3.0.0 1730 2023-01-13T04:50:00Z 2023-01-13T04:50:00Z Senate S S 2005-09-20 109 ssfi00 Finance Committee Senate Standing Referred to 2005-09-20T20:57:24Z 2005-09-20 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2005-09-20 Introduced in Senate IntroReferral 10000 9 Library of Congress V000126 Sen. Voinovich, George V. [R-OH] GEORGE VOINOVICH R OH V. N C000705 Sen. Conrad, Kent [D-ND] KENT CONRAD D ND 2005-09-20 True Economics and Public Finance Bonds Commerce Congress Congressional investigations Congressional oversight Congressional reporting requirements Department of the Treasury Executive reorganization Finance and Financial Sector Government Operations and Politics Government securities Government trust funds Governmental investigations Investment of public funds Old age, survivors and disability insurance Securities Social Welfare Social security finance Stocks Economics and Public Finance 00 2005-09-20 Introduced in Senate 2005-09-27T19:30:58Z 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.

]]> Truth in Budgeting Act of 2005 Display Title Truth in Budgeting Act of 2005 Official Title as Introduced A bill to establish the Trust Fund Administration to invest in non-Federal Government debt instrument index funds all Federal trust fund revenues transferred to the Federal Government upon the issuance of special rate Treasury obligations to such trust funds, and for other purposes. Introduced in Senate IS Short Titles as Introduced Truth in Budgeting Act of 2005 Introduced in Senate 2005-09-20T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-109s1730is/xml/BILLS-109s1730is.xml 2005-09-20 Read twice and referred to the Committee on Finance. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.