HARRISBURG – Rep. Rosemary M. Brown (R-Monroe/Pike) announced today that her Incentive-Based Savings Account legislation, House Bill 331
, achieved bipartisan support and was passed by the House and now moves to the Senate for consideration.
“Pennsylvanians continue to struggle to adequately accrue money to store in their savings accounts, especially now that the COVID-19 pandemic has created even more financial stress,” said Brown. “However, this past year has shown more than ever how important it is to have an emergency account. I believe it’s important to build this education and work with financial institutions to help encourage people to begin at least modest savings. My legislation works to bring stronger attention to families and offer additional opportunities to win prizes etc. while households build their reserve accounts and prepare for emergency needs.”
House Bill 331 would authorize financial institutions to offer incentives, such as prizes, raffles chances etc. for saving money, which can help reinforce messaging and build actions and excitement to create a personal ‘rainy day fund.’
“I want to thank my colleagues for their support and encourage the Senate to consider this bill,” added Brown.
As part of her financial literacy efforts, Brown has also introduced First-time Homebuyers Savings Account legislation, House Bill 730
, which is currently awaiting consideration in the House Urban Affairs Committee. During the 2019-20 Legislative Session, Brown’s House Bill 49 (now Act 91 of 2019
), which would require public schools to allow students to apply credits earned through courses in personal financial literacy to satisfy graduation credit requirements, was signed into law.
Representative Rosemary M. Brown
Pennsylvania House of Representatives
Media Contact: Abby Chiumento