Bank Savings and Investment Act of 1991

[AI summary unavailable — showing source text] Bank Savings and Investment Act of 1991 - Amends the Internal Revenue Code to allow the establishment of tax-exempt family savings accounts in federally insured financial institutions for the exclusive benefit of an individual and the individual's beneficiaries. Limits contributions to such accounts to the lesser of $2,500 or the compensation includible in the individual's gross income. Allows distributions from such accounts for: (1) security for a loan; (2) contributions to a family savings account in excess of the limitation; and (3) any other event as prescribed by regulations. Permits penalty-free withdrawals of up to $10,000 from individual retirement plans in federally insured financial institutions for a first-home purchase.…