A bill to establish a trust fund which is financed from revenues from the windfall profit tax and which is used as a reserve for the Social Security Trust Fund, and for other purposes.

Summary

Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to establish in the Treasury the Social Security Reserve Trust Fund. Appropriates to the Trust Fund for each fiscal year 25 percent of the revenues from the windfall profit tax for such year. Limits the aggregate amount appropriated to the Trust Fund to $50,000,000,000 for all fiscal years. Directs the Secretary of the Treasury to transfer to the Trust Fund amounts so appropriated at least quarterly. Creates a Board of Trustees to hold and manage the Trust Fund and report to Congress annually on the operation of the Trust Fund and whenever the Trust Fund amount is too small. Sets forth requirements for investment by the Trust Fund in interest-bearing obligations of the United States or in federally guaranteed obligations. Directs the Secretary to transfer from the Trust Fund to the Federal Old-Age and Survivors Insurance Trust Fund, the Federal Disability Insurance Trust Fund, and the Federal Hospital Insurance Trust Fund such amounts as may be provided by appropriation Acts.

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Timeline

1. 11 September 1981

   Introduced

   Read second time and referred to Senate Committee on Finance.

   Source: IntroReferral

2. 11 September 1981

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 16 September 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 · 11 September 1981

  Open at official source

Sponsors

• Sen. Eagleton, Thomas F. [D-MO] · D · Sponsor
• · ssfi00 · Standing

Related records

• related to → A bill to establish a trust fund which is financed from revenues from the windfall profit tax and which is used as a reserve for the Social Security Trust Fund, and for other purposes.