U.S. Sens. Cory Booker (D-NJ) and Jerry Moran (R-KS) proposed a plan to encourage Americans to build emergency funds. Under the bipartisan Refund to Rainy Day Savings Act, tax filers who receive a direct-deposit tax refund would be allowed to defer 20 percent of their refund by opting into the Rainy Day Savings Program on their 1040 tax form.