E. An Act to Establish a Commission to Study the Feasibility of Creating and Funding A Universal Children’s Savings Account (S. 655)

College Savings Accounts (CSAs) are long-term asset-building accounts, established for children at birth and annually grown over the course of their lifetimes, to be used in the pursuit of higher education. CSAs have been shown to dramatically improve the likelihood of a child attending and succeeding in college. Both San Francisco and New Hampshire have implemented successful CSA models that provide each child born in the respective region with a baseline amount of money, to which additional funds can be contributed and matched throughout the child's life. This bill would establish a mechanism for studying possible implementation strategies in the Commonwealth.