ASPIRE Act of 2010
Latest action · Feb 24, 2010 Referred to the House Committee on Ways and Means.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedFeb 24, 2010
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
America Saving for Personal Investment, Retirement, and Education Act of 2010 or ASPIRE Act of 2010 - Establishes an ASPIRE Fund in the Treasury, including a Lifetime Savings Account. Makes eligible to contribute to such an account, and to receive certain federal contributions, any U.S. citizen or lawful resident alien born after December 31, 2009, and under 18 years of age, whose modified adjusted gross income is below the applicable national median adjusted gross income amount.
Prescribes requirements for distributions for higher education expenses.
States that, for purposes of the Internal Revenue Code (IRC), each Lifetime Savings Account shall be treated in the same manner as a Roth IRA. Amends the IRC to require that, except in certain respects, privately managed Lifetime Savings Accounts be treated also in the same manner as a Roth IRA.
Creates the ASPIRE Fund Board to establish a default investment program under which, in a manner similar to a lifecycle investment program, sums in each Lifetime Savings Account are allocated to investment funds in the ASPIRE Fund based on the amount of time before the account holder attains the age of 18.
Subjects the Board to the same composition requirements, duties, and responsibilities as the Federal Retirement Thrift Investment Board.
Instructs the Secretary of the Treasury, in coordination with the Financial Literacy and Education Commission, to develop programs to promote the financial literacy of account holders of Lifetime Savings Accounts.
Cosponsors 5
Members who signed on, in the order they did. Signatures ran from Feb 24, 2010 to Aug 10, 2010; 2 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-TN | Jim Cooper | Original | Feb 24, 2010 |
| R-WI | Thomas E. Petri | Original | Feb 24, 2010 |
| D-MA | Niki Tsongas | Mar 19, 2010 | |
| D-CA | Barbara Lee | Jun 10, 2010 | |
| D-MA | Michael E. Capuano | Aug 10, 2010 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Ways and Means Committee | Referred Feb 24, 2010 |
Actions 2
Everything that happened, newest first.
- Feb 24, 2010Introduced in House
- Feb 24, 2010Referred to the House Committee on Ways and Means.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 3577 | ASPIRE Act of 2010 | Related bill | Jul 14, 2010 |
Titles 3
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To encourage savings, promote financial literacy, and expand opportunities for young adults by establishing Lifetime Savings Accounts.
- Short Titles as Introduced
- America Saving for Personal Investment, Retirement, and Education Act of 2010
- ASPIRE Act of 2010
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 1
Each version as it was printed, newest first.
- Feb 24, 2010Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
