American Dream Accounts Act of 2024
HR 9881 establishes "American Dream Accounts" for eligible young Americans. Each covered individual (U.S. citizen or naturalized before age 18 with a Social Security number) receives an initial $5,000 deposit, plus a $10,000 bonus for 12+ months of Peace Corps/AmeriCorps service. Accounts are invested in U.S. stock index funds, with disbursements available as a lump sum, monthly payments, or Roth IRA rollovers upon turning 18-25, provided they have a high school diploma or equivalent. The bill exempts account balances and disbursements from federal benefit eligibility calculations and requires new financial literacy education in schools.
Bill status
in committee
1 of 4 stages cleared
Introduction
Sep 2024
Committee Review
Floor Vote
President
Introduced Sep 27, 2024
Last action Dec 17, 2024
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
3
Key actions
0
Committee
2
Dec 17, 2024
Committee
Referred to the Subcommittee on Social Security.
lower
Sep 27, 2024
Committee
Referred to the Committee on Ways and Means, and in addition to the Committee on Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
lower
Sep 27, 2024
Introduced
Introduced in House
lower
1 primary · 2 co-sponsors
Sponsors
Role
Legislator
Party
State
District
P
Dean Phillips
DDemocratic
Co
Juan Vargas
DDemocratic
Co
Shri Thanedar
DDemocratic
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