Sanford Cosponsors Education Savings Accounts for Military Families Act

Statement

Representative Mark Sanford has signed on as a cosponsor ofH.R. 5199, the Education Savings Accounts for Military Families Act, which was introduced by Rep. Jim Banks (R-IN). This bill would let parents of military-dependent students establish voluntary education savings account (ESA) to help pay for the educational choices that are best suited for their children.

Rep. Sanford released the following statement:

"The men and women who serve in our military sign up knowing they will make some personal sacrifices in order to help keep our country safe. That said, the quality of their children's education should not be one of these sacrifices.

"As it stands, more than half of all service members live in states with no school-choice options at all. Additionally, 35 percent of military parents would consider leaving the military due to lack of education choice, and 40 percent have or would decline a promotion if it meant their kids would have to leave a higher-performing school.

"Eliminating an unnecessary barrier to attracting and retaining the best and the brightest for our military seems like a commonsense step. Accordingly, I'm proud to be a cosponsor of this bill."

Under this legislation, a small portion of funding from the federal Impact Aid program would follow military-dependent students through an ESA rather than schools. The opening of an account would be optional and account balances could be rolled over from year to year, while deposit levels would increase in accordance with changes in the Chained CPI. Deposits and withdrawals from the fund would be tax-free, and the autonomy of education service providers would be preserved.

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