A bill to amend the Social Security Act to provide for improved management of the social security trust funds and increase the return on investments to those funds.

Summary

Amends titles II (Old Age, Survivors and Disability Insurance) and XVIII (Medicare) of the Social Security Act to provide for the appointment to the Board of Trustees of the Federal Old-Age and Survivors Insurance Trust Fund, the Federal Disability Insurance Trust Fund, the Federal Hospital Insurance Trust Fund, and the Federal Supplementary Medical Insurance Trust Fund of one representative of employers, one representative of employees, one representative of beneficiaries, and one individual highly qualified in the management of investment funds. Requires that investments made by the Board secure the maximum possible interest yield commensurate with the safety of the Trust Funds. Fixes the interest rates for public-debt obligations issued for purchase by the Trust Funds at the average market yield on all marketable interest bearing U.S. obligations forming part of the public debt, all marketable interest bearing obligations which are not U.S. obligations but which are guaranteed by the United States, and all marketable federally sponsored agency interest bearing obligations which are lawful investments for fiduciary and trust funds under Federal control. Authorizes the Managing Trustee to use the equipment and experts necessary to assure the maximum possible interest yield on Trust Fund investments.

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Timeline

1. 29 July 1981

   Introduced

   Read second time and referred to Senate Committee on Finance.

   Source: IntroReferral

2. 29 July 1981

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 3 August 1981

   Committee

   Committee on Finance requested executive comment from OMB; Treasury Department; Health and Human Services Department.

   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 Senate

  summary · EN · 29 July 1981

  Open at official source

Sponsors

• Sen. Proxmire, William [D-WI] · D · Sponsor
• Sen. Metzenbaum, Howard M. [D-OH] · D · Sponsor
• Sen. Eagleton, Thomas F. [D-MO] · D · Sponsor
• Sen. Dixon, Alan J. [D-IL] · D · Sponsor
• Sen. Pryor, David H. [D-AR] · D · Sponsor
• Rep. Kasten, Robert W., Jr. [R-WI-9] · R · Sponsor
• Sen. Moynihan, Daniel Patrick [D-NY] · D · Sponsor
• Sen. Bradley, Bill [D-NJ] · D · Sponsor
• Rep. Tsongas, Paul E. [D-MA-5] · D · Sponsor
• Rep. Baucus, Max [D-MT-1] · D · Sponsor
• Sen. DeConcini, Dennis [D-AZ] · D · Sponsor
• Sen. Hollings, Ernest F. [D-SC] · D · Cosponsor
• Sen. Hawkins, Paula [R-FL] · R · Cosponsor
• Sen. Hart, Gary W. [D-CO] · D · Cosponsor
• Sen. Sarbanes, Paul S. [D-MD] · D · Cosponsor
• Sen. Heflin, Howell [D-AL] · D · Cosponsor
• Sen. Boren, David L. [D-OK] · D · Cosponsor
• Sen. Cannon, Howard W. [D-NV] · D · Cosponsor
• Sen. Jackson, Henry M. [D-WA] · D · Cosponsor
• · ssfi00 · Standing

Related records

• related to → A bill to amend the Social Security Act to provide for improved management of the social security trust funds and increase the return on investments to those funds.
• related to → A bill to amend the Social Security Act to provide for improved management of the social security trust funds and increase the return on investments to those funds.
• related to → A bill to amend the Social Security Act to provide for improved management of the social security trust funds and increase the return on investment to those funds.