[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[S. 1484 Introduced in Senate (IS)]







104th CONGRESS
  1st Session
                                S. 1484

  To enforce the public debt limit and to protect the social security 
  trust funds and other Federal trust funds and accounts invested in 
                        public debt obligations.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           December 18, 1995

  Mr. Nickles introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
  To enforce the public debt limit and to protect the social security 
  trust funds and other Federal trust funds and accounts invested in 
                        public debt obligations.

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

SECTION 1. APPLICABILITY OF PUBLIC DEBT LIMIT TO FEDERAL TRUST FUNDS 
              AND OTHER FEDERAL ACCOUNTS.

    (a) Protection of Federal Funds.--
            (1) No officer or employee of the United States shall--
                    (A) delay the deposit of any amount into (or delay 
                the credit of any amount to) any Federal fund or 
                otherwise vary from the normal terms, procedures, or 
                timing for making such deposits or credits, or
                    (B) refrain from the investment in public debt 
                obligations of amounts in any Federal fund.
            (2) No officer or employee of the United States shall 
        redeem prior to maturity amounts in any Federal fund which are 
        invested in public debt obligations for any other purpose other 
        than payment of benefits or administrative expenses from such 
        Federal fund.
    (b) Public Debt Obligation.--For purposes of this section, the term 
``public debt obligation'' means any obligation subject to the public 
debt limit established under section 3101 of title 31, United States 
Code.
    (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, including (but not limited to) the following:
            (1) The Federal Old-Age and Survivors Insurance Trust Fund.
            (2) The Federal Disability Insurance Trust Fund.
            (3) The Federal Hospital Insurance Trust Fund.
            (4) The Federal Supplementary Medical Insurance Trust Fund.
            (5) The Civil Service Retirement and Disability Fund.
            (6) The Government Securities Investment Fund.
            (7) The Department of Defense Military Retirement Fund.
            (8) The Unemployment Trust Fund.
            (9) Each of the railroad retirement funds and accounts.
            (10) The Department of Defense Education Benefits Fund and 
        the Post-Vietnam Era Veterans Education Fund.
            (11) The Black Lung Disability Trust Fund.

SEC. 2. CONFORMING AMENDMENTS.

    Subsections (j), (k), and (l) of section 8348 of title 5, United 
States Code, and subsections (g) and (h) of section 8438 of such title 
are hereby repealed.
                                 <all>