Social Security Trust Funds Management Act of 1989

Summary

Social Security Trust Funds Management Act of 1989 - Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act to require that amounts in the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund (OASDI trust funds) be invested by the Managing Trustee of such trust funds as soon as such investments can be made without exceeding the public debt limit or jeopardizing OASDI benefit payments. Directs the Managing Trustee, upon the expiration of a debt limit impact period, to issue and pay to the OASDI trust funds those obligations the trust funds would have held and the interest they would have earned but for the debt limit. Requires that the tax receipts earmarked for the OASDI program be immediately transferred (currently, monthly transfers are made) from the general fund of the Treasury to the OASDI trust funds. Requires members of the OASDI trust funds' Board of Trustees to faithfully execute their duties, but does not impose a fiduciary duty. Directs the Board of Trustees of the OASDI trust funds to meet at least twice a year. (Currently, they must meet at least once a year.) Sets forth provisions requiring reports by the Board of Trustees and the Managing Trustee to the Congress regarding the operation and status of the OASDI trust funds. Prohibits the sale and redemption of OASDI trust fund assets or the expenditure of OASDI trust fund amounts for purposes other than making payments under title II or provisions of law directly related to OASDI programs.

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Timeline

1. 25 January 1989

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 25 January 1989

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

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Versions

• Introduced in Senate · — · Download file

Documents

2 official files

• Introduced in Senate (text)

  Introduced in Senate · EN

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 25 January 1989

  Open at official source

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Sponsors

• Sen. Moynihan, Daniel Patrick [D-NY] · D · Sponsor
• Sen. Riegle, Donald W., Jr. [D-MI] · D · Sponsor
• · ssfi00 · Standing

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