[Congressional Record Volume 144, Number 84 (Wednesday, June 24, 1998)]
[House]
[Page H5275]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




INCREASING MAXIMUM ALLOWABLE CONTRIBUTION TO EDUCATION SAVINGS ACCOUNTS

  The SPEAKER pro tempore (Mr. McInnis). Under a previous order of the 
House, the gentleman from Pennsylvania (Mr. Fox) is recognized for 5 
minutes.
  Mr. FOX of Pennsylvania. Mr. Speaker, I rise tonight to address my 
colleagues to encourage them to be involved in what I consider one the 
most important issues we face in the 105th Congress, and that is of 
higher education and education savings accounts, the expansion of that 
for our students, many of whom are graduates from high school and 
others who may be adults who, in fact, may need to move into a new 
field and, therefore, higher education will be in their future.
  Mr. Speaker, last year in the historic Balanced Budget Act of 1997, 
the Congress wisely established education savings accounts to be used 
for higher education purposes. We all know that it is becoming 
increasingly necessary for the next generation of students to have a 
college education in order to make a liveable wage. With the cost of 
higher education continuing to spiral, the Congress needs to find 
effective ways of helping parents and students afford a college 
education.
  Mr. Speaker, education savings accounts do just that. But under the 
Balanced Budget Act, the maximum contribution per year is only $500. 
Even over many years, it is hardly enough to make a dent in the cost 
for a college degree.
  Mr. Speaker, I will introduce legislation tomorrow that will increase 
the maximum contribution to $5,000 per year. This will ensure that an 
adequate amount of funds will be available to defray the cost of higher 
education. We must give parents and students the access for college.
  While local school districts, superintendents, principals, teachers, 
school boards, and parents are doing their best to help students be all 
they can be by encouraging achievements academically, athletically, and 
community service, the least we can do here in Congress is to make sure 
that education beyond college or technical school, junior college, 
community college, or university degree is possible. We can help that 
next generation unlock opportunities for a full education that leads to 
financial security, a rewarding career, and the opportunity give back 
to society.
  So I hope that my colleagues in the House will join me tomorrow in 
sponsoring the increase to $5,000 maximum contribution for the 
education savings accounts to help our students of tomorrow make sure 
they have the future they want for their children and their 
grandchildren.

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