A bill to restore the social security trust funds and other Federal retirement funds losses resulting from noninvestments, redemptions, and disinvestments in connection with efforts to meet the public debt limit and to require prior approval of the Congress of any further disinvestment of such funds.

Summary

Directs the Secretary of the Treasury to issue public debt obligations to the Federal Old-Age and Survivors Insurance Trust Fund, Federal Disability Insurance Trust Fund, Federal Hospital Insurance Trust Fund, Federal Supplementary Medical Insurance Trust Fund, Railroad Retirement Account, Civil Service Retirement and Disability Fund, and Department of Defense Military Retirement Fund identical to the terms of public debt obligations which: (1) were redeemed on or after September 1, 1985, and on or before the date of the enactment of this Act; and (2) would not have been redeemed had the public debt limit been raised pursuant to a specified resolution of the House of Representatives. Directs the Secretary to pay to the funds the interest which would have accrued to the funds but for such non-investments, redemptions, and disinvestments. Authorizes the Secretary to disinvest such funds when necessary to prevent a shortfall in amounts available for benefit payments or to avoid violating the public debt limit, but, in the latter case, only if the Congress approves the Secretary's request for disinvestment within a specified period. Characterizes the required joint resolution of approval as an exercise of the constitutional rulemaking power of the House of Representatives and the Senate. Details the Congressional procedure to be followed upon the Secretary's submittal of a disinvestment request. Requires the Secretary, upon the extension of the public debt limit, to: (1) issue public debt obligations with terms identical to those redeemed in connection with such disinvestment; and (2) pay the interest which would otherwise have accrued to such funds.

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Documents

1 official file

• Introduced in House

  summary · EN · 6 November 1985

  Open at official source

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