[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[H. Res. 209 Introduced in House (IH)]






109th CONGRESS
  1st Session
H. RES. 209

 Expressing the sense of the House of Representatives that any Social 
Security reform legislation should include a ``Community Bank Option''.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 12, 2005

   Mr. Sessions (for himself and Mr. Feeney) submitted the following 
   resolution; which was referred to the Committee on Ways and Means

_______________________________________________________________________

                               RESOLUTION


 
 Expressing the sense of the House of Representatives that any Social 
Security reform legislation should include a ``Community Bank Option''.

Whereas the Congress is considering Social Security reform that allows workers 
        to invest a portion of their Social Security monies into personal 
        savings accounts;
Whereas such accounts should include an option that permits workers to invest 
        their monies in products, such as certificates of deposit, offered by 
        banks and similar financial institutions;
Whereas employees of Galveston County, Texas, contribute to a personal 
        retirement account that resembles a bank option (which may be referred 
        to as a ``Community Bank Option'') that has earned interest rates that 
        average 6.5 percent in annual returns, with some returns of up to 15.5 
        percent;
Whereas the employees of Galveston County bear virtually no risk with these 
        accounts and, in return, receive guaranteed rates of return;
Whereas three counties in Texas have allowed county employees to take an 
        approach similar to a Community Bank Option for more than 20 years;
Whereas the State of Florida successfully restructured retirement opportunities 
        for eligible Florida State employees by allowing personal accounts that 
        have proven successful in maximizing participants' long-term savings and 
        securing the State's pension program;
Whereas certificates of deposit and other products offered by banks are FDIC-
        insured and provide a very low risk investment option for workers;
Whereas monies deposited in an option at a local community bank, savings 
        association, or credit union will be used in that community again in the 
        form of small business loans and home mortgages; and
Whereas the Community Bank Option will help neighborhoods and communities 
        throughout the United States to grow and develop: Now, therefore, be it
    Resolved, That it is the sense of the House of Representatives that 
a Community Bank Option should be included in any Social Security 
reform legislation.
                                 <all>