The median Black, Indigenous, and People of Color (BIPOC) household in Washington has only one-fourth the total wealth of the median white household – a state-level wealth gap driven by decades of redlining and discriminatory lending practices that closed off avenues to wealth-building for non-white Washingtonians. 

But every Washingtonian deserves economic security. And EOI is fighting for policies that will make it so.

The Washington Future Fund is a Baby Bond-like program that aims to narrow the racial wealth gap by investing in children born into poverty and allowing them to shape their own future right here in Washington. 

Under the program, every child born in Washington who is eligible for Medicaid – roughly 38,000 births per year, 57% of them to BIPOC families – would be provided, at birth, with a $4,000 government investment in their name. This amount would grow over the course of their childhood and be available to them from age 18 and up to age 35 to invest in their future: by putting a down payment on a home; by paying for post-secondary education; or by starting a business.

Access to capital at key points in a young person’s life is crucial to begin building individual wealth. But BIPOC families’ access to wealth through home ownership, education, and business entrepreneurship is lagging.  These are the kinds of programs that we know help build generational wealth — and this program would offer individuals between $14,000 and $30,000 to invest in their own futures.

• Home ownership: In Washington state, 69% of White families are homeowners compared to only 34% of Black families. Fifty years ago 1970, 50% of Black families owned homes. Since then, it has fallen decade after decade.”
• Business entrepreneurship: There are 657,529 small businesses in Washington state, and only 15.12 percent are businesses owned by racial minorities. In comparison, non-white racial groups make up 28% of the state’s population. 
• Post-secondary education: In 2022, of the 380,000 students enrolled in a Washington state education institution, 15% were Hispanic/Latino, 10% were Asian, 7% were multi-racial, and 5% were Black.

The Washington Future Fund will promote economic activity for local communities, generate tens of thousands of new potential homeowners, and inspire new entrepreneurs, investors, and skilled workers. This tool will also encourage young people to stay in Washington to pursue academic and economic opportunities.