Growing Support for Matched Savings Legislation
Matched savings accounts have been proven to be successful financial products that help low-income households save and build wealth. Since its inception in the early 1990s, matched savings accounts (often called Individual Development Accounts) have helped working poor families buy homes, pursue higher education and start their own businesses, improving their financial security.
Prosperity Now has been working to provide savings incentives for low-income households on the Federal level for several years. This Congress, there have been several bills introduced that help low-income families save and they are both increasing in support.
Congressman John Lewis (D-GA) introduced the Stephanie Tubbs Jones Assets for Independence Reauthorization Act (H.R. 6354). The bill proposed to update and simplify the Assets for Independence program. Three legislators recently signed on as cosponsors: Congressmen Bobby Rush (D-IL), Steven Rothman (D-NJ) and Tim Ryan (D-OH).
Congresswoman Jenkins and Congressman Kind introduced bipartisan legislation to expand the Saver's Credit to include 529 College Savings Accounts. The bill, the Savings Enhancement for Education in College Act, recently gained the co-sponsorship of Congressman Lynch (D-MA).
Prosperity Now will continue to work to expand matched savings accounts to Americans across the country. Please visit our website at http://www.cfed.org/advocacy to learn more about Prosperity Now's federal policy priorities and to send letters to your legislators asking them to support these bills and other savings policies.