[Congressional Record (Bound Edition), Volume 147 (2001), Part 8]
[House]
[Pages 10505-10506]
[From the U.S. Government Publishing Office, www.gpo.gov]



                    INDIVIDUAL DEVELOPMENT ACCOUNTS

  (Mr. PITTS asked and was given permission to address the House for 1 
minute and to revise and extend his remarks.)
  Mr. PITTS. Mr. Speaker, today, along with 34 cosponsors, I am 
reintroducing the bill to establish Individual Development Accounts on 
a national level. They already exist in several States, including 
Pennsylvania.
  IDAs allow working poor families to save and invest and receive 
matching contributions from their financial institutions. They can be 
withdrawn and used only to buy a home, start a small business, or get 
higher education. Finally, after decades of government-funded poverty, 
we are encouraging poor and working poor Americans to provide for 
themselves and plan for their futures.

[[Page 10506]]

  Just like welfare reform, this program will help those who need help, 
but IDAs will help people help themselves. Imagine the pride of a new 
investor who has saved enough to go into business for himself or the 
joy of putting a down payment on a house one thought one would never be 
able to afford or opportunities made possible by a college diploma.
  IDAs are a good idea for this country. They are part of the 
President's community renewal plan. I encourage my colleagues to join 
me in making them a reality.

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