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Youth Savings Program: $300 Initial Deposit and Matched Contributions for High Schoolers.

This law establishes a pilot grant program to help high school students (grades 9-12) build savings and financial knowledge. Eligible students will receive an initial $300 deposit and monthly federal matching funds for their own contributions. These funds are generally restricted until one year after graduation, promoting long-term savings habits.
Key points
Students in grades 9-12 at eligible schools receive a savings account with an initial $300 deposit.
The federal government will match student or family contributions up to $25 per month, totaling $300 per year.
Funds are locked until one year after graduation; unapproved early withdrawal results in the loss of all federal contributions.
The program includes mandatory financial literacy education for participating students, covering topics like account taxation.
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Expired
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Additional Information
Print number: 118_S_2022
Sponsor: Sen. Peters, Gary C. [D-MI]
Process start date: 2023-06-15
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-09-2025
Source data: api.congress.gov
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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 118_S_2022.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-06-15.

What are the main provisions?

Key points include:

  • Students in grades 9-12 at eligible schools receive a savings account with an initial $300 deposit.
  • The federal government will match student or family contributions up to $25 per month, totaling $300 per year.
  • Funds are locked until one year after graduation; unapproved early withdrawal results in the loss of all federal contributions.
  • The program includes mandatory financial literacy education for participating students, covering topics like account taxation.
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 2025-12-26.

CATEGORIES

Education Economy