[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[H.R. 931 Introduced in House (IH)]

103d CONGRESS
  1st Session
                                H. R. 931

 To amend title II of the Social Security Act to require the Secretary 
    of the Treasury to issue to the trust funds under the old-age, 
  survivors, and disability insurance program certificates evidencing 
       obligations of the United States held by such trust funds.


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                    IN THE HOUSE OF REPRESENTATIVES

                           February 17, 1993

  Mr. Jacobs introduced the following bill; which was referred to the 
                      Committee on Ways and Means

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                                 A BILL


 
 To amend title II of the Social Security Act to require the Secretary 
    of the Treasury to issue to the trust funds under the old-age, 
  survivors, and disability insurance program certificates evidencing 
       obligations of the United States held by such trust funds.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Social Security Investment 
Certification Act of 1993''.

SEC. 2. CERTIFICATION OF OBLIGATIONS ISSUED TO THE TRUST FUNDS.

    Section 201(d) of the Social Security Act (42 U.S.C. 401(d)) is 
amended by inserting after the fifth sentence the following new 
sentence: ``Each obligation issued for purchase by the Trust Funds 
under this subsection shall be accompanied by a certificate of the 
Secretary of the Treasury evidencing the principal amount, date of 
maturity, and interest rate of such obligation, and stating on its face 
that such obligation shall be incontestable in the hands of the Trust 
Fund to which it is issued, that such obligation is supported by the 
full faith and credit of the United States, and that the United States 
is pledged to the payment of the obligation with respect to both 
principal and interest.''.

SEC. 3. TREATMENT OF OUTSTANDING OBLIGATIONS.

    Not later than 60 days after the date of the enactment of this Act, 
the Secretary of the Treasury shall issue to the Federal Old-Age and 
Survivors Insurance Trust Fund or the Federal Disability Insurance 
Trust Fund, as applicable, a certificate for each obligation which has 
been issued to the Trust Fund under section 201(d) of the Social 
Security Act and which is outstanding as of such date. Each such 
certificate shall evidence the principal amount, date of maturity, and 
interest rate of such obligation, and shall state on its face that such 
obligation shall be incontestable in the hands of the Trust Fund to 
which it was issued, that such obligation is supported by the full 
faith and credit of the United States, and that the United States is 
pledged to the payment of the obligation with respect to both principal 
and interest.

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