New Federal LiLA Legislation Introduced in the U.S.
Resource type: News
Council for Adult and Experiential Learning |
“Last century, when the economy was failing millions of Americans, President Franklin Roosevelt offered our people a New Deal. Today, millions of Americans are facing similar challenges in a rapidly changing world. In short, we need a New Deal for the New Economy.”
– Representative Rahm Emanuel (D-IL)
On May 12th, Representative Rahm Emanuel (D-IL), addressed the Financial Services Forum’s town hall discussion on Succeeding in the Global Economy at the Illinois Institute of Technology. At the forum, Emanuel announced his plans to introduce the Lifelong Learning Accounts Act of 2008 with Representative Jim Ramstad (R-MN).
The legislation, H.R. 6036, was introduced the following day. A fundamental building block for Emanuel’s New Deal for the New Economy is educating and training workers. Under current law, there is no savings vehicle that is owned by employees and encourages employers’ co-investment in education. The legislation provides tax credits for employees and employers contributions into educational accounts. It also offers a tax credit for small employers for administrative start-up costs. CAEL applauds Representatives Emanuel and Ramstad for their leadership to increase access to education and training for all American workers.
Link to press release (PDF)
Link to Bill summary (PDF)
As part of its mission to increase access to lifelong learning for working adults, the Council for Adult and Experiential Learning (CAEL) is leading the Lifelong Learning Accounts (LiLASM) initiative.
LiLAs are worker-owned, employer-matched portable accounts used to finance lifelong learning. They are similar in concept to 401(k) retirement accounts except the funds can be used for education and training throughout one’s lifetime.
CAEL’s vision is for every worker to have access to LiLAs. CAEL is working with partners across the country to promote policy in support of LiLAs. This bill being introduced is the result, in large part, because of the good work of the Council for Adult and Experiential Learning, and M & R Strategic Consulting, two Atlantic grantees.