California OKs ‘baby bonds’ to help combat child poverty

SACRAMENTO, Calif. (AP) — California has approved trust funds for some children from low-income families who lost a parent or caregiver to COVID-19. The Legislature set aside $100 million in the state budget to put into trust funds. The money would accrue interest until the child becomes an adult. Children in the state’s foster care system or from low-income families who lost a parent to the coronavirus would be eligible. The Washington D.C. City Council and state lawmakers in Connecticut have approved similar programs known as “baby bonds.” It’s part of a surge of new spending in California aimed at combating child poverty.