Savings for Working Families Act of 2001

Read twice and referred to the Committee on Finance.

Congressional Research Service

Official summary

Version 00 · Introduced in Senate · Jun 13, 2001

Savings for Working Families Act of 2001 - Amends the Internal Revenue Code to permit any qualified financial institution, qualified nonprofit organization, or Indian tribe to establish one or more qualified individual development account programs. Defines such an account as an account established for an eligible individual (income based) as part of a qualified individual development account program (matched individual and entity savings accounts for qualifying educational, first-time home purchase, or business expenses). Sets forth provisions concerning such accounts, including: (1) the structure and administration of account programs; (2) procedures for opening and maintaining an account and qualifying for matching funds; (3) withdrawal procedures; and (4) disregarding account funds for purposes of certain means-tested Federal programs.Provides matching funds through a tax credit for a participating entity's program investment.

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People & committees

Who introduced it

Sen. Lieberman, Joseph I. [D-CT] · D–CT

Committees

Finance Committee

3 cosponsorship records, including any withdrawals

Legislative record

Actions

A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.

Jun 13, 2001
Read twice and referred to the Committee on Finance.
Jun 13, 2001
Sponsor introductory remarks on measure. (CR S6217-6218)
Jun 13, 2001
Introduced in Senate

Primary sources

Bill text & related measures

Text links open the official source. We currently store references to these documents.

Introduced in Senate · Jun 13, 2001 Formatted Text PDF

Related bills identified by Congress.gov

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.

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Discuss S.1025, 107th Congress: Savings for Working Families Act of 2001

Official record: https://www.congress.gov/bill/107th-congress/senate-bill/1025

Text version to examine: Introduced in Senate · 2001-06-13.

Official full text: https://www.congress.gov/107/bills/s1025/BILLS-107s1025is.htm

Imported record last updated by the source: 2025-08-19T17:28:00Z. Verify current status and distinguish any later version from the version above.

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Analyze S.1025 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.

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Examine S.1025 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.

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Discuss S.1025, 107th Congress: Savings for Working Families Act of 2001

Official record: https://www.congress.gov/bill/107th-congress/senate-bill/1025

Text version to examine: Introduced in Senate · 2001-06-13.

Official full text: https://www.congress.gov/107/bills/s1025/BILLS-107s1025is.htm

Imported record last updated by the source: 2025-08-19T17:28:00Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine S.1025 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.

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Discuss S.1025, 107th Congress: Savings for Working Families Act of 2001

Official record: https://www.congress.gov/bill/107th-congress/senate-bill/1025

Text version to examine: Introduced in Senate · 2001-06-13.

Official full text: https://www.congress.gov/107/bills/s1025/BILLS-107s1025is.htm

Imported record last updated by the source: 2025-08-19T17:28:00Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

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Discuss S.1025, 107th Congress: Savings for Working Families Act of 2001

Official record: https://www.congress.gov/bill/107th-congress/senate-bill/1025

Text version to examine: Introduced in Senate · 2001-06-13.

Official full text: https://www.congress.gov/107/bills/s1025/BILLS-107s1025is.htm

Imported record last updated by the source: 2025-08-19T17:28:00Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine S.1025 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.