Budget Amendment ID: FY2023-S4-274-R1

Redraft ECO 274

BabySteps Savings Plan Economic Empowerment and Equity

Messrs. Feeney, O'Connor and Timilty, Ms. Rausch and Mr. Montigny moved that the proposed new text be amended in section 2, in item 0610-0010, by striking out the words “funds from this item may be transferred to the Economic Empowerment Trust Fund established in section 35QQ of chapter 10 of the General Laws” and inserting in place thereof the following words:-

"not less than $500,000 shall be transferred to the Economic Empowerment Trust Fund established in section 35QQ of chapter 10 of the General Laws; provided further, that such funds shall be expended to operate a matching grant program to leverage additional private funds to support the BabySteps Savings Plan to sustain and increase participation in the program; provided further, that such funds shall be subject to match contributions equal to $1 for every $1 contributed through the transfer; and provided further, that such funds shall be used to promote geographic, social, racial and economic equity and reduce barriers to enrollment in the program that persist in low-income communities and communities of color"; and by striking out the figure “726,700” and inserting in place thereof the following figure:- “1,226,700”.