To amend title II of the Social Security Act to require investment of the Social Security trust funds in marketable securities, and for other purposes.

Summary

Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act with respect to investment of the social security trust funds. Repeals authorization for the issuance of public-debt obligations for purchase by the trust funds. Declares that nothing in Federal law shall be construed to authorize the Federal Government to issue such obligations solely for purchase by the trust funds. Requires the Managing Trustee of the trust funds to: (1) ensure that obligations in which investments are made bear interest at a rate at least equal (currently, equal) to the average market yield on all marketable interest-bearing U.S. bonds (thus allowing the interest rate to exceed the average market yield); and (2) compute the average market yield on the basis of market quotations as of the end of the calendar month next preceding the date of purchase (currently, date of issuance). Requires such obligations also to be subject to an option to redeem at any time at the purchase price. Provides that any description of, or reference to, surplus or deficit totals for the Government in any document or other material prepared by the Office of Management and Budget or by the Congressional Budget Office shall not include the outlays and revenue totals of the social security trust funds.

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

Timeline

1. 6 May 1998

   Introduced

   Sponsor introductory remarks on measure. (CR H2822)

   Source: IntroReferral

2. 7 May 1998

   Referred

   Referred to the Subcommittee on Social Security.

   Source: Committee

3. 7 May 1998

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

4. 7 May 1998

   Introduced

   Introduced in House

   Source: IntroReferral

5. 7 May 1998

   Introduced

   Introduced in House

   Source: IntroReferral

6. 12 May 1998

   Introduced

   Sponsor introductory remarks on measure. (CR H3029)

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 7 May 1998 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 7 May 1998

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 7 May 1998

  ViewDownloadOpen at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

• Introduced in House

  summary · EN · 7 May 1998

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Rep. Smith, Nick [R-MI-7] · R · Sponsor
• Rep. Minge, David [D-MN-2] · D · Sponsor
• Rep. Neumann, Mark W. [R-WI-1] · R · Cosponsor
• · hswm00 · Standing

Related records

No cross-record relationships stored yet.