1. Short title This Act may be cited as the Refund to Rainy Day Savings Act . 2. Findings Congress finds the following: (1) Approximately 140,000,000 households file tax returns each year with the Internal Revenue Service. (2) For millions of Americans with low or moderate levels of income, their tax refund is the single largest source of income for the entire year. (3) Financial insecurity extends far up the income spectrum, as too few Americans have sufficient financial savings, and 1 in every 3 Americans has no financial savings at all. (4) 46 percent of American families do not have enough liquidity to pay for a $400 rainy day expense, and nearly half of Americans are liquid asset poor, with emergency savings that are too small to cover basic needs in the event of a surprise expense or reduction in income. 3. Refund to Rainy Day Savings Program (a) In general Not later than December 31, 2018, the Secretary of the Treasury or the Secretary's delegate (referred to in this section as the Secretary ) shall establish and implement a program (referred to in this section as the Refund to Rainy Day Savings Program ) to allow participating taxpayers, pursuant to the requirements established under this section, to defer payment on 20 percent of the amount which would otherwise be refunded to such taxpayer as an overpayment (as described in section 6401 of the Internal Revenue Code of 1986). (b) Period of deferral Except as provided under subsection (c)(5), a participating taxpayer may elect to defer payment of the amount described in subsection (a) and have such amount deposited in the Rainy Day Fund (as described in subsection (c)). (c) Rainy Day Fund (1) In general The Secretary shall establish a fund, in such manner as the Secretary determines to be appropriate, to be known as the Rainy Day Fund , consisting of any amounts described in subsection (a) on which payment has been deferred by participating taxpayers. (2) Investment Any amounts deposited in the Rainy Day Fund shall be invested by the Secretary, in