– Rep. Rosemary M. Brown (R-Monroe/Pike) announced that her Incentive-Based Savings Account legislation, House Bill 858
, was passed unanimously by the House and now moves to the Senate for consideration.
“Far too many Pennsylvanians struggle to build their savings, as most of their money is put toward paying their bills,” said Brown. “By offering incentives, we reinforce the importance of creating a personal ‘rainy day fund’ to ensure money is set aside for unexpected events, emergencies and even retirement.”
This legislation authorizes certain financial institutions to offer incentives, such as the opportunity to win prizes, additional money, etc., for saving money. By creating an incentive-based savings program, this legislation will help foster monetary savings among constituents by giving them a chance to benefit additionally while they help build their savings.
Brown added, “This measure also builds on my continuing efforts to ensure that financial literacy is being taught in our schools so that knowledge can guide our children to developing a financially stable future.”
As part of her financial literacy efforts, Brown has also introduced First-time Homebuyers Savings Account legislation, House Bill 128
, which is currently being considered by the Senate, and House Bill 49, which would require public schools to allow students to apply credits earned through courses in personal financial literacy to satisfy graduation credit requirements.
House Bill 49
will be up for a final House vote in the coming weeks.
Representative Rosemary M. Brown
Pennsylvania House of Representatives
Media Contact: Abby Krueger