S 2816
Piggy bank act
Piggy Bank Act
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- Became Law
Bill overview
The Piggy Bank Act aims to establish a pilot program to encourage youth savings among high school students. The Department of Education will provide grants to states, which will then distribute funds to local schools to create youth savings match programs. These programs will provide students with an initial deposit of $300 and match contributions up to $25 per month for a maximum of four years, encouraging responsible financial habits. The program also includes financial literacy education and specific rules regarding withdrawals and account management.
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