[Congressional Record Volume 153, Number 44 (Wednesday, March 14, 2007)]
[Extensions of Remarks]
[Page E550]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




      INTRODUCTION OF THE SAVINGS FOR WORKING FAMILIES ACT OF 2007

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                       HON. STEPHANIE TUBBS JONES

                                of ohio

                    in the house of representatives

                       Wednesday, March 14, 2007

  Mrs. JONES of Ohio. Madam Speaker, I rise today to introduce H.R. 
1514, the Savings for Working Families Act of 2007. I have worked with 
my colleague Congressman Joe Pitts of Pennsylvania and other Members 
from both sides of the aisle in both the House and Senate to introduce 
savings legislation that will help America's working families by 
expanding the successful Individual Development Account program (IDA).
  H.R. 1514 provides a tax credit to financial institutions that match 
the savings of low-income families through Individual Development 
Accounts. Individual savings in IDAs are matched on a one-to-one basis, 
up to $500 per person per year, although personal contributions into an 
IDA are not limited.
  Thousands of working families across the country currently take 
advantage of IDA matched savings and asset accumulation. IDA programs 
are run by community-based organizations in partnership with a 
qualified financial institution that holds the deposits. IDA funds can 
be used for college and post-secondary education, purchasing a home, or 
starting a small business. Those who save in IDAs also receive 
financial planning education. Nationally, 50,000 Americans are 
presently enrolled in 500 IDA programs. In the State of Ohio, nearly 
5,000 savers benefit from fifteen IDA programs.
  I want to praise the 16 financial institutions that run the fifteen 
IDA programs in Ohio and assist low-income families build assets: 
Citizen's Federal Savings & Loan, Faith Community United Credit Union, 
Farmers National Bank, First Federal Bank, First Federal Savings of 
Newark, Perpetual Bank, First National Community Bank, Home Savings and 
Loan, Huntington National Bank, Key Bank, Midwest Family Credit Union, 
Park National Bank, Fiberglas Federal Credit Union, Peoples Bank, Ohio 
Savings Bank, Sky Bank, and the World Financial Network National Bank.
  Too many families in too many cities across this country live under 
constant threat of financial ruin due to a lack of savings. Individual 
Development Accounts allow working families to develop their own assets 
and establish sound financial footing, creating a fund that would make 
possible a down payment on a home or seed capital to start a business. 
We should not delay in expanding the existing IDA program. We have in 
our power the ability to help working families achieve the American 
Dream.
  Madam Speaker, I would also like to take this opportunity to thank 
Erika Lunder, a Legislative Attorney at the Congressional Research 
Service, for providing my staff and me with valuable information and 
advice on this legislation. Throughout the years, particularly during 
my service on the Ways and Means Committee, she has consistently 
provided me with excellent research and counsel in a timely, impartial 
manner on several pieces of tax and pension legislation. Erika's 
service is not only greatly appreciated by me, but also my constituents 
in the Eleventh Congressional District of Ohio and the entire State of 
Ohio.




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