|Posted:||January 13, 2021 10:16 AM|
|From:||Representative Rosemary M. Brown|
|To:||All House members|
|Subject:||Incentive Based Savings Program|
|Nearly two-thirds of Americans cannot pass a basic financial literacy test and Pennsylvanians are not immune to this reality. In 2014, Congress passed the American Savings Promotion Act and 27 other states have created similar savings promotion bills to encourage others to build savings accounts.
This legislation authorizes certain financial institutions to offer incentives (such as the opportunity to win prizes, additional money, etc.) for saving money. By creating an incentive-based savings program, this legislation will help foster monetary savings among our constituents by giving them a chance to benefit additionally while they help build their savings.
This system is a “no lose lottery” because the constituents’ savings are never at risk.
This legislation passed the House unanimously last session.
I hope you will join me by co-sponsoring this legislation.
Introduced as HB331