[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[S. 4091 Introduced in Senate (IS)]








109th CONGRESS
  2d Session
                                S. 4091

To provide authority for restoration of the Social Security Trust Funds 
     from the effects of a clerical error, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            December 6, 2006

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

_______________________________________________________________________

                                 A BILL


 
To provide authority for restoration of the Social Security Trust Funds 
     from the effects of a clerical error, 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 ``Social Security Trust Funds 
Restoration Act of 2006''.

SEC. 2. DEFINITIONS.

    For purposes of this Act--
            (1) Clerical error.--The term ``clerical error'' means the 
        bookkeeping errors at the Social Security Administration that 
        resulted in the overpayment of amounts transferred from the 
        Trust Funds to the general fund of the Treasury during the 
        period commencing with 1999 and ending with 2005 as transfers, 
        under the voluntary withholding program authorized by section 
        3402(p) of the Internal Revenue Code of 1986, of anticipated 
        taxes on benefit payments under title II of the Social Security 
        Act.
            (2) Secretary.--The term ``Secretary'' means the Secretary 
        of the Treasury.
            (3) Trust funds.--The term ``Trust Funds'' means the 
        Federal Old-Age and Survivors Insurance Trust Fund and the 
        Federal Disability Insurance Trust Fund.

SEC. 3. RESTORATION OF TRUST FUNDS.

    (a) Appropriation.--There is hereby appropriated to each of the 
Trust Funds, out of any money in the Treasury not otherwise 
appropriated, an amount determined by the Secretary, in consultation 
with the Commissioner of Social Security, to be equal, to the extent 
practicable in the judgment of the Secretary, to the difference 
between--
            (1) the sum of--
                    (A) the amounts that the Secretary determines, in 
                consultation with the Commissioner of Social Security, 
                were overpaid from such Trust Fund to the general fund 
                of the Treasury by reason of the clerical error, and
                    (B) the amount that the Secretary determines, in 
                consultation with the Commissioner of Social Security, 
                to be equal, to the extent practicable in the judgment 
                of the Secretary, to the interest income that would 
                have been payable to such Trust Fund pursuant to 
                section 201(d) of the Social Security Act on 
                obligations issued under chapter 31 of title 31, United 
                States Code, that was not paid by reason of the 
                clerical error, and
            (2) the sum of--
                    (A) the amounts that are refunded to such Trust 
                Fund as overpayments by reason of the clerical error to 
                the extent not limited by periods of limitation under 
                applicable provisions of the Internal Revenue Code of 
                1986, and
                    (B) the interest that is paid to such Trust Fund on 
                the overpayments resulting from the clerical error to 
                the extent allowed under applicable provisions of such 
                Code.
    (b) Investment.--The Secretary shall invest the amounts 
appropriated to each of the Trust Funds under subsection (a) in 
accordance with the currently applicable investment policy for such 
Trust Fund.

SEC. 4. TIMING.

    (a) Actions by the Secretary.--The Secretary shall take such 
actions as are necessary to accomplish the restoration described in 
section 3 not later than 120 days after the date of the enactment of 
this Act.
    (b) Action by the Commissioner.--The Commissioner of Social 
Security shall cooperate with the Secretary to the extent necessary to 
enable the Secretary to meet the requirements of subsection (a).

SEC. 5. CONGRESSIONAL NOTIFICATION.

    Not later than 30 days after the Secretary takes the last action 
necessary to accomplish the restoration described in section 3, the 
Secretary shall notify each House of the Congress in writing of the 
actions so taken.
                                 <all>