3.0.0 5450 2023-01-11T13:32:48Z 2023-01-11T13:32:48Z House HR 2016-06-10 114 [Congressional Record Volume 162, Number 92 (Friday, June 10, 2016)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. HUFFMAN:H.R. 5450.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8, Clause 18: To make all Laws whichshall be necessary and proper for carrying into Execution theforegoing Powers, and all other Powers vested by thisConstitution in the Government of the United States, or inany Department or office thereof.[Page H3704]]]> hswm00 Ways and Means Committee House Standing Referred to 2016-06-10T13:00:34Z American Savings Account Act of 2016 114 2472 S 2016-01-28 Read twice and referred to the Committee on Finance. Related bill CRS 2016-06-10 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2016-06-10 Introduced in House IntroReferral Intro-H 9 Library of Congress 2016-06-10 Introduced in House IntroReferral 1000 9 Library of Congress H001068 Rep. Huffman, Jared [D-CA-2] Jared Huffman D CA 2 N B001278 Rep. Bonamici, Suzanne [D-OR-1] Suzanne Bonamici D OR 1 2016-06-10 True Labor and Employment Administrative law and regulatory procedures Advisory bodies Department of Labor Employee benefits and pensions Financial services and investments Income tax deferral Income tax exclusion Self-employed Labor and Employment 00 2016-06-10 Introduced in House 2016-06-14T15:42:50Z American Savings Account Act of 2016

This bill amends the Employee Retirement Income Security Act of 1974 (ERISA) to establish a new retirement option for all employees and self-employed individuals to be known as the American Savings Account Fund. This fund operates in a manner similar to the Thrift Savings Fund, which is available to federal employees.

The bill establishes an American Savings Account Board of Directors to establish policies for fund investment and management. The board shall select or establish a list of investment funds and options similar to those in the Thrift Savings Fund, among which participants may choose.

The board shall establish an American Savings Account Fund Advisory Council to advise the board on matters relating to investment policies.

The American Savings Account Fund is tax-exempt and contributions to, or distributions from, it are excludible from gross income.

]]> American Savings Account Act of 2016 Display Title American Savings Account Act of 2016 Official Title as Introduced To establish an American Savings Account Fund and create a retirement savings plan available to all employees, and for other purposes. Introduced in House IH Short Titles as Introduced American Savings Account Act of 2016 Introduced in House 2016-06-10T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114hr5450ih/xml/BILLS-114hr5450ih.xml 2016-06-10 Referred to the House Committee on Ways and Means. 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.