[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5541 Introduced in House (IH)]






107th CONGRESS
  2d Session
                                H. R. 5541

  To reject proposals to partially or completely divert funds, which 
 normally would be designated for the Social Security trust fund, into 
private savings accounts as a substitute for the lifelong, guaranteed, 
    inflation-protected insurance benefits provided through Social 
                               Security.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            October 2, 2002

  Mr. Shows introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
  To reject proposals to partially or completely divert funds, which 
 normally would be designated for the Social Security trust fund, into 
private savings accounts as a substitute for the lifelong, guaranteed, 
    inflation-protected insurance benefits provided through Social 
                               Security.

    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 ``Rejecting Social Security 
Privatization Act of 2002''.

SEC. 2. FINDINGS.

     The Congress finds the following:
            (1) 117 Members of Congress signed a letter on May 24, 
        2001, to the President's Commission to Strengthen Social 
        Security, urging the Commission to develop a plan to partially 
        privatize Social Security by diverting funds away from the 
        Social Security trust funds and instituting Personal Retirement 
        Accounts.
            (2) The Commission developed three alternative plans that 
        would partially privatize Social Security by diverting 
        substantial monies from the Social Security trust funds to pay 
        for the private accounts, which threatens benefits for current 
        beneficiaries by significantly weakening the financial 
        condition of the trust funds.
            (3) These reductions in guaranteed benefits apply to all 
        workers, regardless of whether they choose to have an 
        individual account or not.
            (4) Substituting private accounts for guaranteed Social 
        Security benefits increases financial risk for retirees, 
        disabled workers, and their families; reduces Social Security 
        protections for women, low-income workers, and many members of 
        minority groups; and erodes benefits for the dependent children 
        of workers who retire, become disabled, or die.
            (5) Private investments in the stock market of funds that 
        have been diverted away from the Social Security trust funds 
        are an inherent risk to Americans who currently depend upon 
        secure Social Security trust funds, or anticipate receiving 
        their earned benefits as they approach retirement.

SEC. 3. REJECTION OF PRIVATIZATION.

     The Congress hereby commits to preserve the guaranteed, lifelong, 
inflation-protected benefits provided under title II of the Social 
Security Act to retirees, disabled workers, and their families, and the 
survivors of deceased workers, by rejecting plans to institute Personal 
Retirement Accounts, or any other forms of private accounts, which 
would divert or remove all or portions of monies from the Social 
Security trust funds and reduce the retirement security of current and 
future beneficiaries, and which would reduce guaranteed Social Security 
benefits for retirees, disabled workers, and survivors.
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