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RESOLUTION URGING THE UNITED STATES CONGRESS TO ENACT LEGISLATION CREATING CHILDREN�S SAVINGS ACCOUNTS

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WHEREAS, children�s savings accounts are use restricted savings accounts established for children that are available at designated ages and for designated purposes as a way to encourage families to save for post-secondary educational expenses and other limited uses; and
WHEREAS, although the rules and structure may vary, the typical model for children�s savings accounts is the same � a long term savings account funded by a private, governmental or charitable organization is opened for a young child in the child�s name with the goals of providing a source to help pay for post-secondary education and more opportunities to build wealth throughout the child�s life; and
WHEREAS, according to a 2010 study from the Center for Social Development at Washington University, children with savings accounts 1) perform better academically, especially in math and reading, 2) are seven times more likely to matriculate and complete college, 3) are less likely to accrue financial debt from higher education, and 4) have a better understanding of fiscal matters, which improves their long term financial stability; and
WHEREAS, a number of states, including Colorado, Connecticut, Mississippi, Nevada, Oklahoma, Rhode Island and Vermont, have also launched versions of children�s savings account programs, which do not use state funds, but instead rely on partnerships between governmental agencies, philanthropic institutions or private entities for funding; and
WHEREAS, additionally, an increasing number of municipalities and counties have created and/or are administering children�s savings accounts programs, for instance, the City of Lansing and Barry County in Michigan; San Francisco, California; Cuyahoga County, Ohio; and Wabash and several other counties in Illinois have programs that establish children�s savings accounts for children based on school registration; and
WHEREAS, the importance of children�s saving accounts has been acknowledged by and established in Canada, Singapore and the United Kingdom; and
WHEREAS, U.S. Representative Joseph Crowley (D-New York) filed H.R. 4045 for consideration during the 114th Congress to create children�s savings accounts, named USAccounts, at birth for all children in the United States; and
WHEREAS, H.R. 4045 proposed to require that USAccounts be opened automatically 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 have been matched for children from lower-income families and families eligible for Child Tax Credits who contributed to their children�s account would have also been entitled to an additional annual match up to $500; and
WHEREAS, on December 15, 2015, this Board adopted Resolution No. R-1162-15, urging Congress to adopt H.R. 4045, to create USAccounts; and
WHEREAS, on May 17, 2016, this Board voted to include Resolution No. R-1162-15 as one of the County�s federal legislative priorities and directed its federal lobbyists to advocate for the passage of legislation establishing children�s savings accounts or USAccounts; and
WHEREAS, H.R. 4045 has not received a committee hearing, and, as such is unlikely to be adopted before the end of the 114th Congress; and
WHEREAS, similar to the proposed USAccounts, the majority of children�s savings account programs incentivize additional deposits after the account is established by offering funding matches, tax exemptions and/or deductions and deferrals on earnings; and
WHEREAS, research shows that having a dedicated source of savings for post-secondary education can have a powerful impact on a child�s future aspirations and his or her educational attainment; and
WHEREAS, this Board adopted Resolution No. R-454-15, urging the Florida International University Metropolitan Center to conduct an analysis and prepare a report on the feasibility of implementing a community-based prosperity strategy for Miami-Dade County on May 19, 2015; and
WHEREAS, on May 25, 2016, the �Prosperity Initiatives Feasibility Study,� was released and included a recommendation to implement a children�s savings account program in Miami-Dade County as a tool to expand economic prosperity in the community; and
WHEREAS, creating and funding children�s savings accounts is a critical step toward establishing a dedicated source of savings for all eligible children, helping to eliminate many barriers to and encouraging increased saving, promoting responsible financial behavior and influencing economic stability and mobility; and
WHEREAS, children�s savings accounts expand children�s economic and educational opportunities by encouraging post-secondary education, long-term financial planning and literacy and building family wealth; and
WHEREAS, Congress should enact legislation similar to that championed by Representative Crowley to create children�s savings accounts for children born in the United States; and
WHEREAS, creating a national children�s savings account program would provide every child, especially the most vulnerable, with the opportunity to build a solid financial foundation and the means to finance post-secondary education, which could affect the course of his or her future and present more Americans with the opportunity to become 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 enact legislation creating children�s savings accounts.
Section 2. Directs the Clerk of the Board to transmit a certified copy of this resolution to 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 2017 Federal Legislative Package when it is presented to the Board.