[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[S. 1730 Introduced in Senate (IS)]








109th CONGRESS
  1st Session
                                S. 1730

  To establish the Trust Fund Administration to invest in non-Federal 
Government debt instrument index funds all Federal trust fund revenues 
transferred to the Federal Government upon the issuance of special rate 
   Treasury obligations to such trust funds, and for other purposes.


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                   IN THE SENATE OF THE UNITED STATES

                           September 20, 2005

  Mr. Voinovich (for himself and Mr. Conrad) introduced the following 
  bill; which was read twice and referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
  To establish the Trust Fund Administration to invest in non-Federal 
Government debt instrument index funds all Federal trust fund revenues 
transferred to the Federal Government upon the issuance of special rate 
   Treasury obligations to such trust funds, and for other purposes.

    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 ``Truth in Budgeting Act of 2005''.

SEC. 2. TRUST FUND ADMINISTRATION.

    (a) Establishment.--The Secretary of the Treasury shall establish 
in the Department of the Treasury an office to be known as the ``Trust 
Fund Administration''.
    (b) Functions.--The Trust Fund Administration--
            (1) shall receive all revenues derived from the sale and 
        issuance of any special rate Treasury obligation to any Federal 
        trust fund,
            (2) shall invest such revenues in non-Federal Government 
        debt instrument index funds or in an index fund established by 
        the Trust Fund Administration which reflects the rate of return 
        in the overall non-Federal Government debt instrument market,
            (3) shall not invest such revenues in any stocks or other 
        forms of equity ownership or in any debt instrument issued by a 
        foreign government or by a corporation registered in a foreign 
        nation,
            (4) except as provided in paragraph (5), shall maintain 
        such investments and resulting earnings for the sole purpose of 
        redeeming any outstanding special rate Treasury obligations,
            (5) to the extent such investments and resulting earnings 
        are not needed to redeem such Treasury obligations, shall 
        transfer the excess amount to meet the unfunded current 
        withdrawal obligations (if any) of the Trust Funds described in 
        section 201(c) of the Social Security Act, and
            (6) shall provide to Congress an annual report on--
                    (A) revenues received, investments, current assets, 
                Treasury obligations redeemed, and amounts transferred 
                under paragraph (5), and
                    (B) the internal accounting and administrative 
                control systems of the Trust Fund Administration.
    (c) Director; Deputy Director.--
            (1) Director.--The Trust Fund Administration shall be under 
        the supervision of a director appointed by the President as a 
        noncareer appointee (as defined in section 3132(a)(7) of title 
        5, United States Code).
            (2) Deputy director.--The director of the Trust Fund 
        Administration shall be assisted by a deputy director appointed 
        by the Secretary of the Treasury as a career appointee (as 
        defined in section 3132(a)(4) of such title).
    (d) Annual Review.--The General Accountability Office shall review 
the operations of the Trust Fund Administration on an annual basis and 
certify to Congress that the investments of the Trust Fund 
Administration are--
            (1) in compliance with guidelines established by the 
        Securities and Exchange Commission,
            (2) free of political influence, and
            (3) designed to maintain the security of the investment 
        pool while maximizing investment return.
                                 <all>