,,ii #aagth ,,congress #ast ,session ,s4 #bhaf ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,september #bc1 #bjba,mr4 ,peters 7for himself and ,ms4 ,lummis7 introduced the following bill2 which was read twice and referred to the ,committee on ,finance ,a ,,bill ,to establish a youth savings match grant program for students in grades #i through #ab4 #a4 ,short title ,this ,act may be cited as the ,,piggy ,,bank ,act or the ,program to ,inspire ,growth and ,guarantee ,youth ,budgeting ,advice and ,necessary ,knowledge ,act4 #b4 ,pilot youth savings match grant program 7a7 ,definitions ,in this ,act3 7#a7 ,,esea terms ,the terms local educational agency and parent have the meaning given those terms in section #haja of the ,elementary and ,secondary ,education ,act of #aife 7#bj ,u4,s4,c4 #ghja74 7#b7 ,secretary ,the term ,secretary means the ,secretary of ,education4 7b7 ,program authorized 7#a7 ,in ,general ,the ,secretary1 in collaboration with the ,financial ,literacy and ,education ,commission of the ,department of ,treasury and the ,division of ,consumer and ,community ,affairs of the ,board of ,governors of the ,federal ,reserve ,system1 shall establish a pilot program to award grants to ,states1 on a competitive basis1 to enable those ,states to select participating eligible local educational agencies in the ,state to carry out a youth savings match program1 as described in subsection 7d74 7#b7 ,duration ,grants awarded under this section shall be for a period of #f years4 7c7 ,application ,each ,state desiring a grant under this section shall submit to the ,secretary an application at such time1 in such manner1 and accompanied by such information as the ,secretary may require1 which shall include1 at a minimum-- 7#a7 a comprehensive plan of administration of the youth savings match program1 including how parents will be encouraged to participate2 7#b7 the identification of a single account trustee1 which shall be a ,state agency1 such as a ,state ,department of ,treasury1 ,office of the ,governor1 ,lieutenant ,governor1 ,state financial regulator1 ,comptroller1 a tax-exempt nonprofit organization or foundation1 or a for-profit organization or business with demonstrated expertise and experience in successfully managing financial services2 7#c7 an assurance that the ,state and participating eligible local educational agencies in the ,state will participate in an evaluation of the program2 7#d7 an identification of the individuals who will conduct the training for teachers who administer the financial literacy classroom component of the program2 and 7#e7 a description of the goals and objectives of the financial literacy classroom component of the program and an overview of that program1 including an overview of the topics that will be part of that program4 7d7 ,youth savings match grant program 7#a7 ,eligible ,l,e,as ,a local educational agency shall be eligible to participate in the youth savings match program if that local educational agency receives funding under part ,a of title ,i of the ,elementary and ,secondary ,education ,act of #aife 7#bj ,u4,s4,c4 #fcaa et seq474 7#b7 ,youth savings match program ,each participating eligible local educational agency shall use grant funds to carry out a youth savings match program1 through which the eligible local educational agency shall ensure that-- 7,a7 every year each student in grades #i through #ab that is served by that eligible local educational agency is notified that-- 7i7 a youth savings match program account has been established for that student1 and the account will be funded in accordance with subparagraph 7,b72 7ii7 in order to retain the initial deposit and matching contributions from grant funding that are deposited in the student's youth savings match program account1 the student and parents may not withdraw from the student's youth savings match program account until the date that is #a year after the date of the student's high school graduation1 or expected high school graduation1 unless the withdrawal is approved in accordance with subparagraph 7,g72 and 7iii7 upon withdrawal1 funds in the youth savings match program account may be taxed2 7,b7 each student in grades #i through #ab who is served by the eligible local educational agency-- 7i7 receives #cjj in an initial deposit in the participating student's youth savings match program account2 and 7ii7 receives1 on a monthly basis and for a total of not more than #d years1 an amount of funds equal to the amount of funds that the participating student or such student's family contributes in that month to the student's youth savings match program account1 except that such monthly match amount shall not exceed #be and the total amount of ,federal matching funds shall not exceed #cjj each year2 7,c7 funds contributed to a youth savings match program account are deposited in an account at a depository institution 7as defined in section #ai7;b77#a77;,a7 of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #dfa7;b77#a77;,a777 or invested in ,united ,states ,treasury bills1 notes1 or bonds2 7,d7 participating students and their families are able to make deposits into the youth savings match program account in person1 online1 or on mobile devices1 and are encouraged to make automatic deposits into that account2 7,e7 the parents of participating students are encouraged to participate in the program and contribute to the student's youth savings match program account2 7,f7 any early withdrawal from a youth savings match program account will require approval of the savings account trustee identified in the ,state's application under subsection 7c7 and such a withdrawal will only be approved if the funds are withdrawn for the purpose of paying for postsecondary education1 a career and technical education program of study1 homeownership1 business ownership1 medical hardship1 or for another purpose that the eligible local educational agency determines to be an authorized purpose2 7,g7 if funds are withdrawn from a youth savings match program account that are not approved under subparagraph 7,f7-- 7i7 the student will lose any ,federal grant money that has been contributed to the account 7including the initial deposit1 matching contributions1 and bonus contributions1 as described in subparagraph 7,b771 and no further matching funds will be contributed to the account2 and 7ii7 the student and parent may still retain1 and may withdraw funds that the student or parent has contributed to the student's youth savings match program account2 and 7,h7 participating students receive financial literacy education1 in a manner determined by the ,state receiving the grant1 which shall include information about how funds in the youth savings match program account may be taxed and explaining how taxation works for interest-bearing or investment accounts4 7e7 ,evaluation ,the ,secretary shall carry out an evaluation of the grant program under this section to determine which aspects of the program have been effective and which aspects of the program have not been effective4 7f7 ,report ,not later than #d years after the implementation of the grant program under this section1 the ,secretary shall prepare and submit a report to ,congress containing the results of the evaluation under subsection 7e74 7g7 ,authorization of appropriations ,there are authorized to be appropriated to carry out this ,act such sums as may be necessary for fiscal year #bjbb and each of the #c succeeding fiscal years4