Bill > SB5541

This bill establishes the Washington Future Fund pilot project, a program designed to address intergenerational poverty by providing financial grants to young adults who were born into and continuously enrolled in Medicaid. Specifically, the bill creates a $25,000 grant program for eligible individuals who are Washington residents, born in the state, currently enrolled in medical assistance programs, aged 18-35, and were enrolled in these programs since before their first birthday. The grants can be used for three primary purposes: pursuing higher education, purchasing a home in Washington state, or creating or purchasing a business in the state. The pilot project will randomly select participants across different regions, with grant allocations proportional to each region's Medicaid enrollment. The University of Washington will help design and evaluate the project, conducting interviews to assess the grant's impact on participants' economic stability. The Office of the State Treasurer will administer the program, and participants must engage in financial coaching and participate in evaluation interviews. The ultimate goal is to study how a "baby bond" style grant can help interrupt the cycle of poverty by providing seed capital for personal and professional development. The bill requires a final report to be submitted to the legislature by June 30, 2027, to assess the program's effectiveness.

Budget and Finance

https://app.leg.wa.gov/billsummary?BillNumber=5541&Year=2025&Initiative=false