[Congressional Record Volume 155, Number 132 (Thursday, September 17, 2009)]
[Extensions of Remarks]
[Page E2305]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




       DEPOSIT RESTRICTED QUALIFIED TUITION PROGRAMS ACT OF 2009

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                          HON. EMANUEL CLEAVER

                              of missouri

                    in the house of representatives

                      Thursday, September 17, 2009

  Mr. CLEAVER. Madam Speaker, today I am introducing the Deposit 
Restricted Qualified Tuition Programs Act of 2009. My bill establishes 
an avenue for those wanting to save for the college education of a 
child, grandchild or other related individual, to do so in a Federal 
Deposit Insurance Corporation (FDIC) insured deposit. At the present 
time, savers can only access the 529 college savings program through a 
securities based plan and my bill would not change this avenue.
  However, following the recent crash of the stock market, many savers 
saw their accounts drop in value by fifty percent or more and as such 
are reluctant to place any more monies in a securities based plan. 
Furthermore, many small savers can find investing in securities based 
products both complex and intimidating. A FDIC insured deposit option 
would provide guaranteed principal return and a guaranteed return on 
the deposit, all from a commercial bank that the saver likely has a 
relationship with. This proposed legislation will help families across 
the United States save in a safe, sound and simple manner for their 
children and grandchildren's college education.
  Again Madam Speaker, this bill does not make any changes to the 
current 529 college savings program nor the current delivery system of 
the program through a securities based plan. It simply adds another 529 
college savings program delivery option through an FDIC insured 
deposit.

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