Social Security Preservation Act of 1997

Summary

Social Security Preservation Act of 1997 - Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act to require the Managing Trustee of the Board of Trustees of the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund to ensure that the annual surplus of the trust funds is invested in: (1) marketable interest-bearing obligations of the United States or obligations guaranteed by the United States; or (2) certificates of deposit in insured depository institutions. Prescribes a formula for determining the annual surplus of the trust funds. Prohibits disinvestment of trust fund amounts from public debt obligations, any refraining from making such investments, or any delay in making normal deposits in such trust funds for public debt limit-related purposes, if a purpose of such action or inaction is to not increase, or to reduce, the amount of outstanding public debt obligation. Declares that, during any period for which cash benefits or administrative expenses would not otherwise be payable from either Trust Fund by reason of an inability to issue further public debt obligations because the public debt limit has been reached, public debt obligations held by such Trust Fund shall be sold or redeemed only for the purpose of making payment of such benefits or administrative expenses, and only to the extent Trust Fund cash assets are not available from month to month to pay such benefits or expenses. Authorizes the Secretary of the Treasury, in order to sell or redeem public debt obligations held by either Trust Fund, to issue corresponding public debt obligations in order to obtain the cash necessary to pay benefits or administrative expenses from such Trust Fund, notwithstanding the public debt limit.

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3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 18 March 1998

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 18 March 1998

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• Introduced in Senate

  summary · EN · 18 March 1998

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