An Act to promote economic mobility through matched savings

This bill creates a matched-savings program in Massachusetts designed to help low-income households build assets and improve their economic stability. To qualify, a household must have an income at or below 80 percent of the area median, and the program explicitly allows people with savings or public assistance to participate. The program works by pairing a participant's own savings with additional matching funds from a nonprofit fiscal intermediary, provided the money is used for specific approved goals such as paying for education, buying or renting a home, or starting a small business. Before opening an account, participants must work with a community-based organization to create a savings plan that includes financial education and counseling. The legislation defines the roles of various organizations involved, including community-based groups, fiscal intermediaries, and financial institutions, to ensure the program operates effectively.