SAVINGS Act Introduced in Senate

We’re thrilled to share that Senators Patty Murray (D-WA), the top Democrat on the Health, Education, Labor, and Pensions (HELP) Committee, and Susan Collins (R-ME), Chairman of the Aging Committee, have introduced the SAVINGS Act in the Senate. Original co-sponsors of the bill include Senators Jerry Moran (R-KS), Angus King (I-ME), and Claire McCaskill (D-MO).

This bill serves as companion legislation to the SAVINGS Act in the House, which was introduced by Congressman Matt Cartwright (D-PA) in March of 2015 and currently has 23 bipartisan cosponsors.

Like the House legislation, the Senate bill:

  • Protects the current Tax Time Savings Bond Program which allows consumers to easily “impulse” save at tax-time
  • Ensures that future changes to savings bonds maintain critical features of the program, like:
    • Easy access to buying bonds at tax-time through the tax form
    • The ability to effortlessly gift bonds to family members
    • Availability to un-banked and under-banked consumers
  • Calls on Treasury to consider innovative ways to protect savings bonds as it updates its retail securities technology platform

We will continue our ongoing advocacy efforts to support both of these bills. We thank all of the sponsoring Senators and Representatives for their commitment to this legislation which will help American families save for themselves and their loved ones.

We also thank the following organizations who signed on to support this legislation: The Aspen Institute, Center for Financial Services Innovation, Baltimore CASH, Clarifi, Impact America, Just Harvest, Maryland CASH, MyPath, National League of Cities, and Neighborhood Trust Financial Partners.

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