PlainBillCongress, translated.Legislation. Context. Public interest.Referred to the Subcommittee on Social Security.
Congressional Research Service
Version 00 · Introduced in House · Mar 1, 2001
Savings Account for Every American Act of 2001 - Requires each covered employer to: (1) have in effect throughout each calendar year a S.A.F.E. account payroll deduction program for eligible employees; (2) deduct from each eligible employee's wages and pay the prescribed employee contribution to the employee's designated S.A.F.E. account; and (3) after the employee has maintained a S.A.F.E. account for 15 calendar years, pay into it the prescribed employer contribution. Provides for participation of self-employed individuals.Allows any individual who has been assigned a Social Security account number, and has been paid wages or has derived self-employment income, to elect to be eligible for the S.A.F.E. account program on or after January 1, 2002. Makes an election ineffective if the individual is entitled to an old age or a disability insurance benefit under the Social Security Act.Directs the Office of Personnel Management to study and report to the President and the Congress on how to provide for the application of this Act to Federal civilian and military personnel.Amends the Internal Revenue Code to allow an individual taxpayer a deduction from gross income of the aggregate amount paid in cash during the taxable year by or on behalf of such individual to a S.A.F.E. account. Includes any amount distributed out of a S.A.F.E. account in the distributee's gross income, unless: (1) the account beneficiary has attained age 59-and-a-half; (2) the account beneficiary has died; or (3) the distribution has paid for any qualified long-term health insurance contract, disability insurance, or term life insurance. Makes exceptions for certain other distributions as well. Subjects to an additional tax of 20 percent any account distribution which must be included in gross income. Exempts a S.A.F.E. account from income taxation unless it has terminated according to certain rules. Subjects excess contributions to S.A.F.E. accounts to the same excise tax for excess contributions to individual retirement accounts. Subjects S.A.F.E. accounts also to the excise tax for prohibited transactions.
People & committees
Rep. Sessions, Pete [R-TX-5] · R–TX
Legislative record
A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.
Referred to the Subcommittee on Social Security.
Referred to the Subcommittee on the Civil Service and Agency Organization.
Referred to the Committee on Ways and Means, and in addition to the Committee on Government Reform, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Ways and Means, and in addition to the Committee on Government Reform, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Ways and Means, and in addition to the Committee on Government Reform, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Introduced in House
Introduced in House
Primary sources
Text links open the official source. We currently store references to these documents.
No related bills are listed in this snapshot. This does not establish whether the proposal has appeared in earlier Congresses.
Source last updated: Aug 19, 2025. Consult Congress.gov for the current record.
AI Conversation Starters
Choose a perspective, copy a prompt, and paste it into your preferred AI. Each prompt includes the bill version and available official source links, and asks for counterarguments as well as supporting evidence.
Analyze H.R.849 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.
Examine H.R.849 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.
Examine H.R.849 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.
Examine H.R.849 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.