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RESOLUTION URGING THE UNITED STATES CONGRESS TO ADOPT H.R. 4045 OR SIMILAR LEGISLATION TO CREATE UNIVERSAL CHILDREN�S SAVINGS ACCOUNTS

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WHEREAS, on Tuesday, November 17, 2015, U.S. Representative Joseph Crowley (D-New York) and U.S. Representative Keith Ellison (D-Minnesota) introduced H.R. 4045 to create universal Children�s Savings Accounts, named USAccounts, which are long-term savings account, at birth for all children in the United States; and
WHEREAS, if adopted, a USAccount would automatically be opened for every newborn, in the child�s name, with a deposit of $500 from the federal government; thereafter, annual deposits of up to $500 would be matched for children from lower-income families and families eligible for Child Tax Credits who contribute to their children�s account would also be entitled to an additional annual match up to $500; and
WHEREAS, USAccounts will be funded through a combination of federal seed money, matching funds and annual family contributions of up to $2,000; and
WHEREAS, the funds deposited into USAccounts will be tax free and available to pay for postsecondary educational expenses, roll over into an Individual Retirement Account for retirement savings, purchase a home or start a business; and
WHEREAS, the proposal to create USAccounts is a critical step toward establishing a dedicated source of savings, encouraging families to save and providing tangible means for several finite expenditures for all eligible children when they reach adulthood; and
WHEREAS, USAccounts would also increase the savings of low and moderate income families, in number and quantity, advance the goal that all children have savings accounts and ensure that children will be able to build an investment for their futures; and
WHEREAS, research shows that having a dedicated source of savings for postsecondary education can have a powerful impact on a child�s future aspirations and his or her educational attainment; and
WHEREAS, this endeavor to build a solid financial foundation for and ensure that every child born in the United States, especially the most vulnerable, has the means to finance his or her future by building his or her savings in a USAccount is a laudable objective that could affect the course of that child�s future and present Americans with an opportunity to become more financially secure,
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF MIAMI-DADE COUNTY, FLORIDA, that this Board:
Section 1. Urges the United States Congress to adopt H.R. 4045 or similar legislation to create universal Children�s Savings Accounts, USAccounts.
Section 2. Directs the Clerk of the Board to transmit a certified copy of this resolution to U.S. Representative Joseph Crowley, U.S. Representative Keith Ellison, and the members of the Miami-Dade County Congressional Delegation.
Section 3. Directs the County�s federal lobbyists to advocate for the legislative action set forth in Section 1 above, and authorizes and directs the Office of Intergovernmental Affairs to include this item in the 2016 Federal Legislative Package when it is presented to the Board.