Truth in Budgeting Act of 2005

Summary

Truth in Budgeting Act of 2005 - Directs the Secretary of the Treasury to establish the Trust Fund Administration (TFA) in the Department of the Treasury to: (1) receive all revenues derived from the sale and issuance of any special rate Treasury obligation to any federal trust fund; and (2) invest them in non-federal government debt instrument index funds or in an index fund established by the TFA which reflects the rate of return in the overall non-federal government debt instrument market. Prohibits the TFA from investing such revenues in any stocks or other forms of equity ownership or in any debt instrument issued by a foreign government or by a corporation registered in a foreign nation. Requires the TFA to maintain such investments and resulting earnings for the sole purpose of redeeming any outstanding special rate Treasury obligations and, to the extent such investments and resulting earnings are not needed to redeem such Treasury obligations, to transfer the excess amount to meet the unfunded current withdrawal obligations (if any) of the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund of the Social Security Act. Requires the Government Accountability Office (GAO) to review TFA operations annually and certify to Congress that TFA investments are: (1) in compliance with guidelines established by the Securities and Exchange Commission (SEC); (2) free of political influence; and (3) designed to maintain the security of the investment pool while maximizing investment return.

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Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 20 September 2005

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 20 September 2005

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• Introduced in Senate

  summary · EN · 20 September 2005

  Open at official source

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