House Republicans were set to introduce legislation Thursday that seeks to establish Roth IRA-like accounts for Americans that would encourage saving while allowing for financial flexibility.

The Universal Savings Account Act would allow account holders to save in a tax-advantaged account while unlocking access to their money before retirement, according to the Washington Examiner.

The measure reportedly is sponsored by Rep. Diana Harshbarger, R-Tenn., and Sen. Ted Cruz, R-Texas.

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