Bill

Bill > S662


MA S662

Relative to savings enabling prosperity


summary

Introduced
03/29/2021
In Committee
03/29/2021
Crossed Over
Passed
Dead
12/31/2022

Introduced Session

192nd General Court

Bill Summary

For legislation relative to savings enabling prosperity. Financial Services.

AI Summary

This bill aims to establish a statewide matched-savings program in Massachusetts to enable lower-income households to build wealth through investments in small businesses, education, homeownership, and other wealth-building purposes. The program allows eligible account holders (households earning less than 80% of the area median income) to open matched-savings accounts with a fiscal intermediary organization, which will match their deposits at a 4:1 ratio up to a total of $20,000. The bill outlines the approved savings goals, the responsibilities of the fiscal intermediary and community-based organizations, and the oversight role of the Division of Banks. The goal is to provide an asset-based anti-poverty strategy that complements government income support programs.

Committee Categories

Business and Industry

Sponsors (1)

Last Action

Accompanied a study order, see S2699 (on 02/17/2022)

bill text


bill summary

Loading...

bill summary

Loading...

bill summary

Loading...