http://www.washingtonwatch.com/bills info@washingtonwatch.com http://www.pjdoland.com/chai/?v=0.1 http://www.washingtonwatch.com/bills/history/110_HR_3740.html?rev=18968 <p>H.R. 3740 would encourage savings, promote financial literacy, and expand opportunities for young adults by establishing KIDS Accounts.</p> <h2 id="toc0"> Detailed Summary </h2> <p>America Saving for Personal Investment, Retirement, and Education Act of 2005, or the ASPIRE Act of 2007 - Establishes a KIDS Account Fund in the Treasury.</p> <p>Establishes within the Fund a Kids Investment and Development 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.</p> <p>Creates the KIDS Account Fund Board to establish a default 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 account holder attains the age of 18.</p> <p>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.</p> <p>Provides for: (1) distributions for higher education expenses; and (2) privately managed KIDS accounts.</p> <p>Subjects the Board to the same statutory composition requirements, duties, and responsibilities as the Federal Retirement Thrift Investment Board.</p> <p>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.</p> <!--Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc1"> Status of the Legislation </h2> <p>Latest Major Action: 10/3/2007: Referred to House committee. Status: Referred to the House Committee on Ways and Means.</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc2"> Points in Favor </h2> <p>(Log in to edit the wiki and be the first to show why the bill should pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> <h2 id="toc3"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> 18968@http://www.washingtonwatch.com Wed, 05 Mar 2008 00:00:00 EST http://www.washingtonwatch.com/bills/history/110_HR_3740.html?rev=11069 <p>H.R. 3740 would encourage savings, promote financial literacy, and expand opportunities for young adults by establishing KIDS Accounts.</p> <h2 id="toc4"> Detailed Summary </h2> <p>(Log in to edit the wiki and be the first to provide a detailed summary of the bill!)</p> <!--Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc5"> Status of the Legislation </h2> <p>(Log in to edit the wiki and be the first to update the status of the bill!)</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc6"> Points in Favor </h2> <p>(Log in to edit the wiki and be the first to show why the bill should pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> <h2 id="toc7"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> 11069@http://www.washingtonwatch.com Wed, 10 Oct 2007 00:00:00 EDT http://www.washingtonwatch.com/bills/history/110_HR_3740.html?rev=11070 <p>H.R. 3740 would encourage savings, promote financial literacy, and expand opportunities for young adults by establishing KIDS Accounts.</p> <h2 id="toc8"> Detailed Summary </h2> <p>(Log in to edit the wiki and be the first to provide a detailed summary of the bill!)</p> <!--Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc9"> Status of the Legislation </h2> <p>Latest Major Action: 10/3/2007: Referred to House committee. Status: Referred to the House Committee on Ways and Means.</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc10"> Points in Favor </h2> <p>(Log in to edit the wiki and be the first to show why the bill should pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> <h2 id="toc11"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> 11070@http://www.washingtonwatch.com Wed, 10 Oct 2007 00:00:00 EDT http://www.washingtonwatch.com/bills/show/110_HR_3740.html 10/3/2007: Referred to House committee. Status: Referred to the House Committee on Ways and Means. 26230@http://www.washingtonwatch.com Wed, 03 Oct 2007 00:00:00 EDT http://www.washingtonwatch.com/bills/show/110_HR_3740.html 10/3/2007: Referred to House committee. Status: Referred to the House Committee on Ways and Means. 28062@http://www.washingtonwatch.com Wed, 03 Oct 2007 00:00:00 EDT