American Dream Accounts Act of 2012
Latest action · Mar 15, 2012 Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
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.
- IntroducedMar 15, 2012
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
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.
Cosponsors 3
Members who signed on, in the order they did. Signatures ran from Mar 15, 2012 to May 22, 2012, with 2 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-NM | Jeff Bingaman | Original | Mar 15, 2012 |
| R-FL | Marco Rubio | Original | Mar 15, 2012 |
| D-AK | Mark Begich | May 22, 2012 |
Actions 3
Everything that happened, newest first.
- Mar 15, 2012Introduced in Senate
- Mar 15, 2012Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
- Mar 15, 2012Sponsor introductory remarks on measure. (CR S1735-1736)
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 4207 | American Dream Accounts Act of 2012 | Related bill | Sep 26, 2012 |
Subjects
Assigned by the Library of Congress. Policy area: Education.
- Academic performance and assessments
- Bank accounts, deposits, capital
- Congressional oversight
- Education
- Education of the disadvantaged
- Education programs funding
- Elementary and secondary education
- Financial literacy
- Higher education
- Internet and video services
- Internet, web applications, social media
- Student aid and college costs
Text 1
Each version as it was printed, newest first.
- Mar 15, 2012Introduced in Senate
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.