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infant sleeping (Photo: Shutterstock)

(Bloomberg) — New York City and Connecticut are gifting publicly-financed savings bonds to children through two programs aimed at stemming racial income inequality in states with the worst wealth gaps in the U.S.

Connecticut will invest $600 million in its “baby bonds” program over the next 12 years, setting aside a $3,200 bond each for about 16,000 Medicaid-eligible children annually.

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