II 

117TH CONGRESS 

1ST SESSION S. 2206 

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

IN THE SENATE OF THE UNITED STATES 

JUNE 24, 2021 

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 2021’’. 

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, 2022, 

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 

24 individual has attained age 18, or upon reVerDate Sep 11 2014 04:48 Jul 02, 2021 Jkt 019200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\S2206.IS S2206

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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.— 

7 (i) IN GENERAL.—Contributions to a 

8 savings account under the Federal Child 

9 Savings Account Program during any tax10 able year (other than the contribution 

11 made under paragraph (4)) shall not be 

12 accepted to the extent such contributions 

13 exceed $2,500. 

14 (ii) PHASEOUT.—The $2,500 amount 

15 under clause (i) shall be reduced (but not 

16 below zero) by $125 for each $2,000 (or 

17 fraction thereof) by which the taxpayer’s 

18 modified adjusted gross income for the tax19 able year exceeds $200,000. 

20 (C) LIMITATION ON PARTICIPATION.— 

21 Within a reasonable amount of time before the 

22 date an eligible individual attains age 17, the 

23 designated custodian shall provide notice to the 

24 eligible individual and the parent or guardian of 

25 the eligible individual that— 


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

2 (5) will be made for calendar years after 

3 the year in which the individual attains age 

4 17; 

5 (ii) no further contributions made by 

6 any person will be accepted after the date 

7 the individual attains age 26; and 

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

9 the individual’s parent or guardian) may 

10 elect to have the account balance rolled 

11 over or distributed as provided, and at the 

12 time specified, in subsection (c). 

13 (4) ANNUAL DEPOSIT.— 

14 (A) IN GENERAL.—Within a reasonable 

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

16 the filing of the return of tax for each taxable 

17 year by a taxpayer claiming an eligible indi18 vidual as a dependent, the Secretary of the 

19 Treasury shall deposit $500 into the savings ac20 count established for such individual under the 

21 Federal Child Savings Account Program. 

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

23 subparagraph (A) shall be reduced (but not 

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

25 thereof) by which the taxpayer’s modified adVerDate Sep 11 2014 04:48 Jul 02, 2021 Jkt 019200 PO 00000 Frm 00007 Fmt 6652 Sfmt 6201 E:\BILLS\S2206.IS S2206

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1 justed gross income for the taxable year exceeds 

2 $100,000. 

3 (C) DEPOSIT ON BEHALF OF CHILDREN IN

4 FOSTER CARE.—At an appropriate time each 

5 year as determined by the Secretary of the 

6 Treasury in coordination with the Administra7 tion for Children and Families, such Secretary 

8 shall deposit $500 into the savings account es9 tablished under such Program for any eligible 

10 individual in foster care in any State with re11 spect to whom no deposit was made for such 

12 year under subparagraph (A). 

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

14 allowed under section 32 of the Internal Revenue 

15 Code of 1986 to the parent or guardian or an eligi16 ble individual for a taxable year, with respect to con17 tributions made by such parent or guardian to the 

18 savings account of such eligible individual under the 

19 Federal Child Savings Account Program during the 

20 succeeding taxable year, the Secretary of the Treas21 ury shall deposit into such savings account an 

22 amount equal to so much of such contributions as 

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

24 addition to the deposit under paragraph (4). 


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1 (6) DESIGNATED CUSTODIAN.—For purposes of 

2 this section, the designated custodian is the person 

3 designated by the Secretary of the Treasury to act 

4 as custodian of the savings accounts established on 

5 behalf of participants in the Federal Child Savings 

6 Account Program. 

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

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

9 possession of the United States, and any Indian 

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

11 Revenue Code of 1986). 

12 (8) DEPOSIT OF MATCHING CONTRIBUTIONS

13 INTO ROTH IRA.—If a parent or guardian of an eli14 gible individual is eligible to receive any matching 

15 contribution under paragraph (5), such parent or 

16 guardian may elect either to have such matching 

17 contribution paid to the savings account of such eli18 gible individual under the Federal Child Savings Ac19 count Program or to a Roth IRA of such parent or 

20 guardian. The Secretary of the Treasury shall estab21 lish a permanent program that creates and main22 tains a Roth IRA (within the meaning of section 

23 408A of the Internal Revenue Code) on behalf of a 

24 parent or guardian who elects for the matching con25 tribution to be made to his or her Roth IRA and 


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1 who either affirmatively chooses to participate in the 

2 program or does not identify a Roth IRA for receipt 

3 of the matching contribution. The permanent pro4 gram shall provide for investment of account bal5 ances solely within United States Treasury bonds 

6 and shall not charge any fees to account owners. 

7 (9) INFLATION ADJUSTMENTS.— 

8 (A) IN GENERAL.—In the case of any cal9 endar year after 2023, the $2,500 amount in 

10 paragraph (3)(B), the $500 amount in para11 graphs (4)(A), (4)(B), and (4)(C), and the 

12 $250 amount in paragraph (5) shall each be in13 creased by an amount equal to— 

14 (i) such dollar amount; multiplied by 

15 (ii) the cost-of-living adjustment de16 termined under section 1(f)(3) of the In17 ternal Revenue Code of 1986 for the cal18 endar year, determined by substituting 

19 ‘‘calendar year 2022’’ for ‘‘calendar year 

20 2016’’ in subparagraph (A)(ii) thereof. 

21 (B) ROUNDING.—If any dollar amount in22 creased under subparagraph (A) is not a mul23 tiple of $5, such dollar amount shall be rounded 

24 to the nearest multiple of $5. 


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

2 account established on behalf of an individual under 

3 the Federal Child Savings Account Program may 

4 not be pledged or assigned to any other person. 

5 (11) MODIFIED ADJUSTED GROSS INCOME.— 

6 For purposes of this subsection, the term ‘‘modified 

7 adjusted gross income’’ means adjusted gross income 

8 (as defined in section 62 of the Internal Revenue 

9 Code of 1986) increased by— 

10 (A) any amount excluded from gross in11 come under section 911 of such Code, 

12 (B) any amount of interest received or ac13 crued by the taxpayer during the taxable year 

14 which is exempt from tax, and 

15 (C) an amount equal to the portion of the 

16 taxpayer’s social security benefits (as defined in 

17 section 86(d) of such Code) which is not in18 cluded in gross income under such section 86 

19 for the taxable year. 

20 (c) DISTRIBUTIONS FROM SAVINGS ACCOUNT.— 

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

22 (A) the date the individual on whose behalf 

23 the savings account under the Federal Child 

24 Savings Account Program was established at25 tains age 26; or 


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1 (B) the date such individual receives a 

2 bachelor’s degree or associate’s degree, or en3 lists in active duty military service of the 

4 United States, 

5 amounts in such account may be contributed in a di6 rect transfer to a Roth IRA (as defined in section 

7 408A(b) of the Internal Revenue Code of 1986) or 

8 a designated Roth account (within the meaning of 

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

10 the Internal Revenue Code of 1986, or distributed to 

11 the individual in cash. 

12 (2) DISTRIBUTIONS FOR HIGHER EDUCATION

13 EXPENSES.—Without regard to the date require14 ments of paragraph (1), a portion of the amount in 

15 a savings account established under the Federal 

16 Child Savings Account Program may be distributed 

17 in cash to the individual or to the parent or guard18 ian of the individual for the payment of qualified 

19 higher education expenses of the individual at an eli20 gible educational institution. The aggregate amount 

21 so distributed shall not exceed 50 percent of the 

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

23 first payment of tuition for the enrollment of the in24 dividual on whose behalf the account is established 


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1 as an eligible student at such eligible educational in2 stitution. 

3 (3) CONTRIBUTION TO ABLE ACCOUNT.—With4 out regard to the date requirements of paragraph 

5 (1), all or a portion of the amount in a savings ac6 count established under the Federal Child Savings 

7 Account Program may be contributed in a direct 

8 transfer to an ABLE account established for the 

9 benefit of the individual under section 529A of the 

10 Internal Revenue Code of 1986 (if the individual is 

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

12 Code). 

13 (4) DEFINITIONS.—Any term used in this sub14 section which is also used in section 529 of the In15 ternal Revenue Code of 1986 has the same meaning 

16 as when used in such section. 

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

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

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

20 States. 

21 (e) TREATMENT OF ACCOUNTS UNDER CERTAIN

22 FEDERAL PROGRAMS.— 

23 (1) ACCOUNT FUNDS DISREGARDED FOR PUR24 POSES OF CERTAIN OTHER MEANS-TESTED FEDERAL

25 PROGRAMS.—Notwithstanding any other provision of 


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1 Federal law that requires consideration of one or 

2 more financial circumstances of an individual, for 

3 the purpose of determining eligibility to receive, or 

4 the amount of, any assistance or benefit authorized 

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

6 of such individual, any amount (including earnings 

7 thereon) in an individual’s account established under 

8 the Federal Child Savings Account Program, any 

9 contributions to such account, and any distribution 

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

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

12 Code of 1986 shall be disregarded for such purpose 

13 with respect to any period during which such indi14 vidual maintains, makes contributions to, or receives 

15 distributions from such account, except that— 

16 (A) a distribution for qualified acquisition 

17 costs (within the meaning of section 

18 529B(d)(3)(C)(ii) of such Code) shall not be so 

19 disregarded; and 

20 (B) any amount (including such earnings) 

21 in such account shall be considered a resource 

22 of the individual to the extent that such amount 

23 exceeds $100,000. 

24 (2) SUSPENSION OF SSI BENEFITS DURING PE25 RIODS OF EXCESSIVE ACCOUNT FUNDS.— 


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1 (A) IN GENERAL.—The benefits of an indi2 vidual under the supplemental security income 

3 program under title XVI of the Social Security 

4 Act shall not be terminated, but shall be sus5 pended, by reason of excess resources of the in6 dividual attributable to an amount in the ac7 count of the individual established under the 

8 Federal Child Savings Account Program not 

9 disregarded under paragraph (1). 

10 (B) NO IMPACT ON MEDICAID ELIGI11 BILITY.—An individual who would be receiving 

12 payment of such supplemental security income 

13 benefits but for the application of subparagraph 

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

15 of the Social Security Act as if the individual 

16 continued to be receiving payment of such bene17 fits. 

18 (f) DISCLOSURE OF TAXPAYER INFORMATION.— 

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

20 6103 of the Internal Revenue Code of 1986 is 

21 amended by adding at the end the following new 

22 paragraph: 

23 ‘‘(23) DISCLOSURE OF RETURN INFORMATION

24 FOR PURPOSES OF ADMINISTRATION OF THE FED25 ERAL CHILD SAVINGS ACCOUNT PROGRAM.—The 


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1 Secretary shall disclose to any officer or employee of 

2 the Department of the Treasury, as necessary for 

3 the administration of the Federal Child Savings Ac4 count Program established under section 2(a) of the 

5 Young American Savers Act of 2021, return infor6 mation relating to taxpayer identity, dependents, ad7 justed gross income, and whether the taxpayer has 

8 claimed the earned income credit under section 32 

9 for the taxable year.’’. 

10 (2) PROHIBITION OF REDISCLOSURE.—Para11 graph (3) of section 6103(a) of the Internal Revenue 

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

13 inserting ‘‘(21), or (23)’’. 

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

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

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

17 following new section: 

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

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

20 Account Program shall be exempt from taxation under 

21 this subtitle. 

22 ‘‘(b) FEDERAL CHILD SAVINGS ACCOUNT PRO23 GRAM.—For purposes of this title, the term ‘Federal Child 

24 Savings Account Program’ means the program established 


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

2 2021. 

3 ‘‘(c) TREATMENT OF CONTRIBUTIONS AND EARN4 INGS.— 

5 ‘‘(1) IN GENERAL.—No amount shall be includ6 ible in gross income of an individual on whose behalf 

7 an account is established under the Federal Child 

8 Savings Account Program, or of any taxpayer claim9 ing such individual as a dependent, with respect to 

10 any earnings under the program. 

11 ‘‘(2) GOVERNMENTAL AND MATCHING CON12 TRIBUTIONS.—Gross income of an individual on 

13 whose behalf an account is established under the 

14 Federal Child Savings Account Program, or of any 

15 taxpayer claiming such individual as a dependent, 

16 shall not include the amount of any deposit made to 

17 the individual’s account under the program pursuant 

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

19 Young American Savers Act of 2021. 

20 ‘‘(d) TREATMENT OF DISTRIBUTIONS.— 

21 ‘‘(1) IN GENERAL.—Gross income shall not in22 clude any cash distribution from an account under 

23 the Federal Child Savings Account Program per24 mitted under section 2(c) of the Young American 

25 Savers Act of 2021. 


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1 ‘‘(2) TREATMENT OF ROLLOVERS.— 

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

3 the Federal Child Savings Account Program to 

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

5 the Young American Savers Act of 2021 shall 

6 be treated— 

7 ‘‘(i) as a contribution from another 

8 Roth IRA as described in section 

9 408A(e)(1)(A), and 

10 ‘‘(ii) as having been contributed to 

11 such Roth IRA in a direct trustee-to-trust12 ee transfer within 60 days of the distribu13 tion for purposes of section 408(d)(3). 

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

15 contribution from the Federal Child Savings 

16 Account Program to a designated Roth account 

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

18 American Savers Act of 2021 shall be treated— 

19 ‘‘(i) as a contribution from another 

20 designated Roth account for purposes of 

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

22 ‘‘(ii) as having been contributed to 

23 such designated Roth account in a direct 

24 trustee-to-trustee transfer within 60 days 


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1 of the distribution for purposes of section 

2 402(c). 

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

4 from the Federal Child Savings Account Pro5 gram to an ABLE account permitted under sec6 tion 2(c)(3) of the Young American Savers Act 

7 of 2021 shall be treated— 

8 ‘‘(i) as a contribution from another 

9 ABLE account as described in section 

10 529A(c)(1)(C)(i), and 

11 ‘‘(ii) as having been contributed to 

12 such ABLE account within 60 days of the 

13 distribution for purposes of such section. 

14 ‘‘(3) TAX ON NONQUALIFIED USE.— 

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

16 this title for the taxable year shall be increased 

17 by an amount equal to 20 percent of the 

18 amount of any distribution other than a rollover 

19 described in paragraph (2) from an account 

20 under the Federal Child Savings Account Pro21 gram during the taxable year, unless the quali22 fied expenses of the individual on whose behalf 

23 the account was established paid or incurred 

24 during the taxable year of the distribution are 


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

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

4 any amount is contributed to a Roth IRA in a 

5 rollover distribution from an account under the 

6 Federal Child Savings Program as provided in 

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

8 Act of 2021, the tax imposed by this title for 

9 any taxable year shall be increased by an 

10 amount equal to 20 percent of the amount of 

11 any distribution from such Roth IRA within the 

12 5-year period beginning on the date of the roll13 over, to the extent that such distribution from 

14 the Roth IRA, when aggregated with all other 

15 distributions from such Roth IRA during such 

16 5-year period, does not exceed the amount con17 tributed in such rollover distribution. The pre18 ceding sentence shall not apply to the extent 

19 the qualified expenses of the individual on 

20 whose behalf the account under the Federal 

21 Child Savings Account Program was established 

22 which are paid or incurred during the taxable 

23 year of the distribution from the Roth IRA are 

24 equal to or exceed the amount of such distribu25 tion. 


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1 ‘‘(C) QUALIFIED EXPENSES.—For pur2 poses of subparagraphs (A) and (B), the term 

3 ‘qualified expenses’ means amounts paid or in4 curred by an individual— 

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

6 provided by the Small Business Adminis7 tration, 

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

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

10 to a residence intended to be the primary 

11 residence of the individual, or 

12 ‘‘(iii) for qualified higher education 

13 expenses of the individual at an eligible 

14 educational institution. 

15 ‘‘(4) DEFINITIONS.—Any term used in this sub16 section which is also used in section 529 of the In17 ternal Revenue Code of 1986 has the same meaning 

18 as when used in such section.’’. 

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

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

21 Revenue Code of 1986 is amended by inserting after the 

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

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

23 (i) APPROPRIATION.—There is hereby appropriated 

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

25 spent without fiscal year limitation— 


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

2 systems necessary for the implementation and ad3 ministration of the Federal Child Savings Account 

4 Program; 

5 (2) $25,000,000 for each fiscal year beginning 

6 with fiscal year 2022 for the administration of the 

7 Federal Child Savings Account Program; and 

8 (3) such sums as are necessary to make con9 tributions to Federal Child Savings Accounts as re10 quired under paragraphs (4)(A), (4)(C), and (5) of 

11 subsection (c). 

Æ 


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