[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3351 Introduced in House (IH)]







105th CONGRESS
  2d Session
                                H. R. 3351

   To amend the Social Security Act to establish the Protect Social 
Security Account into which the Secretary of the Treasury shall deposit 
 budget surpluses until a reform measure is enacted to ensure the long-
                term solvency of the OASDI trust funds.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 5, 1998

  Mr. Bunning (for himself, Mr. Sam Johnson of Texas, Mr. Nussle, Mr. 
 Collins, Mr. English of Pennsylvania, and Mr. Porter) 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 Protect Social 
Security Account into which the Secretary of the Treasury shall deposit 
 budget surpluses until a reform measure is enacted to ensure the long-
                term solvency of the OASDI trust funds.

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

SECTION 1. ESTABLISHMENT OF SPECIAL RESERVE ACCOUNT.

    Section 201 of the Social Security Act is amended by adding at the 
end the following new subsection:
    ``(n)(1) There is established within the Treasury a special reserve 
account to be known as the `Protect Social Security Account' 
(hereinafter in this subsection referred to as the ``account''). The 
account shall be used to save budget surpluses until a reform measure 
is enacted to ensure the long-term solvency of the OASDI trust funds.
    ``(2) The Secretary of the Treasury shall pay into the account 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.
    ``(3) The Secretary of the Treasury shall invest an amount equal to 
the surplus in the account pending enactment of the reform measure 
referred to in paragraph (1). The purposes for which obligations of the 
United States may be issued under chapter 31 of title 31, United States 
Code, are hereby extended to authorize, in the manner provided in 
subsection (d), the issuance at par of public-debt obligations for 
purchase for the account. The interest on, and the proceeds from 
redemption of, any obligations held in the account shall be credited to 
and form a part of the account.
    ``(4) As used in this subsection, the term `total budget of the 
United States Government' means all spending and receipt accounts of 
the United States Government that are designated as on-budget or off-
budget accounts.''.

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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