To amend the Internal Revenue Code of 1986 to establish universal savings accounts.
Analysis under review: This bill has generated analysis that may be too generic or incomplete. Clause-level evidence remains available below.
Summary
What This Bill Does
This bill, To amend the Internal Revenue Code of 1986 to establish universal savings accounts., changes federal law or congressional policy affecting financial institutions, investors, and borrowers. The main policy domain is Finance, Transportation, Social Welfare.
Who Benefits and How
financial institutions, investors, and borrowers may benefit from new authority, funding, eligibility, regulatory clarity, or reduced risk created by the bill.
Who Bears the Burden and How
federal implementing agencies, financial institutions, investors, and borrowers may take on implementation duties, reporting obligations, compliance costs, or oversight responsibilities.
Key Provisions
- Section HA64BC3C38D094F70ABE28BFFFFF64B14: 1. Short title This Act may be cited as the Universal Savings Account Act of 2024.
- Section H77FED44D024144C18F8FF61FC4BF02D9: 2. Universal savings accounts Subchapter F of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new part:...
- Section H24CEA1B3840040B2965B1461FE140EBB: 530U. Universal savings accounts A universal savings account shall be exempt from taxation under this subtitle. Notwithstanding the preceding sentence, such...
Evidence Chain:
This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers with clause-level evidence links.
At a Glance
What This Bill Does
This bill, To amend the Internal Revenue Code of 1986 to establish universal savings accounts., changes federal law or congressional policy affecting financial institutions, investors, and borrowers.
Key Policy Areas
Finance, Transportation, Social Welfare
Primary Purpose
This bill, To amend the Internal Revenue Code of 1986 to establish universal savings accounts., changes federal law or congressional policy affecting financial institutions, investors, and borrowers.
Policy Domains
Whole bill
Identified Gains
- financial institutions, investors, and borrowers
Identified Costs
- federal implementing agencies
- financial institutions, investors, and borrowers
Sponsors
Legislative Progress
IntroducedMrs. Harshbarger (for herself, Mr. Grothman, Mr. Ogles, Mr. Pfluger, …
Impact analysis is available but no clear stakeholder effects identified. View clause-level analysis →
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
- "the_secretary"
- → The Secretary identified in the operative section
We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.
Learn more about our methodology