Legislation creates a trust fund to help New Mexico's children achieve financial independence

Santa Fe, N.M. – Today, legislation to provide a head start at financial independence for every child born in New Mexico, passed the House Health and Human Services Committee by a vote of 5-4

House Bill 7: the Children's Future Act and Fund would create a trust fund to provide financial support, also known as "baby bonds," for all individuals born in New Mexico after January 1, 2025. New Mexico children would be able to use the funds for education, housing, or entrepreneurship costs, as well as investment opportunities, upon graduation from high school.

"By giving every child in our state access to funding for their education, business ideas, or simply to afford housing as they begin their adult lives, we can make sure all New Mexicans can envision a bright future with limitless potential," said lead sponsor Rep. Linda Serrato (D-Santa Fe).

HB 7 appropriates $5 million to establish the initial funding for the Children's Future Fund. The legislation also creates a task force to design the optimal implementation of the program. The task force would report its recommendations to the governor and legislature by the end of 2025.

HB 7 is also sponsored by House Speaker Javier Martínez (D-Albuquerque). The bill will move next to the House Appropriations and Finance Committee.

This session, House Democrats are pushing forward a slate of legislation to make life better and more affordable for New Mexicans, including helping to break cycles of generational poverty and start building generational wealth.

Additional measures Democrats are bringing forward this session would raise pay and strengthen benefits for working people, protect consumers from corporate greed, and lower the costs of essentials, like housing, healthcare, and groceries.

Members of the public are welcome to attend floor sessions and committee meetings at the New Mexico Roundhouse, and can tune in virtually through the New Mexico Legislature's Webcasts tab. Public comment can also be provided in-person, and via phone or Zoom as directed on the daily schedule.