Bill > S441

This bill establishes the American Opportunity Accounts Act, which would create the American Opportunity Fund and American Opportunity (AO) accounts. The key provisions are: 1. The American Opportunity Fund would be established in the Treasury and funded through initial $1,000 contributions for eligible individuals born after December 31, 2023, as well as annual contributions that decrease on a sliding scale based on household income. 2. AO accounts would be established for each eligible individual under 18 years old, and the account balance would include the contributions and investment earnings/losses. 3. Restrictions are placed on the use of AO account funds, such as for higher education expenses, home ownership, and other long-term investments, with oversight from an advisory board. 4. The accounts would be disregarded when determining eligibility for federal benefits, and the earnings and distributions would be tax-exempt. 5. The bill establishes an American Opportunity Fund Board to oversee the administration of the program, and requires annual reporting to Congress and account holders. Overall, this bill aims to provide a government-managed savings program to help build wealth and assets for younger Americans from lower- and middle-income households.

Budget and Finance

https://www.congress.gov/bill/118th-congress/senate-bill/441/all-info