To amend the Social Security Act to establish the Protect Social Security Account into which the Secretary of the Treasury shall deposit budget surpluses until a reform measure is enacted to ensure the long-term solvency of the OASDI trust funds.

Summary

Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act to establish in the Treasury the Protect Social Security Account to save budget surpluses until a reform measure is enacted to ensure the long-term solvency of the OASDI trust funds. Requires the Secretary of the Treasury to: (1) pay into the Account annually during each fiscal-year period from FY 1998 through 2008 amounts totalling, in the aggregate, 90 percent of the projected surplus (if any) in the total Government budget (including both on-budget and off-budget accounts) for that fiscal-year period; and (2) invest the funds held in the Account in public debt obligations.

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Timeline

1. 16 September 1998

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 16 September 1998

   Introduced

   Introduced in House

   Source: IntroReferral

3. 16 September 1998

   Introduced

   Introduced in House

   Source: IntroReferral

4. 17 September 1998

   Committee

   Committee Consideration and Mark-up Session Held.

   Source: Committee

5. 17 September 1998

   Reported

   Ordered to be Reported (Amended) by Voice Vote.

   Source: Committee

6. 23 September 1998

   Calendars

   Placed on the Union Calendar, Calendar No. 425.

   Source: Calendars

7. 23 September 1998

   Reported

   Reported (Amended) by the Committee on Ways and Means. H. Rept. 105-738.

   Source: Committee

8. 23 September 1998

   Reported

   Reported (Amended) by the Committee on Ways and Means. H. Rept. 105-738.

   Source: Committee

9. 24 September 1998

   Reported

   Rules Committee Resolution H. Res. 552 Reported to House. Rule provides for consideration of H.R. 4578 and H.R. 4579 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. H.R. 4578 shall be considered in the House and considered as read for amendment. The amendment recommended by the Committee on Ways and Means now printed in the bill shall be considered as adopted. A further amendment printed in the Congressional Record numbered 1, if offered by Mr. Rangel, shall be in order and debatable for 1 hour. Measure will be considered read. A specified amendment is in order. In the engrossment of H.R. 4579, the Clerk shall add the text of H.R. 4578, as passed the House, as new matter at the end of H.R. 4579; conform the title of H.R. 4579 to reflect the addition of the text of H.R. 4578 to the engrossment; asign appropriate designations to provisions, and conform cross referen...

   Source: Floor

10. 25 September 1998

    Passed

    Motion to reconsider laid on the table Agreed to without objection.

    Source: Floor

11. 25 September 1998

    Vote

    On passage Passed by recorded vote: 240 - 188 (Roll No. 464).

    Source: Floor

12. 25 September 1998

    Vote

    Passed/agreed to in House: On passage Passed by recorded vote: 240 - 188 (Roll No. 464).

    Source: Floor

13. 25 September 1998

    Floor

    The previous question was ordered pursuant to the rule.

    Source: Floor

14. 25 September 1998

    Floor

    Rule provides for consideration of H.R. 4578 and H.R. 4579 with 1 hour of general debate. H.R. 4578 shall be considered in the House and considered as read. The amendment recommended by the Committee on Ways and Means now printed in the bill shall be considered as adopted. A further amendment printed in the Congressional Record numbered 1, if offered by Mr. Rangel, or his designee, shall be debatable for 1 hour. After disposition of H.R. 4578, the House will take up consideration of H.R. 4579 which shall be considered as read. The amendment recommended by the Committee on Ways and Means now printed in the bill, modified by the amendment printed in the report of the Committee on Rules shall be considered as adopted. A further amendment printed in the Congressional Record numbered 1, if offered by Mr. Rangel, or his designee shall be debatable for 1 hour.

    Source: Floor

15. 25 September 1998

    Floor

    Considered under the provisions of rule H. Res. 552. (consideration: CR H8732-8756)

    Source: Floor

16. 26 September 1998

    Floor

    Pursuant to the provisions of H. Res. 552, H.R. 4578 is laid on the table. (consideration: CR H8973)

    Source: Floor

Votes

No vote records are attached yet.

Versions

• Reported in House · 23 September 1998 · Download file
• Introduced in House · 16 September 1998 · Download file

Documents

6 official files

• Passed House amended

  summary · EN · 25 September 1998

  Open at official source

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• Reported in House (text)

  Reported in House · EN · 23 September 1998

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• Reported in House (PDF)

  Reported in House · EN · 23 September 1998

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• Introduced in House (text)

  Introduced in House · EN · 16 September 1998

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• Introduced in House (PDF)

  Introduced in House · EN · 16 September 1998

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• Introduced in House

  summary · EN · 16 September 1998

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Sponsors

• Rep. Archer, Bill [R-TX-7] · R · Sponsor
• Rep. Herger, Wally [R-CA-2] · R · Cosponsor
• Rep. Weller, Jerry [R-IL-11] · R · Cosponsor
• Sen. Bunning, Jim [R-KY] · R · Cosponsor
• · hswm00 · Standing

Related records

• related to → Providing for consideration of the bill (H.R. 4578) to amend the Social Security Act to establish the Protect Social Security Account into which the Secretary of the Treasury shall deposit budget surpluses until a reform measure is enacted to ensure the long-term solvency of the OASDI trust funds, and for consideration of the bill (H.R. 4579) to provide tax relief for individuals, families, and farming and other small businesses, to provide tax incentives for education, to extend certain expiring provisions, and for other purposes.
• amends ← Amendment in the nature of a substitute.
• amends ← An amendment to transfer 100 percent of the Social Security Trust Fund surplus to the Federal Reserve Bank of New York to be held in trust for the Social Security system and require that Congress default on publicly traded debt obligations before it could default on its obligations to the Social Security system.