[Congressional Record Volume 141, Number 61 (Monday, April 3, 1995)]
[House]
[Pages H4042-H4043]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                   THE AMERICAN DREAM SAVINGS ACCOUNT

  (Mr. ENGLISH of Pennsylvania asked and was given permission to 
address the House for 1 minute and to revise and extend his remarks.)
  [[Page H4043]] Mr. ENGLISH of Pennsylvania. Mr. Speaker, our low 
national savings rate is a national disgrace and a dead drag on the 
productivity of our economy, and anyone who is concerned about this, in 
my view, should be supporting H.R. 1215, the Republican tax bill.
  In it is the American dream savings account, a unique and innovative 
new use of the IRA concept to stimulate new and additional middle-class 
savings for retirement. The American dream savings account will be 
available to all taxpayers regardless of age and marital status, unlike 
the current law in which the IRA has many restrictions and limitations. 
The American dream savings account allows distributions to be made tax- 
and penalty-free for such worthwhile purposes as first-time home 
purchases, education expenses, and emergency medical expenses, and it 
gives homemakers full equity with their spouses in setting aside IRA 
funds toward retirement.
  This provision helps make homemakers achieve parity with spouses in 
the work force.
  Please, support H.R. 1215.

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