A bill to encourage savings and capital formation by offering a bonus payment to modest-income people who purchase certain savings certificates or make certain investments.

Summary

Directs the Depository Institutions Deregulation Committee to authorize certain financial institutions to offer a savings certificate which shall: (1) be for a term of seven years; (2) bear interest at a rate determined by such Committee; (3) be offered only to an individual with an adjusted gross income of less than $15,000 or to a family with an adjusted gross income of less than $30,000; (4) be in the amount of $500 for an individual and $1,000 for a family; and (5) entitle the individual or family involved to a bonus payment if held to maturity. Prohibits the purchase of a savings certificate by an individual or family more than once during a calendar year. Entitles an individual with an adjusted gross income of less than $15,000 who invests, during any calendar year, a lump sum of $500 for a term of not less than seven years and any family with an adjusted gross income of less than $30,000 which invests a lump sum of $1,000 to a bonus. Sets the amount of such bonus payment at 14 percent of the original investment amount. Requires the Secretary of the Treasury to reimburse a financial institution for all bonus payments. Authorizes appropriations to carry out the provisions of this Act.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 28 January 1981

   Introduced

   Referred to House Committee on Banking, Finance and Urban Affairs.

   Source: IntroReferral

2. 28 January 1981

   Introduced

   Introduced in House

   Source: IntroReferral

3. 28 January 1981

   Introduced

   Introduced in House

   Source: IntroReferral

4. 2 March 1981

   Referred

   Referred to Subcommittee on Financial Institutions Supervision, Regulation and Insurance.

   Source: Committee

Votes

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Versions

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Documents

1 official file

• Introduced in House

  summary · EN · 28 January 1981

  Open at official source

Sponsors

• Rep. Green, S. William [R-NY-15] · R · Sponsor
• Rep. Murphy, Austin J. [D-PA-20] · D · Sponsor
• Rep. Garcia, Robert [D-NY-18] · D · Sponsor
• Rep. Kogovsek, Ray [D-CO-3] · D · Sponsor
• Rep. Bafalis, L. A. (Skip) [R-FL-10] · R · Sponsor
• Rep. Petri, Thomas E. [R-WI-6] · R · Sponsor
• Rep. Coyne, James K. [R-PA-8] · R · Sponsor
• Del. de Lugo, Ron [D-VI-At Large] · D · Sponsor
• Rep. Gingrich, Newt [R-GA-6] · R · Sponsor
• Sen. Simon, Paul [D-IL] · D · Sponsor
• · hsba00 · Standing

Related records

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