HOUSTON — Texas Lt. Gov. Dan Patrick on Thursday proposed a program that would provide every newborn in the state with $1,000 at birth to support long-term savings and investment.
Speaking at a public event, Patrick said state leaders would consider legislation in the next session to establish and fund the initiative. If approved, state officials would set eligibility rules, distribution methods, and oversight mechanisms.
The Texas proposal is designed to complement a separate federal initiative that plans to give every American baby $1,000 to invest in stock market or approved investment accounts. Patrick said the state contribution would add to the federal funds, giving Texas children a stronger financial foundation as they grow.
State financial agencies and legislative budget committees would review the fiscal impact of the plan before a vote. Lawmakers would determine how to finance the $1,000-per-newborn payments, including options such as general revenue or a dedicated fund.
If enacted, Texas health agencies and vital statistics offices would coordinate with financial institutions to open and credit accounts for eligible newborns.