[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[S. 547 Introduced in Senate (IS)]







107th CONGRESS
  1st Session
                                 S. 547

 To redesignate the Federal Old-Age and Survivors Insurance Trust Fund 
and the Federal Disability Insurance Trust Fund as the Federal Old-Age 
  and Survivors Insurance Accounting Fund and the Federal Disability 
                Insurance Accounting Fund, respectively.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             March 15, 2001

  Mr. McCain introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
 To redesignate the Federal Old-Age and Survivors Insurance Trust Fund 
and the Federal Disability Insurance Trust Fund as the Federal Old-Age 
  and Survivors Insurance Accounting Fund and the Federal Disability 
                Insurance Accounting Fund, respectively.

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

SECTION 1. SHORT TITLE.

    The Act may be cited as the ``Straighter Talk on Social Security 
Act of 2001''.

SEC. 2. REDESIGNATION OF SOCIAL SECURITY TRUST FUNDS.

    The Federal Old-Age and Survivors Insurance Trust Fund and the 
Federal Disability Insurance Trust Fund are hereby redesignated as the 
``Federal Old-Age and Survivors Insurance Accounting Fund'' and the 
``Federal Disability Insurance Accounting Fund'', respectively.

SEC. 3. CONFORMING AMENDMENTS TO THE SOCIAL SECURITY ACT.

    (a) In General.--Sections 201, 202, 206, 215, 217, 221, 222, 228, 
229, 703, 706, 709, 710, 1106, 1129, 1131, 1140, 1145, 1147, 1817, and 
1840 of the Social Security Act (42 U.S.C. 401, 402, 406, 415, 417, 
421, 422, 428, 429, 903, 907, 910, 911, 1306, 1320a-8, 1320b-1, 1320b-
10, 1320b-15, 1320b-17, 1395i, and 1395s) are each amended (in the text 
and in the headings) by striking ``Federal Old-Age and Survivors 
Insurance Trust Fund'' and ``Federal Disability Insurance Trust Fund'' 
each place they appear and inserting ``Federal Old-Age and Survivors 
Insurance Accounting Fund'' and ``Federal Disability Insurance 
Accounting Fund'', respectively.
    (b) Conforming Amendments.--Sections 201, 215, 217, 221, 222, 229, 
231, 234, 706, 709, 1110, and 1148 of such Act (42 U.S.C. 401, 415, 
417, 421, 422, 429, 431, 434, 907, 910, 1310, and 1320b-18) are each 
amended (in the text and in the headings) by striking ``Trust Funds'' 
and ``trust funds'' each place they appear and inserting ``Funds''.

SEC. 4. OTHER CONFORMING AMENDMENTS.

    (a) In General.--The following provisions are amended by striking 
``Federal Old-Age and Survivors Insurance Trust Fund'' and ``Federal 
Disability Insurance Trust Fund'' each place they appear and inserting 
``Federal Old-Age and Survivors Insurance Accounting Fund'' and 
``Federal Disability Insurance Accounting Fund'', respectively:
            (1) sections 3121 and 6402 of the Internal Revenue Code of 
        1986;
            (2) section 7 of the Railroad Retirement Act of 1974 (45 
        U.S.C. 231f);
            (3) section 8331 of title 5, United States Code; and
            (4) sections 3720A and 3806 of title 31, United States 
        Code.
    (b) Additional Amendment.--Section 405 of the Congressional Budget 
Act of 1974 (2 U.S.C. 655) is amended by striking ``the Federal Old-Age 
and Survivors Insurance and Federal Disability Insurance Trust Funds'' 
and inserting ``the Federal Old-Age and Survivors Accounting Fund and 
the Federal Disability Insurance Accounting Fund''.

SEC. 5. RULE OF CONSTRUCTION.

    Whenever any reference is made in any provision of law, regulation, 
rule, record, or document to the Federal Old-Age and Survivors 
Insurance Trust Fund or the Federal Disability Insurance Trust Fund, 
such reference shall be considered a reference to the Federal Old-Age 
and Survivors Accounting Fund or the Federal Disability Insurance 
Accounting Fund, respectively.
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