[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4965 Introduced in House (IH)]







109th CONGRESS
  2d Session
                                H. R. 4965

To amend title II of the Social Security Act to provide that a duty of 
  the Board of Trustees of the Social Security Trust funds is to hold 
 them in trust for the beneficiaries and to ensure that the assets of 
such trust funds are not diverted, and to authorize investment of such 
 trust funds in securities that are not limited to obligations of the 
United States or obligations guaranteed as to principal and interest by 
                           the United States.


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                    IN THE HOUSE OF REPRESENTATIVES

                             March 15, 2006

 Mr. Gohmert 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 provide that a duty of 
  the Board of Trustees of the Social Security Trust funds is to hold 
 them in trust for the beneficiaries and to ensure that the assets of 
such trust funds are not diverted, and to authorize investment of such 
 trust funds in securities that are not limited to obligations of the 
United States or obligations guaranteed as to principal and interest by 
                           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 Trust Funds 
Investment Act of 2006''.

SEC. 2. MANAGMENT AND INVESTMENT OF SOCIAL SECURITY TRUST FUNDS.

    (a) Duty of the Board of Trustees.--Section 201(c)(1) of the Social 
Security Act (42 U.S.C. 401(c)(1)) is amended to read as follows:
            ``(1) Hold the Trust Funds in trust for the benefit of 
        beneficiaries under this title and ensure that the assets of 
        the Trust Funds are not diverted;''.
    (b) Authority to Invest Assets of the Trust Funds.--Section 201(d) 
of such Act (42 U.S.C. 401(d)) is amended--
            (1) by striking the second sentence and inserting the 
        following: ``Such investments may be made in interest-bearing 
        obligations of the United States, in obligations guaranteed as 
        to both principal and interest by the United States, or in such 
        other securities as the Board of Trustees may consider prudent 
        investments.'';
            (2) in the third sentence, by inserting ``or other 
        securities'' after ``obligations''; and
            (3) by striking the last sentence and adding the following 
        new sentence: ``In making investments under this subsection, 
        the Board of Trustees shall exercise the judgment and care 
        under the circumstances then prevailing that persons of 
        ordinary prudence, discretion, and intelligence exercise in the 
        management of their own affairs, not in regard to speculation, 
        but in regard to the permanent disposition of their funds, 
        considering the probable income therefrom as well as the 
        probable safety of their capital.''.
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