House prepares vote for FDIC to insure college accounts

The House on Tuesday is set to approve legislation that allows the Federal Deposit Insurance Corporation (FDIC) to insure college savings accounts, known as 529 plans, up to $250,000. The bill is on tonight's suspension calendar and is expected to pass. 

Rep. Emanuel Cleaver (D-Mo.) is a key sponsor of the legislation. 

529 plans are tax-advantaged saving accounts where contributions are normally taxed at the time of deposit, but grow tax-free.