Strengthening Financial Security Through Short-Term Savings Accounts Act of 2019
Latest action · Apr 3, 2019 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.
- IntroducedApr 3, 2019
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Strengthening Financial Security Through Short-Term Savings Accounts Act of 2019
This bill allows employers to enroll employees in short-term savings accounts that are funded using automatic contributions deducted from participating employees' wages.
For each pay period, the employer must transfer to the account an amount equal to the percentage of the employee's compensation or a fixed amount, as determined by the employer.
Employees may elect to adjust, stop, or pause their contributions. The balance in an account may not exceed $10,000 (adjusted annually for inflation) and must be made readily available to the employee at any time.
Cosponsors 3
Members who signed on, in the order they did. All signed on Apr 3, 2019.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-NJ | Cory A. Booker | Original | Apr 3, 2019 |
| R-IN | Todd Young | Original | Apr 3, 2019 |
| R-AR | Tom Cotton | Original | Apr 3, 2019 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| Senate | Health, Education, Labor, and Pensions Committee | Referred Apr 3, 2019 |
Actions 2
Everything that happened, newest first.
- Apr 3, 2019Introduced in Senate
- Apr 3, 2019Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
CRS reports 1
Congressional Research Service work that CRS links to this bill or the law it became, newest first.
Cite it 1
Products on other subjects that cite it, usually among other measures.
| Product | Title | Kind | Published |
|---|---|---|---|
| R45979 | Financial Inclusion and Credit Access Policy Issues Archived | Report | Oct 24, 2019 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- A bill to allow employers to offer short-term savings accounts with automatic contribution arrangements for financial emergencies.
- Short Title(s) as Introduced
- Strengthening Financial Security Through Short-Term Savings Accounts Act of 2019
Subjects
Assigned by the Library of Congress. Policy area: Labor and Employment.
Text 1
Each version as it was printed, newest first.
- Apr 3, 2019Introduced 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; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
