"Senator Jeff Flake (R-AZ) and Representative David Brat (R-VA) are introducing companion Senate-House bills to create Universal Savings Accounts (USAs). The accounts are like supercharged Roth IRAs.... Anyone 18 years of age or older could open a USA, contribute up to $5,500 after-tax a year, and use the tax-free withdrawals for any purpose at any time. Funds would be invested in bonds and equities, and grow tax-free. USA accounts would allow individuals to decide what to use their savings for and when, without Congress micromanaging their choices, as they do with other accounts."