[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4578 Introduced in House (IH)]







105th CONGRESS
  2d Session
                                H. R. 4578

   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

                           September 16, 1998

  Mr. Archer 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 
annually during the fiscal-year period beginning on October 1, 1997, 
and ending on September 30, 2008, amounts totalling, in the aggregate, 
90 percent of the projected surplus (if any) in the total budget of the 
United States Government for that fiscal-year period.
    ``(3) Within 10 days after the date of enactment of this 
subsection, the Secretary of the Treasury, in consultation with the 
Director of the Office of Management and Budget, shall project the 
budget surplus (if any) for the total budget of the United States 
Government for the fiscal-year period beginning on October 1, 1997, and 
ending on September 30, 2008.
    ``(4) The Secretary of the Treasury shall invest the funds held 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.
    ``(5) 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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