An Act to promote economic mobility through matched savings
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill aims to increase economic mobility in Massachusetts by establishing a matched savings program. The program would provide incentives for low- and moderate-income individuals to save for specific goals, such as homeownership, education, or starting a business, with the state matching a portion of their savings. It intends to help residents build financial stability and achieve long-term economic goals.
Key provisions
- Establishes a matched savings program.
- Provides matching funds for savings towards specific goals.
- Targets low- and moderate-income individuals.
- Focuses on goals such as homeownership, education, and business development.
- Operates through a financial services framework.
- Requires reporting on program effectiveness.
Who is affected
- Low- and moderate-income individuals
- Massachusetts residents
- Financial Services sector
Notable changes
- Introduces a new state-sponsored matched savings program.
- Potentially expands access to savings opportunities for underserved populations.
Bill text
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Sponsors
Official sponsors from legislative records.
6 on record
Primary sponsor
James B. Eldridge
Cosponsors
James B. Eldridge
Patricia D. Jehlen
Arguments
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