NYC mayor unveils universal baby bonds for city's kindergarteners

NEW YORK CITY (WABC) -- Mayor Bill de Blasio kicked off a city program aimed at giving kindergarteners a saving plan to help them one day go to college.

Every kindergartener in the New York City will receive a $100 bond to kick off a 529 college saving account.

That amounts to 70,000 children.

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The program hopes to level the playing field for all children, regardless of their socio-economic status, to have a shot at success.

The mayor was joined by Schools Chancellor Meisha Porter to celebrate the launch of the program at the Williamsburg Bridge Magnet School.

"These kids today are telling us this is what our future looks like and we're so proud of them and we have to be there for them and every single one of them starts at the same starting line so all their greatness can be realized," the mayor said.

The baby bonds were announced by the mayor in June as part of the mayor's Juneteenth Economic Justice Plan.

The city will invest $15 million annually through 2025.

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