperson; and

BE IT FURTHER RESOLVED that the working group is requested to:

(1) Develop recommendations for a baby bonds program that reduces intergenerational poverty and wealth inequality in the State;

(2) Suggest eligibility criteria for a baby bonds program operated by the State;

(3) Coordinate with other stakeholders, agencies, and programs within and outside of the State that are working to implement baby bonds programs or reduce intergenerational poverty; and

(4) Perform an analysis of the Connecticut baby bonds program to determine what aspects of the program may be beneficial to incorporate into a baby bonds initiative for Hawaii; and

BE IT FURTHER RESOLVED that the working group is requested to submit a report of its findings and recommendations, including any proposed legislation, to the Legislature no later than twenty days prior to the convening of the Regular Session of 2025; and

BE IT FURTHER RESOLVED that certified copies of this Resolution be transmitted to the Governor, Lieutenant Governor, Director of Human Services, Director of Taxation, Director of Finance, and Executive Director of the University of Hawaii Economic Research Organization.