By Jay Heflin - 04/20/10 09:26 PM EDT
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.