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    "title": "IDA's [Individual Development Account] [2]",
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    "url": "https://s3.us-east-1.amazonaws.com/NARAprodstorage/lz/presidential-libraries/clinton/wjc-dpc/7367483/7367483-20200317S-016-004-2025/7367483-20200317S-016-004-2025-045.jpg",
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    "ocrText": "http://thomas.loc.gov/cgi-bin/query/D?r106:1:./temp/~r106pmheS7:e224871:\nTHIS SEARCH\nTHIS DOCUMENT\nTHIS CR ISSUE\nGO TO\nNext Hit\nForward\nNext Document\nNew CR Search\nPrev Hit\nBack\nPrev Document\nHomePage\nHit List\nBest Sections\nDaily Digest\nHelp\nDOC Contents\nSANTORUM (AND OTHERS) AMENDMENT NO. 3838 (Senate - July 13, 2000)\nTITLE X--INDIVIDUAL DEVELOPMENT ACCOUNTS\nSEC. 1001. FINDINGS.\nCongress makes the following findings:\n(1) One-third of all Americans have no assets available for investment, and another 20 percent have\nonly negligible assets. The household savings rate of the United States lags far behind other industrial\nnations, presenting a barrier to national economic growth and preventing many Americans from\nentering the economic mainstream by buying a house, obtaining an adequate education, or starting a\nbusiness.\n(2) By building assets, Americans can improve their economic independence and stability, stimulate the\ndevelopment of human and other capital, and work toward a viable and hopeful future for themselves\nand their children. Thus, economic well-being does not come solely from income, spending, and\nconsumption, but also requires savings, investment, and accumulation of assets.\n(3) Traditional public assistance programs based on income and consumption have rarely been\nsuccessful in promoting and supporting the transition to increased economic self-sufficiency.\nIncome-based social policies that meet consumption needs (including food, child care, rent, clothing,\nand health care) should be complemented by asset-based policies that can provide the means to\nachieve long-term independence and economic well-being.\n(4) Individual Development Accounts (IDAs) can provide working Americans with strong incentives to\nbuild assets, basic financial management training, and access to secure and relatively inexpensive\nbanking services.\n(5) There is reason to believe that Individual Development Accounts would also foster greater\nparticipation in electric fund transfers (EFT), generate financial returns, including increased income, tax\nrevenue, and decreased welfare cash assistance, that will far exceed the cost of public investment in the\nprogram.\n[Page: S6732] GPO's PDF\nSEC. 1002. PURPOSES.\nThe purposes of this title are to provide for the establishment of individual development account\nprograms that will--\n(1) provide individuals and families with limited means an opportunity to accumulate assets and to enter\nthe financial mainstream;\n(2) promote education, homeownership, and the development of small businesses;\n1 of 7\n7/14/2000 11:12 AM"
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