The American Dream Accounts Act of 2024 would create a federally-managed savings account for every child born in or naturalized as a U.S. citizen, starting with a $5,000 deposit invested in stock market index funds. Young adults ages 18 to 25 could withdraw their account balance—which may grow to tens of thousands of dollars by adulthood—in several ways, including as a lump sum, monthly payments over a year, or a rollover into a Roth IRA for retirement savings. The bill offers a bonus $10,000 for individuals who serve at least 12 months in Peace Corps or approved national service programs before age 26, and account balances would not affect eligibility for federal, state, or local benefits programs. The legislation requires the Social Security Administration to establish an Office of the American Dream within 180 days, create a website and mobile app for account access, and directs the Department of Education to distribute financial literacy best practices to schools and establish grants for professional development in financial education. The bill does not specify a funding amount, instead authorizing "such sums as are necessary" to carry out its provisions.
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