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American Dream Accounts: $5,000 Investment for Every Newborn Citizen.

This Act establishes government-managed savings accounts (American Dream Accounts) for every child born in the US, starting with a $5,000 investment. These funds grow tax-free and do not affect eligibility for other federal or state aid programs. Access is granted between ages 18 and 26, provided the individual meets educational requirements.
Key points
Automatic creation of an account for every newborn US citizen with an initial $5,000 contribution, invested in the US equity market.
Account funds are exempt from income tax and are not counted when determining eligibility for social benefits.
A $10,000 bonus is provided for individuals who complete at least 12 months of service in the Peace Corps or AmeriCorps before age 26.
Mandates the development and dissemination of financial literacy best practices and grants for schools.
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Status:
Expired
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Additional Information
Print number: 118_HR_9881
Sponsor: Rep. Phillips, Dean [D-MN-3]
Process start date: 2024-09-27
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-09-2025
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

American Dream Accounts Act of 2024

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_9881.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2024-09-27.

What are the main provisions?

Key points include:

  • Automatic creation of an account for every newborn US citizen with an initial $5,000 contribution, invested in the US equity market.
  • Account funds are exempt from income tax and are not counted when determining eligibility for social benefits.
  • A $10,000 bonus is provided for individuals who complete at least 12 months of service in the Peace Corps or AmeriCorps before age 26.
  • Mandates the development and dissemination of financial literacy best practices and grants for schools.
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 Rep. Phillips, Dean [D-MN-3].

What is the latest detailed status?

The latest detailed status is: Referred to the Subcommittee on Social Security.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-26.

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

Economy Education Benefits