S. 2194 (112th): American Dream Accounts Act of 2012

Introduced:
Mar 15, 2012 (112th Congress, 2011–2013)
Status:
Died (Referred to Committee)
See Instead:

H.R. 4207 (same title)
Referred to Committee — Mar 19, 2012

Sponsor
Chris Coons
Junior Senator from Delaware
Party
Democrat
Text
Read Text »
Last Updated
Mar 15, 2012
Length
19 pages
Related Bills
S. 918 (113th) was a re-introduction of this bill in a later Congress.

Referred to Committee
Last Action: May 09, 2013

H.R. 4207 (Related)
American Dream Accounts Act of 2012

Referred to Committee
Last Action: Mar 19, 2012

 
Status

This bill was introduced on March 15, 2012, in a previous session of Congress, but was not enacted.

Progress
Introduced Mar 15, 2012
Referred to Committee Mar 15, 2012
 
Full Title

A bill to award grants in order to establish longitudinal personal college readiness and savings online platforms for low-income students.

Summary

No summaries available.

Cosponsors
3 cosponsors (2D, 1R) (show)
Committees

Senate Health, Education, Labor, and Pensions

The committee chair determines whether a bill will move past the committee stage.

 
Primary Source

THOMAS.gov (The Library of Congress)

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Citation

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Notes

S. stands for Senate bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.


3/15/2012--Introduced.
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.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.


No summary available.

House Democratic Caucus Summary

The House Democratic Caucus does not provide summaries of bills.

So, yes, we display the House Republican Conference’s summaries when available even if we do not have a Democratic summary available. That’s because we feel it is better to give you as much information as possible, even if we cannot provide every viewpoint.

We’ll be looking for a source of summaries from the other side in the meanwhile.

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