[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3021 Received in Senate (RDS)]


104th CONGRESS
  2d Session
                                H. R. 3021


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                March 7 (legislative day, March 6), 1996

                                Received

_______________________________________________________________________

                                 AN ACT


 
  To guarantee the continuing full investment of Social Security and 
        other Federal funds in obligations of the United States.

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

SECTION 1. TREATMENT OF CERTAIN OBLIGATIONS OF THE UNITED STATES.

    (a) In General.--In addition to any other authority provided by 
law, the Secretary of the Treasury may issue to each Federal fund 
obligations of the United States under chapter 31 of title 31, United 
States Code, before March 30, 1996, in an amount not to exceed the sum 
of--
            (1) the amounts deposited in such fund on or after the 
        earlier of--
                    (A) the date on which such Secretary would not 
                otherwise be able to issue such obligations to such 
                fund, or
                    (B) March 15, 1996,
        and before March 30, 1996, and
            (2) the face amount of obligations held by such fund which 
        mature during such period.
    (b) Obligations Exempt From Public Debt Limit.--
            (1) In general.--Obligations issued under subsection (a) 
        shall not be taken into account in applying the limitation in 
        section 3101(b) of title 31, United States Code.
            (2) Termination of exemption.--Paragraph (1) shall cease to 
        apply on the earlier of--
                    (A) the date of the enactment of the first increase 
                in the limitation in section 3101(b) of title 31, 
                United States Code, after the date of the enactment of 
                this Act, or
                    (B) March 30, 1996.
    (c) Federal Fund.--For purposes of this section, the term ``Federal 
fund'' means any Federal trust fund or Government account established 
pursuant to Federal law to which the Secretary of the Treasury has 
issued or is expressly authorized by law directly to issue obligations 
under chapter 31 of title 31, United States Code, in respect of public 
money, money otherwise required to be deposited in the Treasury, or 
amounts appropriated.
    (d) Extension of Existing Authority.--Subparagraph (B) of section 
1(c)(2) of Public Law 104-103 is amended by striking ``March 15, 1996'' 
and inserting ``March 30, 1996''.

            Passed the House of Representatives March 7, 1996.

            Attest:

                                                ROBIN H. CARLE,

                                                                 Clerk.