Greater Philadelphia

On October 23rd, 2025, Asset Funders Network hosted a half-day workshop at the Federal Reserve Bank of Philadelphia, bringing together funders, researchers, and practitioners to explore how guaranteed income and baby bonds can work together to address economic inequality.

The event featured opening remarks by Darrick Hamilton, Henry Cohen Professor of Economics and Urban Policy; Director, The New School’s Institute on Race, Power and Political Economy, on shifting from managing poverty to investing in people. Hamilton then joined Amy Castro, PhD- Founding Director; Associate Professor of Social Policy & Practice, Center for Guaranteed Income, University of Pennsylvania, and Alicia Atkinson, Research and Innovation Officer, The Wealth+ Work Futures Lab, to discuss the evidence base and potential of these programs.

A second panel discussion featured local implementers, including Yuan He, MD, MPH, FAAP, Medical Officer of Children’s Health at the Division of Reproductive, Adolescent, and Child Health at the Philadelphia Department of Public Health; Child Health Policy Advisor, Philly Joy Bank, and Amit Khanduri, Director of Programs, Baby Bonds GRO Fund. Joined by moderator David Radcliffe, Director of State and Local Policy, The New School’s Institute on Race, Power and Political Economy, and funder, Chinwe Onyekere, Senior Program Officer, Vanguard, the panel stressed the importance of community-centered design, human connection in program delivery, strategic philanthropy across different program phases, and the benefits of pairing direct cash and baby bonds programs.

Listen to the event and learn more.

Greater Philadelphia funders and community leaders gathered for a morning networking reception and discussion about economic mobility in the region. Ashley Putnam, Director, Economic Growth & Mobility Project, Federal Reserve Bank of Philadelphia and Bryan Stuart, Economic Advisor and Economist, Federal Reserve Bank of Philadelphia presented their findings from a recent report, “Understanding Economic Stability and Economic Mobility in Philadelphia.” The report captures the lived experiences of residents navigating income, work, caregiving, health, and housing. The report’s findings include:

• Widespread income instability—even among those working multiple jobs
• Persistent structural barriers to employment
• Residents’ strong desire for stability as a foundation for upward mobility
• A call for better jobs and holistic supports for health and well-being

In addition, Catie Wolfgang, Officer, Philadelphia Research and Policy Initiative, The Pew Charitable Trusts, shared a new roadmap for economic mobility for the Philadelphia region produced in collaboration with the Brookings Institution. This multi-year effort to design and operationalize a regional growth strategy is intended to strengthen pathways to quality jobs for Philadelphians.

Following the presentations, funders and community partners in attendance participated in a facilitated discussion about this new data and how it affects their funding and program strategies. Additionally, the group voiced a need for more support for small business entrepreneurs, ways to address employment barriers linked to criminal records and age, the need for trauma-informed employment practices, and the challenge of encouraging education as a pathway to better jobs among people experiencing economic instability.

Nearly 300 Funders, Scholars and Practitioners Gather for Baby Bond Discussion
On January 16, 2025, the Asset Funders Network (AFN) and The New School Institute on Race Policy and Political Economy hosted Innovations in Baby Bonds at the New York Federal Reserve Bank, featuring new research from Stanford University on how Baby Bonds and direct cash assistance, when paired together, amplify impact.