St. Paul Mayor Melvin Carter is setting up a task force to help establish children’s savings accounts.

The 30-member group will be co-chaired by Ann Mulholland, vice president of community impact at the St. Paul and Minnesota Community Foundations, and Nichol Beckstrand, president of Sunrise Banks. Rebecca Noecker, a St. Paul city council member, will serve as a member.

The task force will handle community engagement, setting up the program and will offer funding and implementation recommendations.

Carter mentioned establishing $50 savings accounts for St. Paul children during his campaign. A number of other U.S. cities have adopted similar programs as a way to help provide college funds for children.

“Letting our children know we believe in their potential is a priceless investment,” Carter said in a statement. “I am so excited that Ann Mulholland and Nichol Beckstrand will help lead this work.”

The task force will work with officials from areas such as colleges, businesses, banks, birth centers, and community organizations.