II 

116TH CONGRESS 

2D SESSION S. 3764 

To create Federal child savings accounts, and for other purposes. 

IN THE SENATE OF THE UNITED STATES 

MAY 19, 2020 

Mr. CASEY (for himself, Mr. WYDEN, and Mr. SCHUMER) introduced the 

following bill; which was read twice and referred to the Committee on Finance 

A BILL 

To create Federal child savings accounts, and for other 

purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Young American Sav5 ers Act of 2020’’. 

6 SEC. 2. ESTABLISHMENT OF CHILD SAVINGS ACCOUNT 

7 PROGRAM. 

8 (a) ESTABLISHMENT OF PROGRAM.—The Secretary 

9 of the Treasury shall, not later than December 31, 2021, 

10 establish a permanent program, to be known as the ‘‘Fed11 eral Child Savings Account Program’’, which meets the 


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1 requirements of this section to establish and maintain a 

2 savings account meeting the requirements of subsection 

3 (c) on behalf of eligible individuals. 

4 (b) PROGRAM SPECIFICATIONS.— 

5 (1) IN GENERAL.— 

6 (A) SAVINGS ACCOUNTS.—The Federal 

7 Child Savings Account Program established 

8 under this section shall— 

9 (i) permit the parent or guardian of 

10 an eligible individual to establish a savings 

11 account which meets the requirements of 

12 this subsection and subsection (c) on be13 half of the individual; 

14 (ii) establish a savings account which 

15 meets the requirements of this subsection 

16 and subsection (c) on behalf of— 

17 (I) eligible individuals who are in 

18 foster care, in coordination with the 

19 Administration for Children and Fam20 ilies; and 

21 (II) other eligible individuals on 

22 whose behalf no account has been es23 tablished by a parent or guardian 

24 under clause (i) as of the time the 

25 first deposit under paragraph (4)(A) 


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1 is due to be made on behalf of such 

2 individuals, 

3 and notify such individuals of the estab4 lishment of such accounts; 

5 (iii) require the assets of each savings 

6 account established under the program to 

7 be held by the designated custodian; 

8 (iv) within the limitations of para9 graph (3), permit contributions to be made 

10 periodically to such savings accounts by di11 rect deposit through payroll deduction or 

12 by electronic means, and by methods that 

13 provide access for the unbanked; 

14 (v) provide for the annual deposit 

15 under paragraph (4) and the matching 

16 contributions under paragraph (5) to be 

17 made to such savings accounts, if applica18 ble; 

19 (vi) as provided in subsection (c), per20 mit distributions and rollovers from such 

21 savings accounts upon request of the par22 ent or guardian of the individual on whose 

23 behalf the account is established before the 

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1 quest of such individual after such indi2 vidual has attained age 18; 

3 (vii) include procedures to consolidate 

4 multiple accounts established for the same 

5 individual and return excess contributions 

6 on an annual basis, with notice provided to 

7 the parent or guardian of the individual 

8 (or, if appropriate, to the individual) and a 

9 procedure for resolution of disputes; and 

10 (viii) ensure that such savings ac11 counts are invested solely in United States 

12 Treasury bonds. 

13 (B) REGULATIONS, ETC.—The Secretary 

14 of the Treasury shall have authority to promul15 gate such regulations, rules, and other guidance 

16 as are necessary to implement the Federal 

17 Child Savings Account Program, and are con18 sistent with this section and section 529B of 

19 the Internal Revenue Code of 1986, including— 

20 (i) rules regarding the provision of 

21 periodic notices to individuals and parents 

22 or guardians of individuals, as appropriate, 

23 on whose behalf accounts are established 

24 under the program, including information 

25 on account balances and activity; 


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1 (ii) rules regarding beneficiary des2 ignation in the case of the death of the in3 dividual on whose behalf an account was 

4 established; and 

5 (iii) coordination rules permitting sav6 ings accounts to be established under the 

7 Federal Child Savings Account Program in 

8 connection with State and local laws that 

9 provide contributions to savings accounts 

10 for residents. 

11 (C) PILOT PROGRAM FOR DEPOSITS MADE

12 WITH FEDERAL PARTNERS.—The Secretary of 

13 the Treasury may, in fulfillment of subpara14 graph (A)(iv), establish a pilot program which 

15 would allow grocery stores, pharmacies, banks, 

16 and other similar businesses to partner with the 

17 Federal Government to accept cash deposits 

18 from customers and to remit such deposits to 

19 the Treasury for payment into savings accounts 

20 under the Federal Child Savings Account Pro21 gram. 

22 (2) NO FEES.—No fees shall be assessed on 

23 participants in the Federal Child Savings Account 

24 Program. 

25 (3) LIMITATIONS.— 


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1 (A) CONTRIBUTION MINIMUM.—The Sec2 retary of the Treasury may establish minimum 

3 amounts for initial and additional contributions 

4 to a savings account under the Federal Child 

5 Savings Account Program, not to exceed $5. 

6 (B) CONTRIBUTION LIMITATION.—Con7 tributions to a savings account under the Fed8 eral Child Savings Account Program during any 

9 taxable year (other than the contribution made 

10 under paragraph (4)) shall not be accepted to 

11 the extent such contributions exceed $2,500. 

12 (C) LIMITATION ON PARTICIPATION.— 

13 Within a reasonable amount of time before the 

14 date an eligible individual attains age 17, the 

15 designated custodian shall provide notice to the 

16 eligible individual and the parent or guardian of 

17 the eligible individual that— 

18 (i) no deposits under paragraph (4) or 

19 (5) will be made for calendar years after 

20 the year in which the individual attains age 

21 17; 

22 (ii) no further contributions made by 

23 any person will be accepted after the date 

24 the individual attains age 26; and 


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1 (iii) the individual (or, as provided, 

2 the individual’s parent or guardian) may 

3 elect to have the account balance rolled 

4 over or distributed as provided, and at the 

5 time specified, in subsection (c). 

6 (4) ANNUAL DEPOSIT.— 

7 (A) IN GENERAL.—Within a reasonable 

8 amount of time (not to exceed 60 days) after 

9 the filing of the return of tax for each taxable 

10 year by a taxpayer claiming an eligible indi11 vidual as a dependent, the Secretary of the 

12 Treasury shall deposit $500 into the savings ac13 count established for such individual under the 

14 Federal Child Savings Account Program. 

15 (B) PHASEOUT.—The $500 amount under 

16 subparagraph (A) shall be reduced (but not 

17 below zero) by $25 for each $1,000 (or fraction 

18 thereof) by which the taxpayer’s adjusted gross 

19 income (as defined in section 62 of the Internal 

20 Revenue Code of 1986) exceeds $100,000. 

21 (C) DEPOSIT ON BEHALF OF CHILDREN IN

22 FOSTER CARE.—At an appropriate time each 

23 year as determined by the Secretary of the 

24 Treasury in coordination with the Administra25 tion for Children and Families, such Secretary 


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1 shall deposit $500 into the savings account es2 tablished under such Program for any eligible 

3 individual in foster care in any State with re4 spect to whom no deposit was made for such 

5 year under subparagraph (A). 

6 (5) MATCHING CONTRIBUTIONS.—If a credit is 

7 allowed under section 32 of the Internal Revenue 

8 Code of 1986 to the parent or guardian or an eligi9 ble individual for a taxable year, with respect to con10 tributions made by such parent or guardian to the 

11 savings account of such eligible individual under the 

12 Federal Child Savings Account Program during the 

13 succeeding taxable year, the Secretary of the Treas14 ury shall deposit into such savings account an 

15 amount equal to so much of such contributions as 

16 does not exceed $250. Such deposit shall be made in 

17 addition to the deposit under paragraph (4). 

18 (6) DESIGNATED CUSTODIAN.—For purposes of 

19 this section, the designated custodian is the person 

20 designated by the Secretary of the Treasury to act 

21 as custodian of the savings accounts established on 

22 behalf of participants in the Federal Child Savings 

23 Account Program. 

24 (7) STATE.—For purposes of this section, the 

25 term ‘‘State’’ includes the District of Columbia, any 


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1 possession of the United States, and any Indian 

2 tribe (as defined in section 45A(c)(6) of the Internal 

3 Revenue Code of 1986). 

4 (8) DEPOSIT OF MATCHING CONTRIBUTIONS

5 INTO ROTH IRA.—If a parent or guardian of an eli6 gible individual is eligible to receive any matching 

7 contribution under paragraph (5), such parent or 

8 guardian may elect either to have such matching 

9 contribution paid to the savings account of such eli10 gible individual under the Federal Child Savings Ac11 count Program or to a Roth IRA of such parent or 

12 guardian. The Secretary of the Treasury shall estab13 lish a permanent program that creates and main14 tains a Roth IRA (within the meaning of section 

15 408A of the Internal Revenue Code) on behalf of a 

16 parent or guardian who elects for the matching con17 tribution to be made to his or her Roth IRA and 

18 who either affirmatively chooses to participate in the 

19 program or does not identify a Roth IRA for receipt 

20 of the matching contribution. The permanent pro21 gram shall provide for investment of account bal22 ances solely within United States Treasury bonds 

23 and shall not charge any fees to account owners. 

24 (9) INFLATION ADJUSTMENTS.— 


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1 (A) IN GENERAL.—In the case of any cal2 endar year after 2021, the $2,500 amount in 

3 paragraph (3)(B), the $500 amount in para4 graphs (4)(A), (4)(B), and (4)(C), and the 

5 $250 amount in paragraph (5) shall each be in6 creased by an amount equal to— 

7 (i) such dollar amount; multiplied by 

8 (ii) the cost-of-living adjustment de9 termined under section 1(f)(3) of the In10 ternal Revenue Code of 1986 for the cal11 endar year, determined by substituting 

12 ‘‘calendar year 2020’’ for ‘‘calendar year 

13 2016’’ in subparagraph (A)(ii) thereof. 

14 (B) ROUNDING.—If any dollar amount in15 creased under subparagraph (A) is not a mul16 tiple of $5, such dollar amount shall be rounded 

17 to the nearest multiple of $5. 

18 (10) ACCOUNTS MAY NOT BE ASSIGNED.—An 

19 account established on behalf of an individual under 

20 the Federal Child Savings Account Program may 

21 not be pledged or assigned to any other person. 

22 (c) DISTRIBUTIONS FROM SAVINGS ACCOUNT.— 

23 (1) IN GENERAL.—After the earlier of— 

24 (A) the date the individual on whose behalf 

25 the savings account under the Federal Child 


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1 Savings Account Program was established at2 tains age 26; or 

3 (B) the date such individual receives a 

4 bachelor’s degree or associate’s degree, or en5 lists in active duty military service of the 

6 United States, 

7 amounts in such account may be contributed in a di8 rect transfer to a Roth IRA (as defined in section 

9 408A(b) of the Internal Revenue Code of 1986) or 

10 a designated Roth account (within the meaning of 

11 section 402A of such Code) according to the rules of 

12 the Internal Revenue Code of 1986, or distributed to 

13 the individual in cash. 

14 (2) DISTRIBUTIONS FOR HIGHER EDUCATION

15 EXPENSES.—Without regard to the date require16 ments of paragraph (1), a portion of the amount in 

17 a savings account established under the Federal 

18 Child Savings Account Program may be distributed 

19 in cash to the individual or to the parent or guard20 ian of the individual for the payment of qualified 

21 higher education expenses of the individual at an eli22 gible educational institution. The aggregate amount 

23 so distributed shall not exceed 50 percent of the 

24 amount in such account as of the due date for the 

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1 dividual on whose behalf the account is established 

2 as an eligible student at such eligible educational in3 stitution. 

4 (3) CONTRIBUTION TO ABLE ACCOUNT.—With5 out regard to the date requirements of paragraph 

6 (1), all or a portion of the amount in a savings ac7 count established under the Federal Child Savings 

8 Account Program may be contributed in a direct 

9 transfer to an ABLE account established for the 

10 benefit of the individual under section 529A of the 

11 Internal Revenue Code of 1986 (if the individual is 

12 eligible for purposes of section 529A(e)(1) of such 

13 Code). 

14 (4) DEFINITIONS.—Any term used in this sub15 section which is also used in section 529 of the In16 ternal Revenue Code of 1986 has the same meaning 

17 as when used in such section. 

18 (d) ELIGIBLE INDIVIDUAL.—For purposes of this 

19 section, the term ‘‘eligible individual’’ means a child who 

20 has not attained age 18 and is a resident of the United 

21 States. 

22 (e) TREATMENT OF ACCOUNTS UNDER CERTAIN

23 FEDERAL PROGRAMS.— 

24 (1) ACCOUNT FUNDS DISREGARDED FOR PUR25 POSES OF CERTAIN OTHER MEANS-TESTED FEDERAL


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1 PROGRAMS.—Notwithstanding any other provision of 

2 Federal law that requires consideration of one or 

3 more financial circumstances of an individual, for 

4 the purpose of determining eligibility to receive, or 

5 the amount of, any assistance or benefit authorized 

6 by such provision to be provided to or for the benefit 

7 of such individual, any amount (including earnings 

8 thereon) in an individual’s account established under 

9 the Federal Child Savings Account Program, any 

10 contributions to such account, and any distribution 

11 (or portion thereof) which is exempt from the tax 

12 under section 529B(d)(3) of the Internal Revenue 

13 Code of 1986 shall be disregarded for such purpose 

14 with respect to any period during which such indi15 vidual maintains, makes contributions to, or receives 

16 distributions from such account, except that— 

17 (A) a distribution for qualified acquisition 

18 costs (within the meaning of section 

19 529B(d)(3)(C)(ii) of such Code) shall not be so 

20 disregarded; and 

21 (B) any amount (including such earnings) 

22 in such account shall be considered a resource 

23 of the individual to the extent that such amount 

24 exceeds $100,000. 


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1 (2) SUSPENSION OF SSI BENEFITS DURING PE2 RIODS OF EXCESSIVE ACCOUNT FUNDS.— 

3 (A) IN GENERAL.—The benefits of an indi4 vidual under the supplemental security income 

5 program under title XVI of the Social Security 

6 Act shall not be terminated, but shall be sus7 pended, by reason of excess resources of the in8 dividual attributable to an amount in the ac9 count of the individual established under the 

10 Federal Child Savings Account Program not 

11 disregarded under paragraph (1). 

12 (B) NO IMPACT ON MEDICAID ELIGI13 BILITY.—An individual who would be receiving 

14 payment of such supplemental security income 

15 benefits but for the application of subparagraph 

16 (A) shall be treated for purposes of title XIX 

17 of the Social Security Act as if the individual 

18 continued to be receiving payment of such bene19 fits. 

20 (f) DISCLOSURE OF TAXPAYER INFORMATION.— 

21 (1) IN GENERAL.—Subsection (l) of section 

22 6103 of the Internal Revenue Code of 1986 is 

23 amended by adding at the end the following new 

24 paragraph: 


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1 ‘‘(23) DISCLOSURE OF RETURN INFORMATION

2 FOR PURPOSES OF ADMINISTRATION OF THE FED3 ERAL CHILD SAVINGS ACCOUNT PROGRAM.—The 

4 Secretary shall disclose to any officer or employee of 

5 the Department of the Treasury, as necessary for 

6 the administration of the Federal Child Savings Ac7 count Program established under section 2(a) of the 

8 Young American Savers Act of 2020, return infor9 mation relating to taxpayer identity, dependents, ad10 justed gross income, and whether the taxpayer has 

11 claimed the earned income credit under section 32 

12 for the taxable year.’’. 

13 (2) PROHIBITION OF REDISCLOSURE.—Para14 graph (3) of section 6103(a) of the Internal Revenue 

15 Code of 1986 is amended by striking ‘‘or (21)’’ and 

16 inserting ‘‘(21), or (23)’’. 

17 (g) CHILD SAVINGS ACCOUNT PROGRAM.—Part VIII 

18 of subchapter F of chapter 1 of the Internal Revenue Code 

19 of 1986 is amended by inserting after section 529A the 

20 following new section: 

21 ‘‘SEC. 529B. CHILD SAVINGS ACCOUNT PROGRAM. 

22 ‘‘(a) GENERAL RULE.—The Federal Child Savings 

23 Account Program shall be exempt from taxation under 

24 this subtitle. 


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1 ‘‘(b) FEDERAL CHILD SAVINGS ACCOUNT PRO2 GRAM.—For purposes of this title, the term ‘Federal Child 

3 Savings Account Program’ means the program established 

4 under section 2(a) of the Young American Savers Act of 

5 2020. 

6 ‘‘(c) TREATMENT OF CONTRIBUTIONS AND EARN7 INGS.— 

8 ‘‘(1) IN GENERAL.—No amount shall be includ9 ible in gross income of an individual on whose behalf 

10 an account is established under the Federal Child 

11 Savings Account Program, or of any taxpayer claim12 ing such individual as a dependent, with respect to 

13 any earnings under the program. 

14 ‘‘(2) GOVERNMENTAL AND MATCHING CON15 TRIBUTIONS.—Gross income of an individual on 

16 whose behalf an account is established under the 

17 Federal Child Savings Account Program, or of any 

18 taxpayer claiming such individual as a dependent, 

19 shall not include the amount of any deposit made to 

20 the individual’s account under the program pursuant 

21 to section 2(b)(4)(A), 2(b)(4)(C), or 2(b)(5) of the 

22 Young American Savers Act of 2020. 

23 ‘‘(d) TREATMENT OF DISTRIBUTIONS.— 

24 ‘‘(1) IN GENERAL.—Gross income shall not in25 clude any cash distribution from an account under 


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1 the Federal Child Savings Account Program per2 mitted under section 2(c) of the Young American 

3 Savers Act of 2020. 

4 ‘‘(2) TREATMENT OF ROLLOVERS.— 

5 ‘‘(A) ROTH IRAS.—Any contribution from 

6 the Federal Child Savings Account Program to 

7 a Roth IRA permitted under section 2(c)(1) of 

8 the Young American Savers Act of 2020 shall 

9 be treated— 

10 ‘‘(i) as a contribution from another 

11 Roth IRA as described in section 

12 408A(e)(1)(A), and 

13 ‘‘(ii) as having been contributed to 

14 such Roth IRA in a direct trustee-to-trust15 ee transfer within 60 days of the distribu16 tion for purposes of section 408(d)(3). 

17 ‘‘(B) DESIGNATED ROTH ACCOUNTS.—Any 

18 contribution from the Federal Child Savings 

19 Account Program to a designated Roth account 

20 permitted under section 2(c)(1) of the Young 

21 American Savers Act of 2020 shall be treated— 

22 ‘‘(i) as a contribution from another 

23 designated Roth account for purposes of 

24 section 402A(c)(3), and 


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1 ‘‘(ii) as having been contributed to 

2 such designated Roth account in a direct 

3 trustee-to-trustee transfer within 60 days 

4 of the distribution for purposes of section 

5 402(c). 

6 ‘‘(C) ABLE ACCOUNTS.—Any contribution 

7 from the Federal Child Savings Account Pro8 gram to an ABLE account permitted under sec9 tion 2(c)(3) of the Young American Savers Act 

10 of 2020 shall be treated— 

11 ‘‘(i) as a contribution from another 

12 ABLE account as described in section 

13 529A(c)(1)(C)(i), and 

14 ‘‘(ii) as having been contributed to 

15 such ABLE account within 60 days of the 

16 distribution for purposes of such section. 

17 ‘‘(3) TAX ON NONQUALIFIED USE.— 

18 ‘‘(A) IN GENERAL.—The tax imposed by 

19 this title for the taxable year shall be increased 

20 by an amount equal to 20 percent of the 

21 amount of any distribution other than a rollover 

22 described in paragraph (2) from an account 

23 under the Federal Child Savings Account Pro24 gram during the taxable year, unless the quali25 fied expenses of the individual on whose behalf 


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1 the account was established paid or incurred 

2 during the taxable year of the distribution are 

3 equal to or exceed the amount of such distribu4 tion. 

5 ‘‘(B) DISTRIBUTIONS FROM ROTH IRA.—If 

6 any amount is contributed to a Roth IRA in a 

7 rollover distribution from an account under the 

8 Federal Child Savings Program as provided in 

9 section 2(c)(1) of the Young American Savers 

10 Act of 2020, the tax imposed by this title for 

11 any taxable year shall be increased by an 

12 amount equal to 20 percent of the amount of 

13 any distribution from such Roth IRA within the 

14 5-year period beginning on the date of the roll15 over, to the extent that such distribution from 

16 the Roth IRA, when aggregated with all other 

17 distributions from such Roth IRA during such 

18 5-year period, does not exceed the amount con19 tributed in such rollover distribution. The pre20 ceding sentence shall not apply to the extent 

21 the qualified expenses of the individual on 

22 whose behalf the account under the Federal 

23 Child Savings Account Program was established 

24 which are paid or incurred during the taxable 

25 year of the distribution from the Roth IRA are 


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1 equal to or exceed the amount of such distribu2 tion. 

3 ‘‘(C) QUALIFIED EXPENSES.—For pur4 poses of subparagraphs (A) and (B), the term 

5 ‘qualified expenses’ means amounts paid or in6 curred by an individual— 

7 ‘‘(i) as collateral required for a loan 

8 provided by the Small Business Adminis9 tration, 

10 ‘‘(ii) as qualified acquisition costs (as 

11 defined in section 72(t)(8)(C)) with respect 

12 to a residence intended to be the primary 

13 residence of the individual, or 

14 ‘‘(iii) for qualified higher education 

15 expenses of the individual at an eligible 

16 educational institution. 

17 ‘‘(4) DEFINITIONS.—Any term used in this sub18 section which is also used in section 529 of the In19 ternal Revenue Code of 1986 has the same meaning 

20 as when used in such section.’’. 

21 (h) CLERICAL AMENDMENT.—The table of sections 

22 for part VIII of subchapter F of chapter 1 of the Internal 

23 Revenue Code of 1986 is amended by inserting after the 

24 item relating to section 529A the following new item: 

‘‘Sec. 529B. Child Savings Account Program.’’. 


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1 (i) APPROPRIATION.—There is hereby appropriated 

2 to the Secretary of the Treasury, to remain available until 

3 spent without fiscal year limitation— 

4 (1) $100,000,000 for technology and technology 

5 systems necessary for the implementation and ad6 ministration of the Federal Child Savings Account 

7 Program; 

8 (2) $25,000,000 for each fiscal year beginning 

9 with fiscal year 2021 for the administration of the 

10 Federal Child Savings Account Program; and 

11 (3) such sums as are necessary to make con12 tributions to Federal Child Savings Accounts as re13 quired under paragraphs (4)(A), (4)(C), and (5) of 

14 subsection (c). 

Æ 


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