Children’s Savings Account Task Force Bill Passes Illinois Senate Financial Institutions Committee

A bill to create a task force that will evaluate options, determine funding sources, and make recommendations to create a children’s savings account program in Illinois unanimously passed the Illinois Senate Financial Institutions Committee earlier this month. Many legislators on both sides of the aisle support the bill; both the Senate and House versions of the bill have bipartisan sponsors.

Children’s Savings Accounts (CSA) offer all Illinois children a chance to build a more secure financial future. With an initial public investment at a child’s birth, CSAs offer families an incentive to start saving from the moment a child is born. Once the child reaches age 18, the funds may be used for expenses that help build personal and financial assets such as postsecondary education, homeownership, or small-business development.

Senate Bill 0388’s sponsors are Senators Jacqueline Collins (D), William Delgado (D), Kimberly Lightford (D), and Dale Richter (R). House Bill 1662’s sponsors are Representatives Marlow Colvin (D), Jim Watson (R), Mike Boland (D), Elizabeth Hernandez (D), and Cynthia Soto (D). 

For more information, contact Dory Rand at doryrand@povertylaw.org or Jami Schlafer at jamischlafer@povertylaw.org.