[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3207 Introduced in House (IH)]







105th CONGRESS
  2d Session
                                H. R. 3207

To amend the Social Security Act to establish the Save Social Security 
   First Reserve Fund into which the Secretary of the Treasury shall 
        deposit budget surpluses pending Social Security reform.


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                    IN THE HOUSE OF REPRESENTATIVES

                           February 12, 1998

 Mr. Rangel (for himself, Mrs. Kennelly of Connecticut, Mr. Stark, Mr. 
 Matsui, Mr. Coyne, Mr. Levin, Mr. Cardin, Mr. McDermott, Mr. Lewis of 
  Georgia, Mr. Neal of Massachusetts, Mr. McNulty, Mr. Jefferson, Mr. 
 Tanner, Mr. Becerra, and Mrs. Thurman) introduced the following bill; 
         which was referred to the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
To amend the Social Security Act to establish the Save Social Security 
   First Reserve Fund into which the Secretary of the Treasury shall 
        deposit budget surpluses pending Social Security reform.

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

SECTION 1. ESTABLISHMENT OF THE SAVE SOCIAL SECURITY FIRST RESERVE 
              FUND.

    Title II of the Social Security Act is amended by adding at the end 
the following new section:

     ``establishment of the save social security first reserve fund

    ``Sec. 234. (a) Establishment.--There is established within the 
Treasury the Save Social Security First Reserve Fund (hereinafter in 
this section referred to as the ``Fund''). The Fund shall be used to 
save budget surpluses pending social security reform.
    ``(b) Payments Into Fund.--The Secretary of the Treasury shall pay 
into the Fund at the end of each fiscal year an amount equal to the 
surplus, if any, in the total budget of the United States Government 
for that fiscal year.
    ``(c) Assets of Fund.--The Secretary of the Treasury shall invest 
all moneys in the Fund pending social security reform. Such investments 
shall be in public debt securities with suitable maturities and bearing 
interest at rates determined by the Secretary, taking into 
consideration current market yields on outstanding marketable 
obligations of the United States of comparable maturities. The income 
on such investments shall be credited to and form a part of the 
Fund.''.

SEC. 2. EFFECTIVE DATE.

      The amendment made by section 1 shall apply to fiscal years 
beginning on or after October 1, 1997.
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