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Assets for Independence Act

Introduced: November 6, 1997 See on congress.gov

Everywhere this bill has been 3 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Nov 18, 1997

Referred to the Subcommittee on Human Resources.

Nov 6, 1997

Referred to the House Committee on Ways and Means.

Nov 6, 1997

Introduced in House

Plain-English summary Congressional Research Service

Assets for Independence Act - Provides for the establishment of four-year demonstration projects designed for the stated purpose of determining: (1) the social, civic, psychological, and economic effects of providing to individuals and families with limited means an incentive to accumulate assets by saving a portion of their earned income in an individual development account; (2) the extent to which an asset-based policy that promotes saving for education, home ownership, and microenterprise development may be used to enable individuals and families with limited means to increase their economic self-sufficiency; and (3) the extent to which an asset-based policy stabilizes and improves families and the community in which they live.

Authorizes not-for-profit organizations and qualified State or local government agencies to participate in the grant program. Requires each qualified not-for-profit organization receiving a grant to establish a Reserve Fund for deposit of private and public funds provided for the demonstration project, as well as proceeds from investments.

Provides for individual development accounts (IDAs), held by federally insured financial institutions, into which qualified individuals may make contributions, which shall be matched by the qualified entity conducting a demonstration project under a grant, according to a certain formula, in an amount up to $2,000 per individual ($4,000 per household). Limits the use of IDA distributions to specified postsecondary educational, first-home purchase, and business capitalization expenses, as well as transfers to IDAs of family members.

Makes an individual eligible for assistance under a demonstration project if the individual is a member of a household that: (1) is eligible for assistance under part A (Temporary Assistance for Needy Families) of title IV of the Social Security Act; or (2) meets certain income and net worth tests.

Authorizes appropriations.

Disregards funds in the IDA of a demonstration project participant for purposes of all means-tested Federal programs.

What's happening now November 18, 1997

Referred to the Subcommittee on Human Resources.

Committees of jurisdiction 2