HR 1083 115th Congress House Labor and Employment Administrative law and regulatory procedures Advisory bodies Department of Labor Employee benefits and pensions Financial services and investments Income tax deferral Income tax exclusion Self-employed

American Savings Account Act of 2017

Introduced: February 15, 2017 Introduced by: Huffman, Jared Democratic · California See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Feb 15, 2017

Referred to the House Committee on Ways and Means.

Feb 15, 2017

Introduced in House

Plain-English summary Congressional Research Service

American Savings Account Act of 2017

This bill amends the Internal Revenue Code to establish a new retirement option for all employees and self-employed individuals to be known as the American Savings Account Fund. This fund operates in a manner similar to the Thrift Savings Fund, which is available to federal employees.

The bill establishes an American Savings Account Board of Directors to establish policies for fund investment and management. The board shall select or establish a list of investment funds and options similar to those in the Thrift Savings Fund, among which participants may choose.

The board shall establish an American Savings Account Fund Advisory Council to advise the board on matters relating to investment policies.

The American Savings Account Fund is tax-exempt and contributions to, or distributions from, it are excludible from gross income.

What's happening now February 15, 2017

Referred to the House Committee on Ways and Means.

Committees of jurisdiction 1