PlainBillCongress, translated.Legislation. Context. Public interest.Read twice and referred to the Committee on Finance.
Congressional Research Service
Version 00 · Introduced in Senate · Jul 31, 1997
Assets for Independence Act - Provides for the establishment of demonstration projects designed for the stated purpose of determining: (1) the social, civic, psychological, and economic effects of providing to individuals and families with limited means an incentive to accumulate assets by saving a portion of their earned income in an individual development account; (2) the extent to which an asset-based policy that promotes saving for education, home ownership, and microenterprise development may be used to enable individuals and families with limited means to increase their economic self-sufficiency; and (3) the extent to which an asset-based policy stabilizes and improves families and the community in which they live. Authorizes not-for-profit organizations and qualified State or local government agencies to participate in the grant program. Requires each qualified not-for-profit organization receiving a grant to establish a Reserve Fund for deposit of private and public funds provided for the demonstration project, as well as proceeds from investments. Makes an individual eligible for assistance under a demonstration project if the individual is a member of a household that: (1) is eligible for assistance under part A (Temporary Assistance for Needy Families) (TANF) of title IV of the Social Security Act; or (2) meets certain income and net worth tests. Authorizes appropriations. Disregards funds in an individual development account of a demonstration project participant for purposes of all means-tested Federal programs.
People & committees
Sen. Coats, Daniel [R-IN] · R–IN
Legislative record
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Read twice and referred to the Committee on Finance.
Sponsor introductory remarks on measure. (CR S8567-8568)
Introduced in Senate
Primary sources
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Source last updated: Aug 21, 2025. Consult Congress.gov for the current record.
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