,,ii  #aag? ,,congress  #a/ ,session    
,s4 #bbb  ,,9 ,,! ,,s5ate ,,( ,,!       
,,unit$ ,,/ates  ,febru>y #d1 #bjba ,mr4
 ,book] 7= himself1 ,ms4 ,baldw91 ,mr4  
,s*um]1 ,mrs4 ,gillibr&1 ,mr4 ,coons1   
,mr4 ,m]kley1 ,mr4 ,m>key1 ,mr4 ,van    
,holl51 ,mr4 ,br[n1 ,mr4 ,he9ri*1 ,mr4  
,s*atz1 ,ms4 ,w>r51 ,mr4 ,s&]s1 ,mr4    
,durb91 & ,ms4 ,klobu*>7 introduc$ !    
foll[+ bill2 :i* 0 read twice & ref]r$  
to ! ,committee on ,f9ance  ,a ,,bill   
,to e/abli% ,am]ican opportunity        
acc\nts1 & = o!r purposes4  #a4 ,%ort   
title2 table ( cont5ts  7a7 ,%ort title 
,?is ,act may be cit$ z ! ,am]ican      
,opportunity ,acc\nts ,act4  7b7 ,table 
( cont5ts ,! table ( cont5ts = ?is ,act 
is z foll[s3  ,sec4 #a4 ,%ort title2    
table ( cont5ts4 ,sec4 #b4 ,def9itions4 
,sec4 #c4 ,am]ican ,opportunity ,fund4  
,sec4 #d4 ,,ao acc\nts4 ,sec4 #e4       
,assignm5t1 ali5ation1 & treatm5t (     
deceas$ individuals4 ,sec4 #f4 ,rules   
gov]n+ ,,ao acc\nts relat+ to inve/m5t1 
acc\nt+1 & report+4 ,sec4 #g4 ,am]ican  

,opportunity ,fund ,bo>d4 ,sec4 #h4     
,fiduci>y responsibilities4 ,sec4 #i4   
,acc\nts disreg>d$ 9 det]m9+ eligibility
 = ,f$]al b5efits4 ,sec4 #aj4 ,reports4 
,sec4 #aa4 ,programs = promot+ f9ancial 
capability4 ,sec4 #ab4 ,tax treatm5t4   
#b4 ,def9itions ,= purposes ( ?is       
title-- 7#a7 ,am]ican ,opportunity ,fund
 ,! t]m ,am]ican ,opportunity ,fund     
means ! fund e/abli%$ "u section #c4    
7#b7 ,,ao acc\nt ,! t]m ,,ao acc\nt     
means an ,am]ican opportunity acc\nt    
e/abli%$ "u section #d4  7#c7 ,secret>y 
,! t]m ,secret>y means ! ,secret>y ( !  
,treasury or ! ,secret>y's delegate4    
7#d7 ,am]ican ,opportunity ,fund ,bo>d  
,! t]m ,am]ican ,opportunity ,fund ,bo>d
 means ! bo>d e/abli%$ pursuant to      
section #g4  7#e7 ,executive ,director  
,! t]m ,executive ,director means !     
executive director appo9t$ pursuant to  
section #g4  #c4 ,am]ican ,opportunity  
,fund  7a7 ,e/abli%m5t ,!re is e/abli%$ 
9 ! ,treasury ( ! ,unit$ ,/ates a fund  
to be kn[n z ! ,am]ican ,opportunity    

,fund4  7b7 ,am\nts held by ,fund ,!    
,am]ican ,opportunity ,fund consi/s ( ! 
sum ( all am\nts paid into ! ,fund "u   
?is title1 increas$ by ! total net e>n+s
 f inve/m5ts ( sums held 9 ! ,fund or   
r$uc$ by ! total net losses f inve/m5ts 
( sums held 9 ! ,fund1 & r$uc$ by !     
total am\nt ( paym5ts made f ! ,fund    
7includ+ paym5ts = adm9i/rative         
exp5ses74  7c7 ,use ( ,fund  7#a7 ,9    
g5]al ,! sums 9 ! ,am]ican ,opportunity 
,fund are appropriat$ & %all rema9      
available )\t fiscal ye> limitation--   
7,a7 to make contributions to ,,ao      
acc\nts2  7,b7 to inve/ "u section #f2  
7,c7 to make di/ributions 9 accordance )
 ?is title2  7,d7 to pay ! adm9i/rative 
exp5ses ( c>ry+ out ?is title2 &  7,e7  
to pur*ase insurance z provid$ 9 section
 #h7;c77#b74  7#b7 ,exclusive purposes  
,! sums 9 ! ,am]ican ,opportunity ,fund 
%all n be appropriat$ = any purpose o!r 
?an ! purposes specifi$ 9 ?is section & 
may n be us$ = any o!r purpose4  7d7    
,transf]s to ,am]ican ,opportunity ,fund

 ,! ,secret>y %all make transf]s f !    
g5]al fund ( ! ,treasury to ! ,am]ican  
,opportunity ,fund z foll[s3  7#a7      
,initial contribution = eligible        
individuals born aft] ,decemb] #ca1     
#bjba ,^u receipt ( a c]tification "u   
section #d7;b77#b7 ) respect to an      
individual born aft] ,decemb] #ca1      
#bjba1 ! ,secret>y %all transf] #a1jjj  
to ! ,,ao acc\nt ( ! individual4  7#b7  
,annual contributions  7,a7 ,9 g5]al    
,ea* ye> :i* occurs aft] ! ye> 9 :i* an 
,,ao acc\nt is e/abli%$ = an eligible   
individual & be=e ! ye> ! eligible      
individual atta9s ! age ( #ah1 !        
,secret>y %all transf] ! annual         
contribution am\nt to ! ,,ao acc\nt ( ! 
individual4  7,b7 ,annual contribution  
am\nt ,! annual contribution am\nt %all 
be ! am\nt su* t ! annual contribution  
am\nt = any taxpay] ^: h\sehold income  
is )9 an income ti] specifi$ 9 ! foll[+ 
table %all decrease1 on a slid+ scale 9 
a l9e> mann]1 f ! initial am\nt to !    
f9al am\nt specifi$ 9 su* table = su*   

income ti]3 ,9 ! case ( h\sehold income 
7express$ z a p]c5t ( ! pov]ty l9e7 )9 !
 foll[+ income ti]3,! initial am\nt     
is--,! f9al am\nt is-- ,up to #ajj      
p]c5t#b1jjjb1jjj #ajj p]c5t up to #abe  
p]c5t#b1jjja1ejj #abe p]c5t up to #age  
p]c5t#a1ejja1jjj #age p]c5t up to #bbe  
p]c5t#a1jjjejj #bbe p]c5t up to #cbe    
p]c5t#ejjbej #cbe p]c5t up to #ejj      
p]c5t#bejj #ejj p]c5t or m#jj4  7,c7    
,applicable h\sehold income2 pov]ty l9e 
,= purposes ( ?is p>agraph--  7i7       
,applicable h\sehold income ,! t]m      
applicable h\sehold income means        
h\sehold income 7z def9$ 9 section      
#cf;,b7d7 ( ! ,int]nal ,rev5ue ,code (  
#aihf71 except t-- 7,i7 ) respect to any
 cal5d> ye>1 ! ,secret>y %all use !     
income ( ! second cal5d> ye> prec$+ !   
cal5d> ye> = :i* ! contribution relates2
 &  7,,ii7 9 det]m9+ h\sehold income !  
,secret>y %all aggregate ! income (     
m>ri$ individuals fil+ sep>ate tax      
returns4  7ii7 ,special rule =          
individuals n fil+ returns  7,i7 ,9     

g5]al ,9 ! case ( any taxpay] :o 0 n    
requir$ to file a return ( tax = ! tax  
impos$ by section #a = ! taxable ye>    
describ$ 9 clause 7i77,i7 or = :om !    
in=mation describ$ 9 clause 7i7 is n    
available = su* ye>1 su* taxpay] %all be
 treat$ z a taxpay] ) a h\sehold income 
:i* is less ?an #ajj p]c5t ( ! pov]ty   
l9e4  7,,ii7 ,use ( o!r data ,subclause 
7,i7 %all n apply if ! ,secret>y        
det]m9es1 bas$ on su* o!r in=mation f   
any ag5cy ( ! ,unit$ ,/ates z !         
,secret>y det]m9es is reliable1 t !     
taxpay]'s h\sehold income = su* ye> is  
#ajj p]c5t ( ! pov]ty l9e or great]4    
7iii7 ,pov]ty l9e ,! t]m pov]ty l9e has 
! mean+ giv5 su* t]m "u section         
#cf;,b7d7 ( ! ,int]nal ,rev5ue ,code (  
#aihf4  7,d7 ,au?ority to provide tax   
in=mation  7i7 ,9 g5]al ,section        
#fajc7l7 ( ! ,int]nal ,rev5ue ,code (   
#aihf is am5d$ by add+ at ! end ! foll[+
 new p>agraph3  7#bc7 ,disclosure (     
return in=mation to c>ry out eligibility
 requirem5ts = c]ta9 programs  7,a7 ,9  

g5]al ,! ,secret>y %all disclose to     
(fic]s & employees ( ! ,dep>tm5t ( !    
,treasury or ! ,am]ican ,opportunity    
,fund ,bo>d return in=mation ( any      
taxpay] ^: income is relevant 9 det]m9+ 
any annual contribution to an ,am]ican  
,opportunity ,acc\nt "u section #c ( !  
,am]ican ,opportunity ,acc\nts ,act4    
,su* return in=mation %all be limit$    
to--  7i7 taxpay] id5tity in=mation )   
respect to su* taxpay]1  7ii7 ! fil+    
/atus ( su* taxpay]1  7iii7 ! numb] (   
individuals = :om a d$uction is all[$ "u
 section #aea ) respect to ! taxpay]    
7includ+ ! taxpay] & ! taxpay]'s sp\se71
  7iv7 ! modifi$ adju/$ gross income 7z 
def9$ 9 section #cf;,b7 ( su* taxpay]1 (
 any sp\se ( su* taxpay] :o fil$ a      
sep>ate return1 & ( ea* ( ! o!r         
individuals includ$ "u clause 7iii7 :o  
are requir$ to file a return ( tax      
impos$ by *apt] #a = ! taxable ye>1  7v7
 su* o!r in=mation z is prescrib$ by !  
,secret>y by regulation z might indicate
 :e!r ! taxpay] is eligible = su* an    

annual contribution 7& ! am\nt !re(71 & 
7vi7 ! taxable ye> ) respect to :i* !   
prec$+ in=mation relates or1 if         
applicable1 ! fact t su* in=mation is n 
available4  7,b7 ,re/riction on use (   
disclos$ in=mation ,return in=mation    
disclos$ "u subp>agraph 7,a7 may be us$ 
by (fic]s & employees ( ! ,dep>tm5t ( ! 
,treasury or ! ,am]ican ,opportunity    
,fund ,bo>d = ! purposes (1 & to ! ext5t
 necess>y 9 e/abli%+ eligibility =1 &   
v]ify+ ! appropriate am\nt (1 any annual
 contribution describ$ 9 subp>agraph    
7,a74  4  7ii7 ,proc$ures & recordkeep+ 
relat$ to disclosures ,p>agraph 7#d7 (  
section #fajc7p7 ( su* ,code is am5d$ by
 /rik+ or 7#bb7 ea* place x appe>s &    
ins]t+ 7#bb71 or 7#bc74  7,e7 ,/udy on  
incorporation ( o!r weal? factors ,n    
lat] ?an #b ye>s aft] ! date ( !        
enactm5t ( ?is ,act1 ! ,comptroll]      
,g5]al %all submit to ,congress & !     
,secret>y ( ! ,treasury a report on !   
feasibility & di/ributive impacts ( a   
new measure = det]m9+ ! am\nt ( ! annual

 contribution am\nt "u ?is p>agraph bas$
 on family weal?1 total assets1 & ov]all
 net wor?4 ,su* measure may-- 7i7       
include f9ancial assets1 ! value (      
family home1 retirem5t acc\nts1 bus9ess 
& entrepr5eurial v5tures1 pot5tial      
future inh]itances1 & any o!r assets or 
debts2 &  7ii7 cont9ue to factor 9      
curr5t or pa/ income to ! ext5t su*     
in=mation is useful 9 e/imat+ ov]all    
h\sehold weal?4  7#c7 ,adju/m5t =       
inflation  7,a7 ,9 g5]al ,= ea* cal5d>  
ye> beg9n+ aft] #bjbb1 ea* ( ! doll>    
am\nts "u p>agraphs 7#a7 & 7#b77;,b77i7 
%all be increas$ by su* doll> am\nt     
multipli$ by ! co/-(-liv+ adju/m5t      
det]m9$ "u section #a7;f77#c7 ( !       
,int]nal ,rev5ue ,code ( #aihf det]m9$  
by sub/itut+ cal5d> ye> #bjba = cal5d>  
ye> #bjaf 9 subp>agraph 7,a77ii7 !re(4  
7,b7 ,r\nd+ ,if any am\nt adju/$ "u     
p>agraph 7#a7 is n a multiple ( #ej1 su*
 am\nt %all be r\nd$ to ! next l[e/     
multiple ( #ej4  7e7 ,prohibition on    
,use ( ,payroll ,taxes ,to ,fund ,,ao   

acc\nts ,! ,am]ican ,opportunity ,fund &
 ,,ao acc\nts are :olly sep>ate & unique
 f ! ,social ,security sy/em4 ,no am\nt 
f any tax on employm5t may be contribut$
 to ! ,am]ican ,opportunity ,fund or    
,,ao acc\nts4  #d4 ,,ao acc\nts  7a7 ,9 
g5]al  7#a7 ,e/abli%m5t ,! ,executive   
,director %all e/abli% 9 ! ,am]ican     
,opportunity ,fund an acc\nt 7to be kn[n
 z an ,am]ican ,opportunity acc\nt or an
 ,,ao acc\nt7 = ea* eligible individual 
c]tifi$ "u subsection 7b74 ,ea* su*     
acc\nt %all be id5tifi$ to its acc\nt   
hold] by means ( a unique p]sonal       
id5tifi] curr5tly recogniz$ by !        
,int]nal ,rev5ue ,s]vice & %all rema9 9 
! ,am]ican ,opportunity ,fund4  7#b7    
,acc\nt balance ,! balance 9 an acc\nt  
hold]'s ,,ao acc\nt at any "t is !      
excess (--  7,a7 ! sum (-- 7i7 all      
deposits made into ! ,am]ican           
,opportunity ,fund & cr$it$ to ! acc\nt 
"u p>agraph 7#c72 &  7ii7 ! total am\nt 
( allocations made to & r$uctions made 9
 ! acc\nt pursuant to p>agraph 7#d72 ov]

  7,b7 ! am\nts paid out ( ! acc\nt )   
respect to su* individual "u subsection 
7c74  7#c7 ,cr$it+ ( contributions      
,pursuant to regulations :i* %all be    
prescrib$ by ! ,executive ,director1 !  
,executive ,director %all cr$it to ea*  
,,ao acc\nt ! am\nts paid into !        
,am]ican ,opportunity ,fund "u section  
#c7;d7 :i* are attributable to ! acc\nt 
hold] ( su* acc\nt4  7#d7 ,allocation ( 
e>n+s & losses ,! ,executive ,director  
%all allocate to ea* ,,ao acc\nt an     
am\nt equal to ! net e>n+s & net losses 
f ea* inve/m5t ( sums 9 ! ,am]ican      
,opportunity ,fund :i* are attributable1
 on a pro rata basis1 to sums cr$it$ to 
su* acc\nt1 r$uc$ by an appropriate %>e 
( ! adm9i/rative exp5ses paid out ( !   
net e>n+s1 z det]m9$ by ! ,executive    
,director4  7b7 ,eligible individual ,= 
purposes ( ?is title-- 7#a7 ,9 g5]al ,! 
t]m eligible individual means any       
individual :o--  7,a7 0 born aft]       
,decemb] #ca1 #bjje2  7,b7 has n yet    
atta9$ ! age ( #ah ye>s2 &  7,c7 has a  

valid1 unique1 ,f$]al ,gov]nm5t issu$   
id5tification numb] recogniz$ by !      
,int]nal ,rev5ue ,s]vice4  7#b7         
,c]tification ( acc\nt hold]s  7,a7     
,automatic c]tification = c]ta9         
individuals born aft] ,decemb] #ca1     
#bjba ,on any date aft] ,decemb] #ca1   
#bjba1 on :i* an eligible individual is 
issu$ a social security acc\nt numb] "u 
section #bjc7;c77#b7 ( ! ,social        
,security ,act1 ! ,commission] ( ,social
 ,security %all c]tify to ! ,executive  
,director & ! ,secret>y ( ! ,treasury ! 
"n (1 & social security numb] issu$ to1 
su* eligible individual4  7,b7 ,o!r     
individuals ,9 ! case ( an eligible     
individual :o is n c]tifi$ "u           
subp>agraph 7,a71 su* individual may    
reque/ ! e/abli%m5t an ,,ao acc\nt "u   
?is subp>agraph by application to !     
,executive ,director1 & ! ,executive    
,director %all c]tify su* individual "u 
?is subp>agraph4  7c7 ,re/rictions on   
di/ributions  7#a7 ,age-relat$          
re/rictions  7,a7 ,9 g5]al ,except z    

o!rwise provid$ 9 ?is p>agraph1 no am\nt
 may be di/ribut$ f an ,,ao acc\nt be=e 
! date on :i* ! acc\nt hold] atta9s !   
age ( #ah4  7,b7 ,high] education       
exp5ses ,subp>agraph 7,a7 %all n apply  
to am\nts paid = qualifi$ tuition &     
relat$ exp5ses 7z def9$ 9 section       
#be;,a7f77#a7 ( ! ,int]nal ,rev5ue ,code
 ( #aihf7 ( ! acc\nt hold] if ! acc\nt  
hold] is an eligible /ud5t 7z def9$ 9   
section #be;,a7b77#c7 ( su* ,code7 )    
respect to su* exp5ses4  7,c7 ,au?ority 
to provide high] age limit = c]ta9      
di/ributions ,! ,secret>y1 9            
consultation ) ! ,am]ican ,opportunity  
,fund ,advisory ,bo>d1 may by           
regulations provide = a high] age       
limitation ) respect to di/ributions    
relat+ to c]ta9 categories ( qualifi$   
exp5ses if ! ,secret>y det]m9es t su*   
high] age limitation is appropriate4    
7#b7 ,use-relat$ re/rictions  7,a7 ,9   
g5]al ,no am\nt may be di/ribut$ f an   
,,ao acc\nt unless ! acc\nt hold]       
e/abli%es1 "u rules e/abli%$ by !       

,executive ,director 9 consultation ) ! 
,am]ican ,opportunity ,fund ,advisory   
,bo>d1 t su* am\nt %all be us$ = a      
qualifi$ exp5se4  7,b7 ,qualifi$ exp5se 
,= purposes ( ?is subsection--  7i7 ,9  
g5]al ,! t]m qualifi$ exp5se means      
exp5ses = any ( ! foll[+3 7,i7          
,education ( ! acc\nt hold] at--  7aa7  
an in/itution ( high] education 7z def9$
 9 section #aja ( ! ,high] ,education   
,act ( #aife 7#bj ,u4,s4,c4 #ajja772 or 
7bb7 an area c>e] & te*nical education  
s*ool 7z def9$ 9 section #c ( ! ,c>l ,d4
 ,p]k9s ,c>e] & ,te*nical ,education    
,act ( #bjjf 7#bj ,u4,s4,c4 #bcjb774    
7,,ii7 ,own]%ip ( a home by ! acc\nt    
hold]4  7,,iii7 ,any exp5ses paid or    
incurr$ on or aft] ! date on :i* !      
acc\nt hold] atta9s age #ei4  7,,iv7    
,any o!r inve/m5t 9 f9ancial assets or  
p]sonal capital t provides long-t]m ga9s
 to wages & weal?1 z e/abli%$ "u        
regulations promulgat$ by ! ,secret>y1 9
 consultation ) ! ,executive ,director &
 ! ,am]ican ,opportunity ,fund ,advisory

 ,bo>d4  7ii7 ,exception ,su* t]m %all n
 include any exp5se describ$ 9 clause   
7i7 :i* is paid to a p]son :o does n    
meet su* /&>ds z are prescrib$ by !     
,secret>y1 9 consultation ) ! ,executive
 ,director & ! ,am]ican ,opportunity    
,fund ,advisory ,bo>d4  7#c7 ,am]ican   
,opportunity ,acc\nt ,advisory ,bo>d ,= 
purposes ( ?is subsection1 ! t]m        
,am]ican ,opportunity ,fund ,advisory   
,bo>d means an advisory bo>d e/abli%$ by
 ! ,secret>y consi/+ ( individuals )    
exp]tise 9 sav+s & asset-build+1 home   
f9anc+1 education f9anc+1 consum]       
f9ancial protection1 & su* o!r areas z !
 ,secret>y may det]m9e appropriate4  #e4
 ,assignm5t1 ali5ation1 & treatm5t (    
deceas$ individuals  7a7 ,assignm5t &   
ali5ation ,"u regulations :i* %all be   
prescrib$ by ! ,executive ,director1    
rules relat+ to assignm5t & ali5ation   
applicable "u *apt] #hd ( title #e1     
,unit$ ,/ates ,code1 ) respect to am\nts
 held 9 acc\nts 9 ! ,?rift ,sav+s ,fund 
%all apply ) respect to am\nts held 9   

,,ao acc\nts 9 ! ,am]ican ,opportunity  
,fund4  7b7 ,treatm5t ( acc\nts (       
deceas$ individuals ,9 ! case ( a       
deceas$ acc\nt hold] ( an ,,ao acc\nt   
:i* has an acc\nt balance great] ?an    
z]o1 ^u receipt ( notification ( su*    
individual's dea?1 ! ,executive         
,director %all close ! acc\nt & %all    
transf] ! balance 9 su* acc\nt to ! ,,ao
 acc\nt ( su* acc\nt hold]'s surviv+    
sp\se or1 if !re is no su* acc\nt ( a   
surviv+ sp\se1 to ! duly appo9t$ legal  
repres5tative ( ! e/ate ( ! deceas$     
acc\nt hold]1 or if !re is no su*       
repres5tative1 to ! p]son or p]sons     
det]m9$ to be entitl$ !reto "u ! laws ( 
! domicile ( ! deceas$ acc\nt hold]4    
#f4 ,rules gov]n+ ,,ao acc\nts relat+ to
 inve/m5t1 acc\nt+1 & report+  7a7      
,inve/m5t program  7#a7 ,9 g5]al ,!     
,am]ican ,opportunity ,fund ,bo>d %all  
inve/ am\nts 9 ! ,am]ican ,opportunity  
,fund 9 securities ( ! ,unit$ ,/ates    
,gov]nm5t issu$ z provid$ 9 p>agraph    
7#b74  7#b7 ,securities  7,a7 ,9 g5]al  

,! ,secret>y ( ! ,treasury is au?oriz$  
to issue special int]e/-be>+ obligations
 ( ! ,unit$ ,/ates = pur*ase by !       
,am]ican ,opportunity ,fund4  7,b7      
,inve/m5t  7i7 ,obligations issu$ = !   
purpose ( ?is p>agraph %all h maturities
 fix$ ) due reg>d to ! ne$s ( ! ,am]ican
 ,opportunity ,fund z det]m9$ by !      
,executive ,director1 & %all be> int]e/ 
at a rate equal to ! av]age m>ket yield 
7comput$ by ! ,secret>y ( ! ,treasury on
 ! basis ( m>ket quotations z ( ! end ( 
! cal5d> mon? next prec$+ ! date ( issue
 ( su* obligations7 on all m>ketable    
int]e/-be>+ obligations ( ! ,unit$      
,/ates !n =m+ a "p ( ! public debt :i*  
are n due or callable e>li] ?an #aj ye>s
 aft] ! end ( su* cal5d> mon?4  7ii7    
,any av]age m>ket yield comput$ "u      
clause 7i7 :i* is n a multiple (        
"o-eigh? ( #a p]c5t1 %all be r\nd$ to ! 
ne>e/ multiple ( "o-eigh? ( #a p]c5t4   
7b7 ,indep5d5t public acc\ntant  7#a7 ,9
 g5]al ,"u regulations :i* %all be      
prescrib$ by ! ,executive ,director1 &  

subject to ! provisions ( ?is title1    
section #hdci7;b7 ( title #e1 ,unit$    
,/ates ,code 7relat+ to engagem5t (     
indep5d5t qualifi$ public acc\ntant71   
%all apply ) respect to ! ,am]ican      
,opportunity ,fund & acc\nts ma9ta9$ 9  
su* ,fund 9 ! same mann] & to ! same    
ext5t z su* section relates to ! ,?rift 
,sav+s ,fund & ! acc\nts ma9ta9$ 9 !    
,?rift ,sav+s ,fund4  7#b7 ,application 
rules ,= purposes ( p>agraph 7#a71      
ref]5ces 9 su* section #hdci7;b7 to an  
employee1 ,memb]1 =m] employee1 or =m]  
,memb] %all be deem$ ref]5ces to an     
acc\nt hold] ( an ,,ao acc\nt 9 !       
,am]ican ,opportunity ,fund4  7c7       
,confid5tiality & disclosure  7#a7 ,9   
g5]al ,except z o!rwise au?oriz$ by     
,f$]al law1 ! ,am]ican ,opportunity     
,fund ,bo>d1 ! ,executive ,director1 &  
any employee ( ! ,am]ican ,opportunity  
,fund ,bo>d %all n disclose in=mation ) 
respect to ! ,am]ican ,opportunity ,fund
 or any acc\nt ma9ta9$ 9 su* ,fund4     
7#b7 ,disclosure to designee ( b5efici>y

 ,! ,executive ,director may1 subject to
 su* requirem5ts & conditions z he may  
prescribe by regulations1 disclose su*  
in=mation ) respect to ! ,,ao acc\nt ( !
 b5efici>y to su* p]son or p]sons z !   
b5efici>y may designate 9 a reque/ = or 
cons5t to su* disclosure1 or to any o!r 
p]son at ! b5efici>y's reque/ to ! ext5t
 necess>y to comply ) a reque/ =        
in=mation or assi/ance made by !        
b5efici>y to su* o!r p]son4  #g4        
,am]ican ,opportunity ,fund ,bo>d  7a7  
,9 g5]al ,!re is e/abli%$ 9 ! executive 
bran* ( ! ,gov]nm5t an ,am]ican         
,opportunity ,fund ,bo>d4  7b7          
,composition1 duties1 & responsibilities
 ,subject to ! provisions ( ?is title1 !
 foll[+ provisions %all apply ) respect 
to ! ,am]ican ,opportunity ,fund ,bo>d 9
 ! same mann] & to ! same ext5t z su*   
provisions relate to ! ,f$]al ,retirem5t
 ,?rift ,inve/m5t ,bo>d3 7#a7 ,section  
#hdgb ( title #e1 ,unit$ ,/ates ,code   
7relat+ to composition ( ,f$]al         
,retirem5t ,?rift ,inve/m5t ,bo>d74     

7#b7 ,section #hdgd ( su* title 7relat+ 
to ,executive ,director74  7#c7 ,section
 #hdgf ( su* title 7relat+ to           
adm9i/rative provisions74  #h4 ,fiduci>y
 responsibilities  7a7 ,9 g5]al ,"u     
regulations ( ! ,secret>y ( ,labor1 !   
provisions ( sections #hdgg & #hdgh (   
title #e1 ,unit$ ,/ates ,code1 %all     
apply 9 connection ) ! ,am]ican         
,opportunity ,fund & ! acc\nts ma9ta9$ 9
 su* ,fund 9 ! same mann] & to ! same   
ext5t z su* provisions apply 9          
connection ) ! ,?rift ,sav+s ,fund & !  
acc\nts ma9ta9$ 9 ! ,?rift ,sav+s ,fund4
  7b7 ,inve/igative au?ority ,any       
au?ority available to ! ,secret>y (     
,labor "u section #ejd ( ! ,employee    
,retirem5t ,income ,security ,act (     
#aigd 7#bi ,u4,s4,c4 #aacd7 is h]eby    
made available to ! ,secret>y ( ,labor1 
& any (fic] designat$ by ! ,secret>y (  
,labor1 to det]m9e :e!r any p]son has   
violat$1 or is ab\t to violate1 any     
provision applicable "u subsection 7a74 
7c7 ,exculpatory provisions2 insurance  

7#a7 ,9 g5]al ,any provision 9 an       
agreem5t or in/rum5t :i* purports to    
relieve a fiduci>y f responsibility or  
liability = any responsibility1         
obligation1 or duty "u ?is title %all be
 void4  7#b7 ,insurance ,am\nts 9 !     
,am]ican ,opportunity ,fund available = 
adm9i/rative exp5ses %all be available &
 may be us$ at ! discretion ( !         
,executive ,director to pur*ase         
insurance to cov] pot5tial liability (  
p]sons :o s]ve 9 a fiduci>y capacity )  
respect to ! ,fund & acc\nts ma9ta9$    
!re91 )\t reg>d to :e!r a policy (      
insurance p]mits rec\rse by ! insur]    
aga9/ ! fiduci>y 9 ! case ( a brea* ( a 
fiduci>y obligation4  #i4 ,acc\nts      
disreg>d$ 9 det]m9+ eligibility = ,f$]al
 b5efits ,am\nts 9 any ,,ao acc\nt %all 
n be tak5 into acc\nt 9 det]m9+ any     
individual's or h\sehold's f9ancial     
eligibility =1 or am\nt (1 any b5efit or
 s]vice1 paid = 9 :ole or 9 "p ) ,f$]al 
funds1 includ+ /ud5t f9ancial aid4  #aj4
 ,reports  7a7 ,reports to ,congress ,! 

,executive ,director1 9 consultation ) !
 ,secret>y1 %all annually transmit a    
writt5 report to ! ,congress4 ,su*      
report %all include--  7#a7 a detail$   
description ( ! /atus & op]ation ( !    
,am]ican ,opportunity ,fund & !         
managem5t ( ! ,,ao acc\nts2 &  7#b7 a   
detail$ acc\nt+ ( ! adm9i/rative exp5ses
 9 c>ry+ out ?is title1 includ+ ! ratio 
( su* adm9i/rative exp5ses to ! balance 
( ! ,am]ican ,opportunity ,fund & !     
me?odology adopt$ by ! ,executive       
,director = allocat+ su* exp5ses among !
 ,,ao acc\nts4  7b7 ,reports to acc\nt  
hold]s ,! ,am]ican ,opportunity ,fund   
,bo>d %all prescribe regulations "u :i* 
ea* individual = :om an ,,ao acc\nt is  
ma9ta9$ %all be furni%$ ) an annual     
/atem5t relat+ to ! individual's acc\nt1
 :i* %all include-- 7#a7 a /atem5t ( !  
balance ( individual's ,,ao acc\nt2     
7#b7 a projection ( ! acc\nt's gr[? by !
 "t ! individual atta9s ! age ( #ah2 &  
7#c7 su* o!r in=mation z ! ,secret>y    
deems relevant4  #aa4 ,programs =       

promot+ f9ancial capability ,! ,secret>y
 ( ! ,treasury1 9 coord9ation ) !       
,f9ancial ,lit]acy & ,education         
,commission1 %all develop programs to   
promote ! f9ancial capability ( acc\nt  
hold]s ( ,,ao acc\nts4  #ab4 ,tax       
treatm5t  7a7 ,contributions &          
di/ributions ,"p ,,iii ( sub*apt] ,b (  
*apt] #a ( ! ,int]nal ,rev5ue ,code (   
#aihf is am5d$ by ins]t+ aft] section   
#aci;,h ! foll[+ new section3  #aci;,i4 
,contributions to & di/ributions f ,,ao 
acc\nts ,gross income %all n include--  
7#a7 any contribution cr$it$ to ! ,,ao  
acc\nt ( ! taxpay] "u section #d7;a77#c7
 ( ! ,am]ican ,opportunity ,acc\nts     
,act1 &  7#b7 any di/ribution f su* an  
,,ao acc\nt4  4  7b7 ,tax treatm5t (    
e>n+s & di/ributions ,sub*apt] ,f (     
*apt] #a ( ! ,int]nal ,rev5ue ,code (   
#aihf is am5d$ by add+ at ! end ! foll[+
 new "p3  ,,ix ,am]ican ,opportunity    
,fund & ,,ao acc\nts  ,sec4 #ecj;,a4    
,am]ican ,opportunity ,fund & ,,ao      
acc\nts4  #ecj;,a4 ,am]ican ,opportunity

 ,fund & ,,ao acc\nts  7a7 ,g5]al rule  
,! ,am]ican ,opportunity ,fund & ,,ao   
acc\nts %all be exempt f taxation "u ?is
 subtitle4 ,not)/&+ ! prec$+ s5t5ce1 a  
,,ao acc\nt %all be subject to ! taxes  
impos$ by section #eaa 7relat+ to       
imposition ( tax on unrelat$ bus9ess    
income ( *>itable organizations74  7b7  
,def9itions ,= purposes ( ?is section1 !
 t]ms ,am]ican ,opportunity ,fund & ,,ao
 acc\nt h ! mean+s giv5 su* t]ms "u !   
,am]ican ,opportunity ,acc\nts ,act4  4 
7c7 ,con=m+ am5dm5ts  7#a7 ,! table (   
sections = "p ,,iii ( sub*apt] ,b (     
*apt] #a ( ! ,int]nal ,rev5ue ,code (   
#aihf is am5d$ by ins]t+ aft] ! item    
relat$ to section #aci;,h ! foll[+ new  
item3  ,sec4 #aci;,i4 ,contributions to 
& di/ributions f ,,ao acc\nts4  4  7#b7 
,! table ( p>ts = sub*apt] ,f ( *apt] #a
 ( su* ,code is am5d$ by add+ at ! end !
 foll[+ new item3  ,"p ,,ix--,am]ican   
,opportunity ,fund & ,,ao acc\nts  4    
7d7 ,effective date ,! am5dm5ts made by 
?is section %all apply to taxable ye>s  

beg9n+ aft] ,decemb] #ca1 #bjba4