[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1268 Introduced in House (IH)]







106th CONGRESS
  1st Session
                                H. R. 1268

To amend title II of the Social Security Act to ensure the integrity of 
 the Social Security trust funds by requiring the Managing Trustee to 
invest such trust funds in marketable obligations of the United States.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 24, 1999

Mr. Gary Miller of California introduced the following bill; which was 
              referred to the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
To amend title II of the Social Security Act to ensure the integrity of 
 the Social Security trust funds by requiring the Managing Trustee to 
invest such trust funds in marketable 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. SHORT TITLE.

    This Act may be cited as the ``Social Security Investments Act of 
1999''.

SEC. 2. INVESTMENT OF THE FEDERAL OLD-AGE AND SURVIVORS INSURANCE TRUST 
              FUND AND THE FEDERAL DISABILITY INSURANCE TRUST FUND.

    (a) Investment of Social Security Trust Funds Solely in Marketable 
Obligations of the United States.--Section 201(d) of the Social 
Security Act (42 U.S.C. 401(d)) is amended to read as follows:
    ``(d) It shall be the duty of the Managing Trustee to invest such 
portion of the Trust Funds as is not, in his judgment, required to meet 
current withdrawals. Such investments may be made only in marketable 
obligations consisting of interest-bearing obligations of the United 
States or obligations guaranteed as to both principal and interest by 
the United States. For such purpose, such obligations may be acquired 
on original issue at the issue price or by purchase of outstanding 
obligations at the market price.''.
    (b) Conforming Amendment.--Section 201(e) of such Act (42 U.S.C. 
401(e)) is amended by striking ``(except public-debt obligations issued 
exclusively to the Trust Funds)''.

SEC. 3. EFFECTIVE DATE; TREATMENT OF CURRENT OBLIGATIONS.

    (a) Effective Date.--The amendments made by section 2 shall apply 
with respect to investments made on or after the date of the enactment 
of this Act.
    (b) Treatment of Current Obligations.--As soon as possible after 
the date of the enactment of this Act, the Managing Trustee of the 
Federal Old-Age and Survivors Insurance Trust Fund and the Federal 
Disability Insurance Trust Fund shall, in accordance with subsection 
(d) of section 201 of the Social Security Act (as amended by this Act), 
take such actions as are necessary to convert the obligations which are 
held by such Trust Funds as of such date and which are not described in 
such subsection to obligations which are described in such subsection.
                                 <all>