A bill to amend the Internal Revenue Code of 1986 to provide for the establishment of family savings accounts, to provide that the earnings on such accounts will not be taxable, and for other purposes.

Amends the Internal Revenue Code to allow the establishment of tax-exempt family savings accounts. Limits contributions to such accounts to $2,000 per year. Allows distributions from such accounts for retirement, death benefits, and disability. Allows special purpose distributions for: (1) first-time homebuyer expenses; and (2) educational expenses.