American Dream Accounts Act of 2012
The source supplies the latest action, but no lifecycle stage.
Latest action (15 Mar 2012): Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
What this bill does
The American Dream Accounts Act of 2012 would authorize the Secretary of Education to award grants to organizations like state and local school districts, charter schools, universities, and nonprofit groups. These grants would fund the creation of "American Dream Accounts" for groups of at least 30 low-income students in ninth grade or below.
These accounts would be personal online platforms to track students' progress toward higher education. They would also include a college savings account designed for tax-preferred savings. The program would provide students with opportunities, either online or in person, to learn about financial literacy, preparing for college, and identifying their skills and career interests.
The bill was introduced in the Senate in March 2012 and referred to the Committee on Health, Education, Labor, and Pensions. This is an early stage in the legislative process, and no further action has been taken since its introduction.
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
15 Mar 2012
Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Common questions
- What does S. 2194 do?
- The American Dream Accounts Act of 2012 would authorize the Secretary of Education to award grants to organizations like state and local school districts, charter schools, universities, and nonprofit groups. These grants would fund the creation of "American Dream Accounts" for groups of at least 30 low-income students in ninth grade or below. These accounts would be personal online platforms to track students' progress toward higher education. They would also include a college savings account designed for tax-preferred savings. The program would provide students with opportunities, either online or in person, to learn about financial literacy, preparing for college, and identifying their skills and career interests. The bill was introduced in the Senate in March 2012 and referred to the Committee on Health, Education, Labor, and Pensions. This is an early stage in the legislative process, and no further action has been taken since its introduction.
- Has S. 2194 become law?
- The source does not supply a confirmed lifecycle stage for S. 2194. Check the latest action and official source below.
- Who sponsored S. 2194?
- S. 2194 was sponsored by Sen. Coons, Christopher A. [D-DE] (D-DE), with 3 cosponsors.
- What's the latest action on S. 2194?
- Read twice and referred to the Committee on Health, Education, Labor, and Pensions. (15 Mar 2012).
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