WASHINGTON — Congressman Jim Banks (IN-03) released the following statement regarding the reintroduction of his bill which would provide military families with access to more educational opportunities and the ability to customize their child’s education. Read the full bill text here.
Said Rep. Banks, “Ensuring the security of the nation is the most important job of the federal government. Unfortunately, the lack of education options for military families is making it increasingly difficult to recruit the best and brightest into the armed forces. With 35 percent of military families having considered leaving the armed forces due to concern over their children’s education, the Education Savings Accounts for Military Families Act tackles this problem head-on by creating education savings accounts that can be used to fund tuition, textbooks, and online courses. This will ensure that every military family can access quality education options and not have to worry that a reassignment could jeopardize their children’s future. The children of our soldiers, sailors, airmen, and Marines, have sacrificed mightily for our country and have earned the right to be afforded robust educational opportunities from a grateful nation.”
This legislation would provide portability to military families that they currently do not have, granting them access to more educational opportunities and allowing them to customize their child’s education. The opening of an account would be optional, and account balances could be rolled over from year to year, while deposit levels would increase in accordance with changes in the Chained CPI. Deposits and withdrawals from the fund would be tax-free, and the autonomy of education service providers would be preserved.