ASPIRE Act of 2007

To encourage savings, promote financial literacy, and expand opportunities for young adults by establishing KIDS Accounts.

10/3/2007--Introduced.
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. 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. 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. 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.


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Sponsor

• Rep. Patrick Kennedy [D, RI-1]
• and 5 Co-Sponsors
  • Rep. Jim Cooper [D, TN-5]
  • Rep. Rahm Emanuel [D, IL-5]
  • Rep. Philip English [R, PA-3]
  • Rep. Zoe Lofgren [D, CA-16]
  • Rep. Thomas Petri [R, WI-6]
  close

Committees

• House Ways and Means

Amendments

This bill has no amendments.

Amendments to H.R.3740

Number	Status	Purpose

Bill Status

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Introduced		Voted on by House		Voted on by Senate		Considered By President		Bill Becomes Law
October 03, 2007

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All Bill Actions

• Oct 03, 2007: Referred to the House Committee on Ways and Means.
• Introduced on Oct 03, 2007.

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Related Issue Areas:

• Trusts and trustees
• Tax-deferred compensation plans
• Student aid
• Saving and investment
• 17 more
• Personal budgets
• Pensions
• Mutual funds
• Law
• Investments
• Individual retirement accounts
• Income tax
• Higher education
• Government trust funds
• Financial planning
• Finance
• Education savings accounts
• Education
• College costs
• Children
• Budgets
• Taxation

Data from the Congressional Research Service

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Blog Coverage

September 11, 2008 Assets Learning Conference: Lobbying 101

ASPIRE Act, HR 3740, would provide a $500 government contribution for each child born in the US, plus a match for low-income children. So far, only a small handful of legislators have co-sponsored it, but the big push will be in the ...

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October 02, 2007 Bill Action: Introduced: HR 3740: To encourage savings, promote ...

Rep. Patrick Kennedy [D-RI] introduced HR 3740: To encourage savings, promote financial literacy, and expand opportunities for young adults by establishing KIDS Accounts. [This event matched these trackers: Active Legislation ]

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October 02, 2007 HR 3740, To encourage savings, promote financial literacy, and ...

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

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