American Savings Promotion Act

Floor Speech

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Mr. FITZPATRICK. Mr. Speaker, I yield myself such time as I may consume.

Mr. Speaker, I would like to thank Mr. Kilmer, Mr. Cotton, and Ms. Tsongas for their efforts in drafting the legislation that is before us this evening.

The American Savings Promotion Act is bipartisan legislation that would remove Federal barriers and allow financial institutions to offer savings promotion raffles.

Studies show that Americans are not saving enough, whether for an emergency or for their retirement. This lack of savings is more pronounced among those with lower incomes. H.R. 3374 seeks to reverse this trend and encourage savings by offering depositors chances to win prizes based on their deposit activity.

This legislation would simply amend Federal law to allow depositors to enter into a lottery in lieu of accruing interest, with the number of raffle tickets based on the size of their deposit.

The American Savings Promotion Act is a commonsense bill that will provide consumers greater access to the financial services they want and need. Allowing financial institutions the ability to provide innovative products is a simple way to encourage consumers to open savings accounts, incentivize saving, and foster healthier financial habits.

Mr. Speaker, I urge adoption of this bipartisan legislation, and I reserve the balance of my time.

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