American Dream Accounts Act of 2012
The source supplies the latest action, but no lifecycle stage.
Latest action (26 Sep 2012): Referred to the Subcommittee on Higher Education and Workforce Training.
What this bill does
The American Dream Accounts Act of 2012, introduced in the House of Representatives, would authorize the Secretary of Education to award grants to eligible organizations. These grants would fund the creation and management of "American Dream Accounts" for groups of at least 30 low-income public school students in ninth grade or below. The accounts would monitor students' progress towards higher education and include a college savings component with tax advantages.
These accounts would provide students with opportunities, online or in person, to learn about financial literacy, college preparation, and career interests. Eligible organizations include state and local education agencies, charter schools, higher education institutions, and non-profit groups with experience in education savings or assisting low-income students. The bill specifies that grant funds cannot be used for the initial deposit into the college savings account.
This bill was introduced on March 19, 2012, and its latest action is listed as "Introduced." It was referred to the Committee on Education and the Workforce. The bill proposes $3 million in funding for fiscal year 2013 from existing Department of Education funds, with additional funds authorized for subsequent years.
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
Official summary
American Dream Accounts Act of 2012 - Authorizes the Secretary of Education to award competitive grants to eligible entities so each can establish and administer American Dream Accounts for a group of at least 30 low-income public school students who, at the time the entities apply for a grant, are attending a grade no higher than ninth grade.
Lists as eligible entities: (1) state educational agencies, (2) local educational agencies, (3) charter schools, (4) institutions of higher education (IHEs), (5) nonprofit organizations, (6) entities experienced in educational savings or assisting low-income students attain higher education, and (7) consortia of two or more of these entities.
Describes an American Dream Account as a personal online account for low-income students that monitors their progress toward higher education and includes a college savings account that provides some tax-preferred accumulation.
Requires American Dream Accounts to provide students with opportunities, either online or in person, to: (1) attain financial literacy; (2) learn about preparing for enrollment in an IHE; and (3) identify their skills or interests, including career interests.
Requires grantees, subject to federal privacy laws and regulations, to allow vested stakeholders to have secure Internet access to an American Dream Account, but not the college savings account portion of that Account.
Prohibits grantees from using their grant to provide the initial deposit into the college savings account portion of a student's American Dream Account.
Prohibits the funds in those college savings accounts from being considered in making federal student financial aid determinations.
Timeline
26 Sep 2012
Referred to the Subcommittee on Higher Education and Workforce Training.
Common questions
- What does H.R. 4207 do?
- The American Dream Accounts Act of 2012, introduced in the House of Representatives, would authorize the Secretary of Education to award grants to eligible organizations. These grants would fund the creation and management of "American Dream Accounts" for groups of at least 30 low-income public school students in ninth grade or below. The accounts would monitor students' progress towards higher education and include a college savings component with tax advantages. These accounts would provide students with opportunities, online or in person, to learn about financial literacy, college preparation, and career interests. Eligible organizations include state and local education agencies, charter schools, higher education institutions, and non-profit groups with experience in education savings or assisting low-income students. The bill specifies that grant funds cannot be used for the initial deposit into the college savings account. This bill was introduced on March 19, 2012, and its latest action is listed as "Introduced." It was referred to the Committee on Education and the Workforce. The bill proposes $3 million in funding for fiscal year 2013 from existing Department of Education funds, with additional funds authorized for subsequent years.
- Has H.R. 4207 become law?
- The source does not supply a confirmed lifecycle stage for H.R. 4207. Check the latest action and official source below.
- Who sponsored H.R. 4207?
- H.R. 4207 was sponsored by Rep. Fattah, Chaka [D-PA-2] (D-PA), with 0 cosponsors.
- What's the latest action on H.R. 4207?
- Referred to the Subcommittee on Higher Education and Workforce Training. (26 Sep 2012).
Related bills in Education
RISE Act
Expressing support for the recognition of October 2026, as "National Dyslexia Awareness Month".
Civic Literacy in Higher Education Act
Healthy Minds for a Better Future Act
More bills from Rep. Fattah, Chaka [D-PA-2]
REDEEM Act
REDEEM Act
American Dream Accounts Act of 2013
Bill100 mirrors the public U.S. legislative record from Congress.gov and GovTrack and adds plain-English AI summaries. It is an information tool, not legal, compliance or lobbying advice, and it is not affiliated with the U.S. Congress or any government agency. AI summaries can simplify or omit detail — every bill links to the official source; verify there before you rely on it.