3.0.0 2194 2022-01-12T14:55:00Z 2022-01-12T14:55:00Z Senate S S 2012-03-15 112 sshr00 Health, Education, Labor, and Pensions Committee Senate Standing Referred to 2012-03-15T16:58:57Z American Dream Accounts Act of 2012 112 4207 HR 2012-09-26 Referred to the Subcommittee on Higher Education and Workforce Training. Related bill CRS 2012-03-15 sshr00 Health, Education, Labor, and Pensions Committee Senate Read twice and referred to the Committee on Health, Education, Labor, and Pensions. IntroReferral 2012-03-15 Sponsor introductory remarks on measure. (CR S1735-1736) IntroReferral B00100 9 Library of Congress 2012-03-15 Introduced in Senate IntroReferral 10000 9 Library of Congress C001088 Sen. Coons, Christopher A. [D-DE] Christopher Coons D DE A. N R000595 Sen. Rubio, Marco [R-FL] Marco Rubio R FL 2012-03-15 True B000468 Sen. Bingaman, Jeff [D-NM] JESSE BINGAMAN D NM FRANCIS 2012-03-15 True B001265 Sen. Begich, Mark [D-AK] Mark Begich D AK 2012-05-22 False Education Academic performance and assessments Bank accounts, deposits, capital Congressional oversight Education of the disadvantaged Education programs funding Elementary and secondary education Financial literacy Higher education Internet and video services Internet, web applications, social media Student aid and college costs Education 00 2012-03-15 Introduced in Senate 2012-03-30T19:00:29Z American Dream Accounts Act of 2012 - Authorizes the Secretary of Education to award competitive grants to eligible entities so each can establish and administer American Dream Accounts for a group of at least 30 low-income public school students who, at the time the entities apply for a grant, are attending a grade no higher than ninth grade.

Lists as eligible entities: (1) state educational agencies, (2) local educational agencies, (3) charter schools, (4) institutions of higher education (IHEs), (5) nonprofit organizations, (6) entities experienced in educational savings or assisting low-income students attain higher education, and (7) consortia of two or more of these entities.

Describes an American Dream Account as a personal online account for low-income students that monitors their progress toward higher education and includes a college savings account that provides some tax-preferred accumulation.

Requires American Dream Accounts to provide students with opportunities, either online or in person, to: (1) attain financial literacy; (2) learn about preparing for enrollment in an IHE; and (3) identify their skills or interests, including career interests.

Requires grantees, subject to federal privacy laws and regulations, to allow vested stakeholders to have secure Internet access to an American Dream Account, but not the college savings account portion of that Account.

Prohibits grantees from using their grant to provide the initial deposit into the college savings account portion of a student's American Dream Account.

Prohibits the funds in those college savings accounts from being considered in making federal student financial aid determinations.

]]> American Dream Accounts Act of 2012 Short Titles as Introduced American Dream Accounts Act of 2012 Display Title American Dream Accounts Act of 2012 Official Title as Introduced A bill to award grants in order to establish longitudinal personal college readiness and savings online platforms for low-income students. Introduced in Senate 2012-03-15T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-112s2194is/xml/BILLS-112s2194is.xml 2012-03-15 Read twice and referred to the Committee on Health, Education, Labor, and Pensions. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.