Republicans to introduce bill creating Roth IRA-style savings account

Congressional Republicans are set to introduce legislation on Thursday aimed at giving consumers a tax-free haven for their savings interest.

The Universal Savings Account Act, sponsored by Rep. Diana Harshbarger (R-TN) in the House and Sen. Ted Cruz (R-TX) in the Senate, is designed to encourage taxpayers to save by simplifying the “complex rules and restrictions” in current law.