A bill to amend the Internal Revenue Code of 1954 to permit banks (as defined in section 401(d)(1) to be authorized investments for 403(b)(7) custodial accounts.

[AI summary unavailable — showing source text] Permits under the Internal Revenue Code an employer who is a corporation or other organization exempt from the income tax, and who contributes to a custodial account which is a qualified employee retirement plan, to invest the funds so contributed in savings accounts or debt obligations of banks.…