For Immediate Release: Thursday, June 20, 2024
ROCKVILLE, Md., June 20, 2024—On Tuesday, Councilmembers Will Jawando, Chair of the Education and Culture Committee, and Gabe Albornoz, Chair of the Health and Human Services Committee, held a press conference on Bill 5-24, the Child Investment Fund (CIF). The bill was introduced in March 2024 to support generational wealth-building and economic investment in Montgomery County. Advocates from various organizations joined the press conference in support of the bill.
The Child Investment Fund would help Montgomery County by facilitating future young residents' investment in wealth-building activities, including education, business, homeownership, and retirement. This approach is grounded in research as well as best practices from similar existing and proposed policies across the United States, but it is the first of its kind to be introduced at the County level.
Councilmember Albornoz shared opening remarks, commenting, "I’m proud to be a part of Montgomery County’s leadership in creating a more just society, from our guaranteed income pilot to our Newcomers Initiative and now this proposal,” said Councilmember Albornoz. “We see this as an investment in the future that will attract and retain people of all backgrounds to live and thrive in our County.”
Lauren Bealore, Associate Director of State & Local Policy at Prosperity NOW, spoke to the research-based foundation of baby bonds proposals and the importance of advocacy, asserting, “This bill introduced by Councilmember Jawando and Councilmember Albornoz would move the needle towards bridging the economic gap in Montgomery County.”
“Montgomery County residents deserve our investment,” said Councilmember Jawando. “When we invest in our people and support their financial success, we create a virtuous cycle of residents investing in their community’s economy. When we fail to support our people, everyone loses and our economy suffers.”
"Montgomery County has been my home since 2017. I came for a better life for my family. This policy will help my children build a better life,” said Annie Zitu, whose youngest child was born on January 5, 2024 and would be eligible to apply for the CIF.
The bill has garnered attention from many individuals and organizations in and beyond Montgomery County. The public hearing was held at 7:00 p.m. on Tuesday. A committee session will be scheduled by the Government Operations and Fiscal Policy Committee at a later date.
A recording of the press conference can be viewed here.
The full text of the bill can be read here: https://montgomerycountymd.granicus.com/MetaViewer.php?view_id=169&event_id=16099&meta_id=174086
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Release ID: 24-236