Skip to main content
S 3557 110th Congress Senate Taxation College costs Economics and Public Finance Education Education savings accounts Families Finance and Financial Sector Financial planning Government trust funds Higher education Income tax Individual retirement accounts Investments Labor and Employment Law Mutual funds Personal budgets Saving and investment Student aid Tax-deferred compensation plans

ASPIRE Act of 2008

Introduced: September 24, 2008 Introduced by: Schumer, Charles E. Democratic · New York See on congress.gov
Sign in to write a letter Sign in to watch
This bill died when the 110th Congress ended
It never became law before the 110th Congress (2007–2008) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Sep 24, 2008
Read twice and referred to the Committee on Finance.
Sep 24, 2008
Introduced in Senate
 Ask about this bill AI · grounded in the bill text

Have a question about what this bill does? Ask in plain English; the answer is drawn from the bill's actual text and official record, and it'll tell you when something isn't in the text rather than guess.

AI answers can be imperfect; always confirm against the full bill text.

 Plain-English summary Congressional Research Service

America Saving for Personal Investment, Retirement, and Education Act of 2008 or the ASPIRE Act of 2008 - 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 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.

What's happening now September 24, 2008

Read twice and referred to the Committee on Finance.

 Related & companion bills 1
  • HR 3740 Related bill ASPIRE Act of 2007
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
Cite this page click to expand
APA
U.S. Congress. (2026). S. 3557: ASPIRE Act of 2008. 110th Congress. Open America. https://openamerica.io/bill/110-S-3557/
MLA
"S. 3557: ASPIRE Act of 2008." 110th Congress, 2026, Open America, https://openamerica.io/bill/110-S-3557/.
Bluebook (legal)
S. 3557, 110th Cong. (2026), https://openamerica.io/bill/110-S-3557/.
Markdown link
[S. 3557: ASPIRE Act of 2008](https://openamerica.io/bill/110-S-3557/)
Report a problem