HR 1041 · 118th Congress 2023–2025, ended

American Opportunity Accounts Act

Introduced Feb 14, 2023 Originated House Sponsor Ayanna Pressley D-MA

Fact sheet Spreadsheet

Latest action · Feb 14, 2023 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.

  1. IntroducedFeb 14, 2023
  2. Passed HouseNot reached
  3. Passed SenateNot reached
  4. To the PresidentNot reached
  5. Became lawNot reached

Summary

American Opportunity Accounts Act

This bill establishes tax-exempt American Opportunity Accounts to provide children at birth with a $1,000 savings account with annual contributions up to $2,000 depending on family income. The accounts are available to children at age 18 for specified purposes, including educational expenses, home ownership, and investment that provides long-term returns.

Cosponsors 33

Members who signed on, in the order they did. Signatures ran from Feb 14, 2023 to Jun 11, 2024; 30 are original cosponsors, there from the day it was introduced.

SeatCosponsorSigned on
D-NYAlexandria Ocasio-CortezOriginalFeb 14, 2023
D-INAndré CarsonOriginalFeb 14, 2023
D-CABarbara LeeOriginalFeb 14, 2023
D-MSBennie G. ThompsonOriginalFeb 14, 2023
D-NJBonnie Watson ColemanOriginalFeb 14, 2023
D-MOCori BushOriginalFeb 14, 2023
D-ILDanny K. DavisOriginalFeb 14, 2023
D-PADwight EvansOriginalFeb 14, 2023
D-OREarl BlumenauerOriginalFeb 14, 2023
D-DCEleanor Holmes NortonOriginalFeb 14, 2023
D-MOEmanuel CleaverOriginalFeb 14, 2023
D-NYGrace MengOriginalFeb 14, 2023
D-TXGreg CasarOriginalFeb 14, 2023
D-MNIlhan OmarOriginalFeb 14, 2023
D-MAJake AuchinclossOriginalFeb 14, 2023
D-NYJamaal BowmanOriginalFeb 14, 2023
D-ILJanice D. SchakowskyOriginalFeb 14, 2023
D-TXJasmine CrockettOriginalFeb 14, 2023
D-CTJoe CourtneyOriginalFeb 14, 2023
D-CTJohn B. LarsonOriginalFeb 14, 2023
D-OHJoyce BeattyOriginalFeb 14, 2023
D-CANanette Diaz BarragánOriginalFeb 14, 2023
D-WAPramila JayapalOriginalFeb 14, 2023
D-MIRashida TlaibOriginalFeb 14, 2023
D-CTRosa L. DeLauroOriginalFeb 14, 2023
D-CASara JacobsOriginalFeb 14, 2023
D-MASeth MoultonOriginalFeb 14, 2023
D-PASummer L. LeeOriginalFeb 14, 2023
D-LATroy A. CarterOriginalFeb 14, 2023
D-NYYvette D. ClarkeOriginalFeb 14, 2023
D-PAMadeleine DeanApr 28, 2023
D-MNDean PhillipsJun 11, 2024
D-MIElissa SlotkinJun 11, 2024

Committees 1

Where it was sent and what each committee and subcommittee did with it, in order.

ChamberCommitteeWhat it did
HouseWays and Means Committee
Referred Feb 14, 2023

Actions 2

Everything that happened, newest first.

  1. Feb 14, 2023Introduced in House
  2. Feb 14, 2023Referred to the House Committee on Ways and Means.

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.

Constitutional authority

Congress has the power to enact this legislation pursuant to the following: Article I, Section 8, Clause 18 of the United States Constitution. The single subject of this legislation is: This bill will help reduce wealth inequality.

The sponsor’s statement, as printed in the Congressional Record, vol. 169, no. 30, February 14, 2023, page H842.

Related bills 2

Companion bills and other measures the record links to this one.

BillTitleRelationshipLatest action
S 441American Opportunity Accounts ActRelated billFeb 15, 2023
HR 835American Opportunity Accounts ActReintroduction ofFeb 4, 2021

Titles 2

Every title it has carried, official and short, at each stage.

Official Title as Introduced
To establish American opportunity accounts, and for other purposes.
Short Title(s) as Introduced
American Opportunity Accounts Act

Subjects

Assigned by the Library of Congress. Policy area: Taxation.

Text 1

Each version as it was printed, newest first.

  1. Feb 14, 2023Introduced in House

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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.