A bill to restore to 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.

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 for such terms and at such interest rates as will ensure a projected annual interest income to such funds equivalent to the income which would have been earned by those funds from 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.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 7 November 1985

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

2. 7 November 1985

   Introduced

   Introduced in House

   Source: IntroReferral

3. 7 November 1985

   Introduced

   Introduced in House

   Source: IntroReferral

4. 12 November 1985

   Referred

   Referred to Subcommittee on Social Security.

   Source: Committee

5. 14 November 1985

   Committee

   For Further Action See H.R.3721.

   Source: Committee

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 7 November 1985

  Open at official source

Sponsors

• Rep. Smith, Robert [R-OR-2] · R · Sponsor
• Rep. Daub, Hal [R-NE-2] · R · Sponsor
• Rep. Lewis, Thomas F. [R-FL-12] · R · Cosponsor
• · hswm00 · Standing

Related records

• related to ← A bill to temporarily increase the limit on the public debt and to restore the investments of the Social Security Trust Funds and other trust funds.