American Dream Accounts Act of 2024

Hozzl · 2025-01-04T11:12:26Z

Explore the details of House Bill 9881 American Dream Accounts Act of 2024 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on undefined. Stay informed on legislative developments.

1/4/2025, 11:12 AM

Summary of Bill HR 9881

Bill 118 hr 9881, also known as the American Dream Accounts Act of 2024, is a piece of legislation introduced in the US Congress. The purpose of this bill is to establish American Dream Accounts for individuals born after January 1, 2006, in order to provide them with financial resources to pursue higher education, homeownership, or entrepreneurship.

Under this bill, eligible individuals will receive an initial deposit of $1,000 into their American Dream Account at birth. Additional contributions will be made annually by the federal government, with the amount based on the individual's family income. These funds can be used for qualified expenses such as tuition, down payments on a home, or starting a small business.

The American Dream Accounts Act of 2024 also includes provisions for financial literacy education and counseling to help account holders make informed decisions about their finances. Additionally, the bill establishes a board to oversee the administration of the program and ensure accountability and transparency. Overall, the American Dream Accounts Act of 2024 aims to provide young Americans with the financial resources and knowledge needed to achieve their goals and pursue their dreams.

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Current Status of Bill HR 9881

Bill HR 9881 is currently in the status of Bill Introduced since September 27, 2024. Bill HR 9881 was introduced during Congress 118 and was introduced to the House on September 27, 2024. Bill HR 9881's most recent activity was Referred to the Subcommittee on Social Security. as of December 17, 2024

Bipartisan Support of Bill HR 9881

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Policy Area and Potential Impact of Bill HR 9881

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Alternate Title(s) of Bill HR 9881

American Dream Accounts Act of 2024American Dream Accounts Act of 2024To direct the Commissioner of Social Security to establish American Dream Accounts for every child born in the United States, and for other purposes.

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