NTU is an advocacy organization that fights for responsible tax policy and spending reductions throughout the federal government. Each year, NTU selects ten “no-brainer” bills that can bridge the partisan divide. Each bill meets three important criteria: 1) it has bipartisan support, 2) it has not been on a prior NTU “No Brainers” list, and 3) it is a common-sense solution to a real problem facing taxpayers.
“I’m proud that my Emergency Savings Act made NTU’s annual ‘No Brainers’ list for Congress to pass this year. This bill is a common-sense, bipartisan solution that would help families create stable emergency savings for unforeseen expenses, while keeping retirement accounts intact for the future,” said Senator Young.
“Senator Young has been a leader in Congress when it comes to helping more Americans save more for emergency needs, which is why NTU is proud to include his Emergency Savings Act in our 12th annual No Brainers list. NTU applauds Senator Young and his bipartisan partner on this legislation, Senator Booker, for their thoughtful work on this pro-consumer, pro-taxpayer bill,” said Andrew Lautz, Director of Federal Policy for National Taxpayers Union.
Senator Young introduced the bipartisan Emergency Savings Act earlier this year to help Americans build savings for the future. The bill would facilitate convenient and affordable access to workplace emergency savings accounts, improving financial security and reducing retirement savings leakage. Separating emergency savings from one’s retirement savings account will provide participants a better understanding that one account is for short-term emergency needs and the other is for long-term retirement savings, thus empowering employees to handle unexpected financial shocks without jeopardizing their long-term financial security in retirement through emergency hardship withdrawals.
The Emergency Savings Act builds upon work by Senators Young and Cory Booker (D-N.J.) to develop this concept over the last several years, including the Strengthening Financial Security Through Short-Term Savings Accounts Act of 2021.
To see what supporters are saying about the Emergency Savings Act, click here.
Last year, two of Senator Young’s bills – the American Innovation and Jobs Act and Yes In My Backyard (YIMBY) Act – were selected for NTU’s 11th Annual “No Brainers” list. For more information, click here.