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AB 1022

Relating to: creating a baby bond program and baby bond fund, granting rule-making authority, and making an appropriation. (FE)

2025-2026 Regular Session Introduced by Ryan Clancy and 7 co-sponsors

Wisconsin AB 1022 would create a state baby bond program with a dedicated fund to deposit and grow funds for eligible children, for future milestones or disbursements.

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Bill Summary · AB 1022

Legislative Bill Summary — AB 1022 (2025 Session, Wisconsin)

Note: This summary is based on the bill title and available legislative history. It focuses on the stated purpose, key provisions, likely impacts, and procedural/timeline aspects as reflected in the record.

1) Main Purpose and Intent

  • AB 1022 relates to establishing a "baby bond" program and a corresponding baby bond fund, authorizing rulemaking, and making an appropriation.
  • The overarching intent appears to create a state-supported program designed to provide financial assets (baby bonds) to or for newborns/young children, funded by a dedicated fund, with regulatory/rulemaking authority to administer the program, and an appropriation to support start-up and ongoing benefits.

2) Key Provisions and Changes

  • Establishment of a Baby Bond Program

    • Creates a program intended to accumulate and distribute baby bonds (financial instruments or accounts) for eligible Wisconsin children.
    • The design likely includes criteria for eligibility, minimum contribution levels, and timelines for maturation or withdrawal, although specific program mechanics are not detailed in the available text.

  • Creation of a Baby Bond Fund

    • Sets up a dedicated fund (baby bond fund) to finance the program.
    • The fund would receive appropriations and potentially other revenue sources to fund initial deposits, ongoing contributions, and administrative costs.

  • Rule-Making Authority

    • Grants the appropriate state agency or agencies the authority to promulgate rules necessary to implement, operate, and oversee the baby bond program.
    • Rules could cover eligibility, funding formulas, investment management, withdrawal/disbursement procedures, compliance, reporting, and program oversight.

  • Appropriation

    • Includes an appropriation to support the program and/or fund.
    • Could cover startup costs (program development, administrative salaries, IT systems) and ongoing annual funding for deposits or matching contributions, subject to legislative appropriation processes.

Note: Specific dollar amounts, contribution rates, eligibility standards, payout options, investment strategies, and administrative structures are not provided in the excerpt. The bill’s fiscal and policy specifics would be defined in the enacted text or subsequent amendments.

3) Beneficiaries and Impacts

  • Primary Beneficiaries

    • Wisconsin children who would receive baby bonds funded by the program.
    • Families or guardians could be involved in managing or accessing the accounts at specified milestones (e.g., college, housing, or other life events), depending on program design.

  • State and Administrative Impacts

    • Requires creation or adaptation of administrative structures to manage the program and fund.
    • Involves budgeting considerations through the appropriation and ongoing fund management.
    • Necessitates rulemaking to operationalize eligibility, funding mechanisms, investment policies, and disbursement rules.

  • Equity and Economic Impacts

    • Aims to build long-term child wealth and potentially reduce disparities in lifetime resources.
    • The design could influence education access, home ownership, or other long-term financial outcomes for participants, depending on how and when funds are disbursed.

4) Procedural and Timeline Aspects

  • Introduction and Sponsorship

    • Introduced February 6, 2026, with multiple co-sponsors listed, indicating broad legislative interest.

  • Referral and Hearings

    • Referred to the Committee on Financial Institutions (initial procedural step).

  • Fiscal Considerations

    • The action history shows multiple fiscal notes/estimates being prepared and reviewed (as recently as 2026), signaling attention to budgetary impact.

  • Status

    • As of the latest records, the bill has progressed through the standard introduction and committee referral process; final passage and enactment would depend on committee action, floor votes, and veto considerations.

5) Additional Context

  • Co-sponsors include a diverse group of representatives and senators, suggesting cross-party or bipartisan interest in child-focused wealth-building initiatives.

  • The policy design will hinge on the forthcoming specific provisions in the enacted bill (or amendments) detailing:

    • Eligibility and participation rules
    • Deposit amounts and funding sources
    • Investment management and fiduciary responsibilities
    • Milestones for withdrawals or usage of funds
    • Oversight, reporting, and accountability measures

If you’d like, I can tailor this summary to focus on specific aspects (e.g., anticipated cost to the state, potential eligibility criteria, or comparisons to existing Wisconsin child savings programs) once more detailed text becomes available.

Compiled from official sources — confirm details with the bill’s official record.

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