[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[H. Con. Res. 54 Introduced in House (IH)]






109th CONGRESS
  1st Session
H. CON. RES. 54

   Expressing the sense of the Congress that comprehensive fiduciary 
     standards should be included in any legislation providing for 
  individual accounts as part of, or supplemental to, Social Security.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           February 10, 2005

   Mr. Clay submitted the following concurrent resolution; which was 
              referred to the Committee on Ways and Means

_______________________________________________________________________

                         CONCURRENT RESOLUTION


 
   Expressing the sense of the Congress that comprehensive fiduciary 
     standards should be included in any legislation providing for 
  individual accounts as part of, or supplemental to, Social Security.

    Resolved by the House of Representatives (the Senate concurring), 
That it is the sense of the Congress that any legislation establishing 
individual accounts as part of, or supplemental to, Social Security 
which is favorably considered by the Congress should--
            (1) specify fiduciary responsibilities for the account 
        managers and other fiduciaries in connection with such 
        accounts, and
            (2) provide for liability and penalties for failure to meet 
        such responsibilities.
    Sec. 2. It is further the sense of the Congress that any 
legislation specifying such fiduciary responsibilities, and providing 
for liability and penalties for failure to meet such responsibilities, 
should be at least as comprehensive in relation to such individual 
accounts as are the provisions of section 8477 of title 5, United 
States Code, in relation to accounts maintained for Members of Congress 
and Federal employees under the Thrift Savings Plan.
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