WASHINGTON — Senator Hillary Rodham Clinton (D-N.Y.) and Senator Gordon Smith (R-Ore.) have introduced The New Saver's Act (S. 1967) to push American's savings back into the black.
The New Saver's Act aims to increase savings by all Americans, targeting low-income households, through incentives and better access to wealth-building financial services. Specifically, the legislation promotes savings at tax-time; expands electronic banking; allows contributions to college savings accounts to qualify for the Saver's Credit; revives and promotes U.S. Savings Bonds; updates and modernizes 529 college savings plans; promotes innovations in financial services; and establishes a children's Roth IRA called "Young Savers Accounts."
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