S 2601
117th Congress
Senate
Labor and Employment
Administrative law and regulatory procedures
Bank accounts, deposits, capital
Congressional oversight
Department of the Treasury
Employee benefits and pensions
Federal preemption
Government studies and investigations
State and local government operations
Wages and earnings
Strengthening Financial Security Through Short-Term Savings Accounts Act of 2021
Introduced: August 4, 2021
Introduced by:
Booker, Cory A.
Democratic
· New Jersey
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Aug 4, 2021
Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Aug 4, 2021
Introduced in Senate
Plain-English summary
Strengthening Financial Security Through Short-Term Savings Accounts Act of 2021
This bill allows employers to enroll employees in short-term savings accounts that are funded using automatic contributions deducted from participating employees' wages.
For each pay period, the employer must transfer to the account an amount equal to the percentage of the employee's compensation or a fixed amount, as determined by the employer.
Employees may elect to adjust, stop, or pause their contributions. The balance in an account may not exceed $10,000 (adjusted annually for inflation) and must be made readily available to the employee at any time.
What's happening now
Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Committees of jurisdiction
1
Cosponsors
1