Sen. Jerry Moran in 2010. AP Sen. Jerry Moran (R-Kansas) issued a statement late Monday evening praising the passage of the American Savings Promotion Act in the House of Representatives, which would allow banks to offer incentives and prizes to customers who establish savings account. Moran, who is a co-sponsor of a companion bill in the Senate described the act as a "commonsense" measure.

"The House demonstrated that the American Savings Promotion Act has broad bipartisan support and represents smart and sensible policy that ought not be derailed by campaign politics. At a time when 44 percent of Americans have less than three-months’ worth of savings, this legislation will enable financial institutions to offer new products that will help Americans develop healthier personal finance habits that can protect their financial future," said Moran.

Moran and Rep. Tom Cotton (R-Arkansas), who introduced the bill in the House, outlined their case for the American Savings Promotion Act in an op-ed on Business Insider in June. Moran concluded his statement by expressing his wish the companion legislation will pass in the Senate.

"As the 113th Congress enters its final months, the Senate should act swiftly to schedule a vote on this commonsense bill and get it to the President before the year’s end," said Moran.