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). 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.

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3 official files

• Introduced in House (text)

  Introduced in House · EN · 10 June 1998

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• Introduced in House (PDF)

  Introduced in House · EN · 10 June 1998

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• Introduced in House

  summary · EN · 10 June 1998

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