The House passed a bipartisan package aimed at growing Americans’ retirement savings Tuesday evening, sending it to the Senate with broad bipartisan backing.
The bill passed on a 415-5 vote, with just a handful of Republicans voting against it. Ahead of the vote, the Ways and Means Committee added changes to expand and simplify an incentive for low-income savers, incorporate pieces of a similar measure from House Education and Labor Committee leaders and shift effective dates later to account for the year that’s gone by since its introduction.
“In this bill, we take serious steps to address the savings gap,” Rep. Kevin Brady of Texas, the ranking Republican on the Ways and Means Committee, said during a call with reporters. He put forward the legislation with panel Chairman Richard E. Neal, D-Mass.
