The ASPIRE Act of 2005 (KIDS Accounts) S 868/HR 1767

The Senate version of the ASPIRE Act allows for contributions of up to $1,000 a year and up to a $500 match. Eligibility for this match phases out between 100-105 percent of national median income. The sponsors of this legislation include Sen. Santorum (R-PA), Sen. Corzine (D-NJ), Sen. Schumer (D-NY), and Sen. DeMint (R-SC).

The House version of the ASPIRE Act allows for contributions of up to $2,000 a year and up to a $1,000 match. Eligbility for this match phases out between 100-200 percent of national median income. The sponsors of this bill include Rep. Ford (D-TN), Rep. Kennedy (D-RI), and Rep. English (R-PA).

ASPIRE Act/KIDS Accounts related links
S 868 Bill Text and Information
HR 1767 Bill Text and Information
ASPIRE Act Summary
ASPIRE Act Frequently Asked Questions
Sample KIDS Account Accumulation Scenarios

Senate Floor Statement by Sen. Santorum and Sen. Corzine
Press Conference Transcript
Senate Press Release
Press Release from Rep. Ford

Congressional Hearing: Building Assets for Low-Income Families
Event: Children's Savings Accounts--International Momentum, and Lessons for the U.S.
Event: KIDS Accounts- Long Lasting Solutions to Financial Education, Savings, and Retirement Security (webcast available for viewing)

ASPIRE Act Media Coverage:
Poverty is Back!, The American Prospect (February 2006)
New Programs Spur Working Poor to Begin Saving, The Wall Street Journal (1/11/2006)
Initiatives to Promote Savings from Childhood Catching On, The Washington Post (8/20/2005)
Santorum Polishes His Compassionate Credentials, Pittsburgh Post-Gazette (6/5/2005)
Savings Concept Draws Praise, The Patriot-News, Harrisburg, PA (5/22/2005)
Bush May Win a Battle, But Lose a War, Newsday (5/5/2005)
Schumer Proposes Accounts for Kids, The Post-Standard, Syracuse (4/28/2005)
Newborns Could Start Life With $500 in Savings if ASPIRE Becomes Law, Little Falls Times, Mohawk Valley, NY (4/28/2005)
Lawmakers Push for Youth Savings Accounts, Island Packet, Beaufort County, SC (4/22/2005)
Bill Would Create $500 Accounts for all U.S. Children,Investor's Business Daily (4/21/2005)
A Bipartisan Moment on the Hill,CBSnews.com (4/21/2005)
County Savings Program Recognized in Senate Bill, The Daily Oakland Press (3/26/2005)

Additional Resources:
The ASPIRE Act reflects many years of hard work by several individuals and organizations here and throughout the world. The following links highlight some of the important research, policy initiatives, media coverage, on-the-ground programs, and global efforts that inform and continue to inspire the evolution of the ASPIRE Act:

Articles, Research, and Initiatives
A Homestead Act for the 21st Century, by Ted Halstead, Harvard Business Review (February 2006)

Investing Now in the Future of Our Children, by Susan Castillo and Ray Boshara, The Portland Oregonian (11/25/2005)

Start Government-Funded Savings Accounts for Kids, by Charles Palmer and Ray Boshara, The Des Moines Register (11/5/2005)

KIDS Accounts: To Nuture Investors, by Sen. Rick Santorum, The Hill (7/28/2005)

A Natural Alliance, by David Brooks, The New York Times (5/26/2005)

Share the Ownership, by Ray Boshara, The Washington Post (2/8/2005)

Mr. President, Let's Share the Wealth, by David Brooks, The New York Times (2/8/2005)

For Children, A Stake in the Future , by Rep. Harold Ford, The Washington Post (1/25/2004)

Give More Americans a Stake in National Prosperity, by Ted Halstead, The Financial Times (1/23/2004)

For Every Child, A Stake in America, by Ray Boshara and Michael Sherraden, The New York Times (1/23/2004)

The Child Trust Fund: A Universal Long-Term Saving Policy, by the Initiative for Financial Security at the Aspen Institute (2004)

Net Worth at Birth: Creating a National System for Savings and Asset Building with American Stakeholder Accounts, by Reid Cramer (2004)

The $6000 Solution, by Ray Boshara, The Atlantic Monthly (January 2003)

Saving for Education, Entrepreneurship, and Downpayment (SEED) Initiative, coordinated by CFED, the Center for Social Development at Washington University, and the School of Social Welfare at the University of Kansas

Asset-Based Policy and the Child Trust Fund, by Michael Sherraden (2002)

The Universal Piggy Bank: Designing and Implementing a System of Savings Accounts for Children, by Fred Goldberg, Jr. and Jodi Birk Cohen (2000)

The History and Status of Children's Allowances: Policy Background for Children's Savings Accounts, by Jami Curley and Michael Sherraden (1998)

Children's Savings Account Programs and Policy Proposals

State-Level:
Retirement Security Plan Proposal (North Carolina)
Cradle to College Proposal (Kentucky)
Children's Development Accounts (Oregon)

National:
KidSave, legislative proposal from former Sen. Bob Kerrey

International:
Child Trust Fund, United Kingdom
EduSave Accounts, Singapore
Learning Bonds, Canada
Nest-Egg Accounts Proposal, Australia
Kiwi Savings Accounts Proposal, New Zealand

Other Children's Savings Account-related Information on AssetBuilding.org:
Articles--national and international
Research--national and international

Learn more about Children's Savings Accounts at KidsAccounts.org
To learn more about the ASPIRE Act and get involved, email Berna Brannon at the New America Foundation.