{"database": "press", "table": "releases", "rows": [["http://www.brown.senate.gov/newsroom/press/release/brown-announces-senate-passage-of-bipartisan-legislation-enhancing-personal-savings-through-prized-linked-accounts", "Brown Announces Senate Passage of Bipartisan Legislation Enhancing Personal Savings Through Prized-Linked Accounts", "2014-12-11", "2014", "2014-12", "Democrat", "House", "OH", "Sherrod Brown", "B000944", "www.brown.senate.gov", null, null, "legacy", "More Than 40 Percent of American Household Lack Savings to Cover Basic Expenses for Three Months\n\t\t\t\t\n\t\t\t\n\t\t\tThursday, December 11, 2014\n            \n\t\n\t\t\t\n\t\t\tWASHINGTON, D.C. \u2013 Today, U.S. Sens. Sherrod Brown (D-OH) and Jerry Moran (R-KS) announced Senate passage of legislation that incentivizes personal savings through the creation of prized-linked savings (PLS) accounts. Brown and Moran \u2013 members of the Senate Economic Mobility Caucus \u2013 authored the legislation in Oct. 2013. The bill passed the Senate by unanimous consent.\r\n\u201cToo many families in Ohio \u2013 and across the nation \u2013 are living paycheck to paycheck,\u201d Brown said. \u201cBetween stagnant wages and an insufficient minimum wage, it\u2019s hard for families to prioritize savings. That\u2019s why this legislation is so important. Families should be encouraged and excited to save. This bill accomplishes that and I am proud to have worked with Sen. Moran to get this bill passed.\u201d\r\n\u201cWith broad support, Congress has sent to President Obama the\u00a0American Savings Promotion Act, bipartisan legislation that clears the way for banks and other financial institutions to promote personal savings,\u201d said Sen. Moran, Co-Chair of the Senate Economic Mobility Caucus. \u201cThis policy will help American families become more financially\u00a0secure and upwardly mobile. In passing the American Savings Promotion Act, the House and Senate have shown that good ideas may still have a chance in Washington.\u201d\r\nThe American Savings Promotion Act would expand the ability of certain banks, thrifts, and credit unions \u2013 which are currently prohibited from participating due to outdated federal law \u2013 to offer PLS products. PLS accounts are safe, regulated accounts that incentivize savings by offering account holders the opportunity to win prizes as they accumulate savings.\r\nThe legislation comes at a time when more than 40 percent of American households lack enough savings to cover basic expenses for three months. According to the Pew Foundation\u2019s Economic Mobility Project, 71 percent of children born to high-saving but low-income parents move up from the bottom income quintile over one generation. This is compared to only 50 percent of children from similarly low-income households whose parents did not save.\r\n###\n\t\t\t\n\t\t\t\t\n\t\t\t\t\tPress Contact\n\t\t\t\t\tMeghan Dubyak/Ben Famous\r\n(202) 224-3978", 1, "2026-03-30T12:14:52Z", "2026-03-30T12:14:52Z"]], "columns": ["url", "title", "date", "year", "month", "party", "chamber", "state", "member_name", "bioguide_id", "domain", "scraper", "source", "date_source", "text", "has_text", "collected_at", "updated_at"], "primary_keys": ["url"], "primary_key_values": ["http://www.brown.senate.gov/newsroom/press/release/brown-announces-senate-passage-of-bipartisan-legislation-enhancing-personal-savings-through-prized-linked-accounts"], "units": {}, "query_ms": 1.2305688578635454, "source": "dwillis/congress-press", "source_url": "https://github.com/dwillis/congress-press", "license": "MIT", "license_url": "https://github.com/dwillis/congress-press/blob/main/LICENSE"}