1. Short title This Act may be cited as the American Savings Account Act of 2017 . 2. Table of contents The table of contents for this Act is as follows: Sec. 1. Short title. Sec. 2. Table of contents. Title I—Administration Sec. 101. American Savings Account Board of Directors. Sec. 102. Responsibilities of American Savings Account Board of Directors. Sec. 103. Fiduciary responsibilities; liability and penalties. Sec. 104. American Savings Account Fund Advisory Council. Title II—American Savings Account Fund Sec. 201. American Savings Account Fund. Sec. 202. Tax treatment of the American Savings Account Fund. Title III—American Savings Accounts Sec. 301. American Savings Accounts. Sec. 302. Employer requirements. Sec. 303. State retirement savings plans. Sec. 304. Definitions. Title IV—Conforming amendments Sec. 401. American Savings Accounts. Sec. 402. Penalty for employer noncompliance. Sec. 403. Outreach. Sec. 404. Independent contractors. I Administration 101. American Savings Account Board of Directors (a) In general There is established an American Savings Account Board of Directors (hereafter referred to in this title as the Board ) as a federally chartered organization. Except as otherwise provided, such Board has perpetual existence. (b) Purpose The purpose of the Board is— (1) to establish policies for the investment and management of the American Savings Account Fund; and (2) to carry out the responsibilities of the Board under section 102. (c) Membership The Board shall be composed of 9 members appointed by the President in consultation with the Secretary of Labor and with the advice and consent of the Senate, to include— (1) the Secretary of Labor or a delegate of the Secretary; (2) 1 representative of employers; (3) 1 representative of the private retirement savings investment industry; (4) 1 representative of employees; (5) 1 representative of retirees