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INDIANAPOLIS- Amidst economic instability and hardship for Indiana’s working families, State Representative Gail Riecken (D-Evansville) has authored a bill offering powerful and safe incentives to get more Hoosier families saving.

The Financial Institutions Committee unanimously passed House Bill 1235 this week in an effort to encourage saving among Hoosier families. The bill allows state charter credit unions to offer savings promotional raffles.

“The point of these raffles is to encourage people to build a savings account so that, in an emergency, people can use their own money instead of high interest commercial products like pay-day loans,” said Riecken.

In these raffles, individuals would be rewarded for making minimum deposits into a savings account or participating in financial literacy programs. With that deposit comes an entry into a raffle, in which participants can earn cash prizes.

“It’s a win-win situation,” Riecken explained. “People will never lose their balance or the interest they’ve accrued, they only have the opportunity to win more money while learning how to save.”

Prompted by numerous committee meetings concerning Hoosiers who have lost their homes due to default mortgages, Riecken said the goal of this bill is to encourage people to save for unpredictable emergencies including job loss or illnesses.

“We have seen a marked decrease in savings over the last four years and this leaves Indiana families with nothing to fall back on when they experience a drop in income or an unexpected expense,” said Riecken. “The intent of this bill is to build saving habits in people who are not used to saving.”

Riecken said the end goal of the bill is to provide an incentive for people to save more in order to help financially vulnerable families become more financially secure.

The bill now moves to the House floor for further consideration.



    • Maybe the lack of savings has something to do with the low incomes in the state. It’s hard to save when you are barely scraping by.

    • Balances What Indiana?,For Your state,good grief!

      One of your local broadcast stations had a topic about some local jail improvements and upgrades,as,needed in the bordering metro area there.

      You can sure tell the position of sheriff possibly could be an boondoggling geopolitical catastrophe in the region you live in.

      Thats when one of’em tells the media he’s pleased the reasoning for the jail “improvements” is actually for a jail system to create “revenue” for that said county in state Indiana,which the last time I looked is still part of the Union of the Constitutional Democracy and Republic,called the United States of America.

      Fear that.

      Sounds,like something that could’a been a-kinned or hatched in the 12th centuries medieval dark ages of the European continent.

      Or a gulag labor camp,wondering if the Reichstag ever consider that in the last century 30’s? Hell,the romans did,made plenty off those upstart criminal Christian types, Heck they even advanced it to the coliseums,arenas,and such yup. A real road show,brought in wagering and silver flying out the pouches in every known direction. Just think! If those romans had todays broadcast technologies and I.T features,wow free advertisement for the “games”. But wait!

      Fiefdom funding,by dungeon realms,geez thats a presentable area attraction objective,for a goal,set to growing new evolving business revenues. Hows that,actually gonna provide sustainable jobs and balanced positive municipal funding?

      Agree Gail,saving is good,as well.

      intellectuals solve problems,geniuses prevent them. (Albert Einstein)

    • Good question. I was assuming the financial institutions…assuming…dummy me.

  1. How much in campaign contributions do the credit unions and their employees give to Gail< CCO?

    • Indiana House members raise so little money, contributions would never really be enough to influence an individual; especially not a public servant like Gail.

  2. Hard pill to swallow, put money in savings and earn 0.1%.
    Borrow money to replace your broke down vehicle with a newer used one and pay 5-10%. Could this be one of the reasons we see all these shiny new bank buildings at almost every corner like gas stations once were?

    Was not that long ago that savings were 5-5 1/2 %, prime rate 6-7%, home loans 9% plus. One was able to earn a little coin while saving for a future home, car, ect.

    With prime rate beaten down to nothing to encourage/subsidize business to invest has cost us 5% of our possible savings compounded yearly.

    This savings problem needs to fix at the national, not state level.

  3. whats this a democrats tellings peoples to saves theirs owns moneys and not to relys on governments that is blasphemy

  4. Families saving money in this Economy? Interest rates at Historical lows?
    This just enhances the 1% interest paid –with a “Lottery Ticket,–Paid for by ? The Banks? The Taxpayers?
    Payouts paid by? The Banks? The Taxpayers?
    This Bill strikes me as nothing more than “feel good” Hokum from a Politico (running for Re-Election).

  5. If Gail is for it, then it must be against the people. She’s only been for Sexual deviants, and Union thugs all her career. Did she send this in from under the bed in a hotel in Illinoise! LOL!

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