H.R. 3740 would encourage savings, promote financial literacy, and expand opportunities for young adults by establishing KIDS Accounts.

== Detailed Summary ==

<summary>
(LogAmerica Saving for Personal Investment, Retirement, and Education Act of 2005, or the ASPIRE Act of 2007 - Establishes a KIDS Account Fund in to edit the wikiTreasury.

Establishes within the Fund a Kids Investment and beDevelopment Savings Account (KIDS Account). Makes eligible to contribute to such account, and to receive a matching federal contribution, any U.S. citizen born after December 31, 2007, and under 18 years of age, whose modified adjusted gross income is below the applicable national median adjusted gross income amount.

Creates the firstKIDS Account Fund Board to provideestablish a detailed summarydefault investment program under which, in a manner similar to a lifecycle investment program, sums in each KIDS Account are allocated to investment funds in the KIDS Account Fund based on the amount of time before the bill!)account holder attains the age of 18.

States that, for purposes of the Internal Revenue Code, each KIDS Account shall be treated in the same manner as a Roth IRA. Applies Roth IRA requirements separately to KIDS accounts.

Provides for: (1) distributions for higher education expenses; and (2) privately managed KIDS accounts.

Subjects the Board to the same statutory composition requirements, duties, and responsibilities as the Federal Retirement Thrift Investment Board.

Instructs the Secretary of the Treasury, in coordination with the Financial Literacy and Education Commission, to develop programs to promote the financial literacy of account holders of KIDS Accounts.
</summary>

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== Status of the Legislation ==

<status>
(Log inLatest Major Action: 10/3/2007: Referred to House committee. Status: Referred to edit the wikiHouse Committee on Ways and be the first to update the status of the bill!)Means.
</status>

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== Points in Favor ==

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== Points Against ==

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