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American Dream Accounts Act of 2024
1/4/2025, 11:12 AM
Summary of Bill HR 9881
Bill 118 hr 9881, also known as the American Dream Accounts Act of 2024, is a piece of legislation introduced in the US Congress. The purpose of this bill is to establish American Dream Accounts for individuals born after January 1, 2006, in order to provide them with financial resources to pursue higher education, homeownership, or entrepreneurship.
Under this bill, eligible individuals will receive an initial deposit of $1,000 into their American Dream Account at birth. Additional contributions will be made annually by the federal government, with the amount based on the individual's family income. These funds can be used for qualified expenses such as tuition, down payments on a home, or starting a small business.
The American Dream Accounts Act of 2024 also includes provisions for financial literacy education and counseling to help account holders make informed decisions about their finances. Additionally, the bill establishes a board to oversee the administration of the program and ensure accountability and transparency. Overall, the American Dream Accounts Act of 2024 aims to provide young Americans with the financial resources and knowledge needed to achieve their goals and pursue their dreams.
Under this bill, eligible individuals will receive an initial deposit of $1,000 into their American Dream Account at birth. Additional contributions will be made annually by the federal government, with the amount based on the individual's family income. These funds can be used for qualified expenses such as tuition, down payments on a home, or starting a small business.
The American Dream Accounts Act of 2024 also includes provisions for financial literacy education and counseling to help account holders make informed decisions about their finances. Additionally, the bill establishes a board to oversee the administration of the program and ensure accountability and transparency. Overall, the American Dream Accounts Act of 2024 aims to provide young Americans with the financial resources and knowledge needed to achieve their goals and pursue their dreams.
Read the Full Bill
Current Status of Bill HR 9881
Bill HR 9881 is currently in the status of Bill Introduced since September 27, 2024. Bill HR 9881 was introduced during Congress 118 and was introduced to the House on September 27, 2024. Bill HR 9881's most recent activity was Referred to the Subcommittee on Social Security. as of December 17, 2024
Bipartisan Support of Bill HR 9881
Total Number of Sponsors
3Democrat Sponsors
3Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
2Democrat Cosponsors
2Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 9881
Primary Policy Focus
Alternate Title(s) of Bill HR 9881
American Dream Accounts Act of 2024
American Dream Accounts Act of 2024
To direct the Commissioner of Social Security to establish American Dream Accounts for every child born in the United States, and for other purposes.
Comments
Sponsors and Cosponsors of HR 9881
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