WASHINGTON — A new bill introduced by one of your senators has a plan to put working class Americans in better financial positions.

The Emergency Savings Act of 2022 is a bipartisan bill introduced by Senator Todd Young, a Republican representing Indiana, and Senator Cory Booker, a Democrat representing New Jersey. The bill would create an option for employers to activate an emergency savings account, which would pull some money out of the employee’s paycheck, with the idea being to use that money in case of emergency.

A survey conducted by the Bipartisan Policy Center shows nearly a quarter of Americans do not have money set aside for emergencies such as a car breaking down, not being able to afford food or being able to pay bills.

The aforementioned emergency savings account would be completely optional for both employers and employees, says Senator Young. If the employee chose to put money into the account, the money would continue growing and building interest, with a capacity limit of 2,500-dollars. The employer can match the money by putting it into a retirement account in an effort to have money stored for the short term and long term.