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Youth Savings Program: Financial Support and Education for Students

This act establishes a program to help high school students save money. Each student will receive an initial deposit and matching contributions for their savings, along with financial education. The goal is to teach young people money management and encourage saving for their future.
Key points
Students in grades 9-12 will receive an initial $300 deposit into a special savings account.
Student or family contributions will be matched dollar-for-dollar, up to $25 per month and $300 per year.
Funds can be withdrawn one year after high school graduation, unless needed earlier for college, vocational training, homeownership, business ownership, or medical hardship.
Unauthorized early withdrawals result in the loss of all federal matching funds, but personal contributions remain.
The program includes mandatory financial literacy education, covering savings and taxation of interest/investments.
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Status:
Expired
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Additional Information
Print number: 117_S_2816
Sponsor: Sen. Peters, Gary C. [D-MI]
Process start date: 2021-09-23
System Note: Lustra is free, publicly auditable civic infrastructure, with full source code available on GitHub. You are reading sterilized legislative data, processed by our radical neutrality engine to strip political spin and retain factual mechanics. We process only official government data. Original documents remain the authoritative source, always verify them if you can.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

PIGGY BANK Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_2816.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-09-23.

What are the main provisions?

Key points include:

  • Students in grades 9-12 will receive an initial $300 deposit into a special savings account.
  • Student or family contributions will be matched dollar-for-dollar, up to $25 per month and $300 per year.
  • Funds can be withdrawn one year after high school graduation, unless needed earlier for college, vocational training, homeownership, business ownership, or medical hardship.
  • Unauthorized early withdrawals result in the loss of all federal matching funds, but personal contributions remain.
  • The program includes mandatory financial literacy education, covering savings and taxation of interest/investments.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Peters, Gary C. [D-MI].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

What is the impact of this bill?

We don't know, that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge.

CATEGORIES

Education Benefits Economy