[Congressional Record Volume 146, Number 54 (Thursday, May 4, 2000)]
[Senate]
[Pages S3524-S3529]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
By Mr. McCAIN (for himself, Mr. Moynihan, and Mr. Kerrey):
S. 2510. A bill to establish the Social Security Protection,
Preservation, and Reform Commission; to the Committee on Finance.
SOCIAL SECURITY PROTECTION, PRESERVATION, AND REFORM COMMISSION ACT OF
2000
Mr. McCAIN. Mr. President, today I join with my friends and
colleagues, Senators Bob Kerrey and Pat Moynihan, to introduce a very
important bill that will serve as the catalyst for putting aside
partisan politics and beginning the process of protecting, preserving
and reforming the Social Security system.
Our bill establishes principles and a process for Social Security
reform. The bill sets forth broadly stated objectives for comprehensive
reform of the Social Security system that should be supported by every
one of us. It establishes a bipartisan Congressional Commission charged
with developing a reform plan consistent with those objectives. The
Commission is required to submit a detailed legislative proposal to
Congress by September 2001, and the bill includes a process for
expedited Congressional action on the Commission's recommendations by
the end of next year.
Mr. President, for far too long, Social Security has been used by
politicians
[[Page S3525]]
on both sides of the aisle to polarize, manipulate and scare American
voters. The mere mention of ``Social Security reform'' has become a
lightning rod for the fears of retirees and workers alike about their
financial futures.
Seniors, particularly low-income seniors, are vulnerable to
exaggerations and hyperbolic rhetoric about their retirement benefits.
They are often frightened into believing they will be homeless,
penniless and starving if Congress reforms Social Security. We all know
that is simply not true. The benefits seniors receive today are not the
issue--nobody wants to take them away. And it is disgraceful that some
would stoop so low as to play on the fears of older Americans.
The real issue driving Social Security reform--an issue that is only
frightening when left unresolved--is how to strengthen and protect the
system so that it is available for future retirees, without putting an
unfair financial burden on current and future workers. We have wasted
too much time on partisan politics when we should have been working
together to find a solution to the financial problems facing our
nation's retirement system. We can no longer afford to just spout
rhetoric about the need for reform, then deliberately avoid taking any
concrete action because of fears about how it may affect us in our next
election.
Social Security reform is not just a political problem; it is a
serious economic problem for millions of Americans who are counting on
a retirement system that is in dire financial straits. It's time to
step up to our common responsibilities, not as Republicans or
Democrats, but as servants of the American people.
That is why I have joined with Senator Kerrey and Senator Moynihan to
introduce this bill to require the Congress to act, and act soon, on
legislation to preserve, protect, and reform Social Security. As my
colleagues know, Bob Kerrey and Pat Moynihan have worked tirelessly for
many years to highlight the urgent need for reform of the Social
Security system, and they have succeeded in making the American people,
if not the Congress, recognize that reforming our nation's retirement
system must be a national priority.
Our bill sets out a timetable for action on Social Security reform by
the end of next year--November 2001.
First, the bipartisan, bicameral Social Security Protection,
Preservation, and Reform Commission must be appointed by February 1,
2001, and begin work within a month. The Commission will be made up of
12 Members of Congress, selected in equal numbers by the Party Leaders
in both Houses. In addition, the Commission of Social Security will
serve as an ex-officio, non-voting member.
The Commission is given a reasonable period of time--six months--to
conduct hearings, review the myriad of reform proposals already in the
public domain, and research new ideas to put together a comprehensive
reform plan that meets the objectives set out in this bill.
Those broadly stated objectives represent the most basic requirements
of meaningful Social Security reform:
Guaranteed 75-year solvency of the system;
Payment of all benefits to which retirees or workers are
entitled;
A reasonable rate of return on payroll tax contributions
for all generations;
An opportunity to participate in private investment
accounts;
A ``lockbox'' for the Social Security Trust Funds to
protect from spending raids; and
Use of non-Social Security surplus revenues to shore up the
system while implementing reform.
The Commission is required to submit its recommendations to Congress
in the form of a detailed legislative proposal by September 1, 2001,
and the bill's expedited procedures are designed to ensure a final vote
on Social Security reform by mid-November 2001. The strict time lines
in the bill are designed to ensure that this vitally important issue is
dealt with promptly--not pushed aside yet again, to be solved later.
Too often, election year politics stand as an obstacle to any
meaningful action in Congress. This proposal is carefully crafted to
avoid this. The bill is designed to ensure that Congress can complete
action on Social Security reform by the end of 2001, before being
consumed by the political sparring of an election year.
Mr. President, each year that reform of the Social Security system is
postponed, restoring solvency to the trust funds becomes more expensive
and places a greater financial burden on current and future workers.
This ``principles and process'' legislation is, we believe, the only
way to force Congress to pass a Social Security reform proposal that
will protect and preserve our nation's retirement system and also allow
more Americans to share in our nation's prosperity.
Mr. President, let me take a moment to comment on the objectives, or
principles, included in this bill. The objectives are intended as
minimum guidelines for the Commission's work, not as a comprehensive
blueprint for Social Security reform. We intentionally stated these
objectives as broadly as possible in order to give the Commission the
opportunity to develop a comprehensive plan without micro-managing
their every decision.
I believe very strongly that all promised benefits must be guaranteed
under any reform proposal, both for those currently receiving Social
Security benefits and those who are working and paying into Social
Security today. In addition, I will work to ensure that Social Security
reform does not unfairly burden today's workers by increasing payroll
taxes from their current levels. And I do not believe it would be fair
to further increase the eligibility age for receiving Social Security
benefits.
I am a strong proponent of allowing workers to invest a portion of
their payroll taxes in personal retirement accounts that will provide a
much greater return than the current Social Security system. This will
afford all Americans the opportunity to have greater personal wealth
creation in addition to a minimum Social Security benefit.
Mr. President, I was very disappointed that Vice President Gore is
continuing to use scare tactics about Social Security reform. Instead
of putting the retirement needs of all Americans ahead of politics, the
Vice President seems content to exacerbate the financial burden facing
our children and grandchildren by ignoring the real structural problems
of the program. By using politically intimidating rhetoric, the Vice
President is seriously harming bipartisan efforts in Congress to put
the needs of working Americans ahead of partisan politics.
Let's look at the facts. The savings rate in America today is
appallingly low. Many low-income families have no savings at all, and a
large number of middle-income Americans have less than $2,000 in the
bank.
Because of this low savings rate, many Americans rely heavily on
Social Security benefits for their retirement income. But economists
agree that the rate of return on Social Security payroll tax
contributions is abysmal--somewhere between 1 and 2 percent. Most
workers today are unaware that the payroll taxes they contribute to
Social Security may not provide anywhere near the income they expect
when they retire. In fact, if nothing is done to reform the Social
Security system, younger workers will receive nothing at all in return
for paying more than 6 percent of their earnings every pay day into the
Social Security system.
Allowing every worker to invest a portion of the payroll taxes they
already pay in a higher-yielding private account would make it possible
for families on very tight budgets to save more for their futures.
Even the most anemic savings account today realizes almost 3 percent,
and secure short-term certificates of deposit return almost 6 percent.
Over the past 50 years, the stock market has gained an average of more
than 6 percent per year, with 20 to 30 percent gains in several recent
years.
Proposals to allow every American to choose to invest a portion of
their Social Security payroll taxes in a low- to moderate-risk private
investment account are designed to give even the lowest-income families
the opportunity to share in our Nation's economic prosperity and create
wealth for themselves and their children.
In the long run, diverting a portion of payroll taxes to personal
retirement accounts will bring more money into the Social Security
system. In the short run, it will cost money. Using a significant
portion of the non-Social
[[Page S3526]]
Security surplus revenues to shore up the Social Security system will
ensure that current retirees receive their full benefits while reforms
are implemented. At the same time, reducing the financial insolvency of
the Social Security system through reform will also reduce our national
debt.
Mr. President, we all have opinions about how the Social Security
program should or could be reformed, and I will have more to say about
specific aspects of Social Security reform when I introduce a
comprehensive reform bill later this month. Every one of these ideas
deserves fair and full consideration as we work together to restore
solvency to our Nation's retirement system. It is clear that we need a
formal process and effective deadlines to review these ideas and
develop and pass a real, meaningful plan to reform Social Security.
That is exactly what this bill will achieve.
Mr. President, Social Security is a sacred compact with workers and
retirees that must be honored. The Congress has an obligation to
develop a real, meaningful reform plan that strengthens and protects
the Social Security program for our Nation's seniors without placing an
unfair burden on America's workers. And we must do it sooner rather
than later.
I urge my colleagues to put aside partisan politics and work with us
to get this process legislation passed and begin the business of
reforming Social Security now.
I ask unanimous consent that the bill be printed in the Record.
There being no objection, the bill was ordered to be printed in the
Record, as follows:
S. 2510
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 Protection,
Preservation, and Reform Commission Act of 2000''.
TITLE I--FINDINGS AND OBJECTIVES OF REFORM
SEC. 101. FINDINGS.
Congress makes the following findings:
(1) Two-thirds of Americans depend on social security for
half or more of their income and 47 percent of beneficiaries
would be in poverty without their social security benefits.
(2) Social security is an unbreakable compact between
workers and retirees across generations that must be honored
and needs to be sustained.
(3) The social security trust funds will begin to run a
cash-flow deficit in 2015 and trust fund assets are expected
to be exhausted by 2037.
(4) Americans covered by the social security program are
required to pay into a system from which they can expect
lower rates of return than earlier generations.
(5) Each year that comprehensive reform of the social
security system is postponed, restoring actuarial solvency to
the trust funds becomes more expensive and places a greater
financial burden on current and future workers.
SEC. 102. OBJECTIVES OF REFORM.
Congress must act to reform the social security system so
that--
(1) beneficiaries receive the benefits to which they are
entitled based on a fair and equitable reform of that system;
(2) the long-term solvency of the social security system is
guaranteed for at least 75 years without any foreseeable
funding shortfall immediately following that period and cash-
flow deficits and pressure on future general revenues to pay
benefits is significantly reduced;
(3) every generation of workers is guaranteed a reasonable
comparable rate of return on all tax contributions;
(4) all Americans, particularly low-income workers, are
provided the opportunity to share in our Nation's economic
prosperity and create wealth for themselves and future
generations through a private investment account under that
system;
(5) revenues flowing into the Federal Old-Age, Survivors,
and Disability Trust Funds are protected from congressional
or other efforts to spend on nonsocial security related
purposes; and
(6) resources are made available from surplus non-social
security revenues to preserve and protect the social security
system while implementing reform.
TITLE II--SOCIAL SECURITY REFORM COMMISSION
SEC. 201. ESTABLISHMENT OF COMMISSION.
There is established a commission to be known as the Social
Security Protection, Preservation, and Reform Commission (in
this title referred to as the ``Commission'').
SEC. 202. DUTIES.
(a) Recommendations for Reform.--Not later than September
1, 2001, the Commission shall make specific recommendations
to Congress for reform of the social security system
established under title II of the Social Security Act (42
U.S.C. 401 et seq.) in a manner that incorporates the
objectives of reform set forth in section 102.
(b) Legislative Language.--The recommendations required
under subsection (a) shall include legislative language
necessary for carrying out such recommendations. The
Commission shall develop such legislative language after
conducting such public hearings and consulting with such
public or private entities as the Commission considers
necessary and appropriate to make the recommendations
required under subsection (a).
SEC. 203. MEMBERSHIP.
(a) In General.--The Commission shall be composed of 13
members as follows:
(1) Two congressional Members shall be appointed by the
Speaker of the House of Representatives.
(2) Two congressional Members shall be appointed by the
Minority Leader of the House of Representatives.
(3) Two congressional Members shall be appointed by the
Majority Leader of the Senate.
(4) Two congressional Members shall be appointed by the
Minority Leader of the Senate.
(5) The Chairman of the Committee on Finance of the Senate.
(6) The Ranking Member of the Committee on Finance of the
Senate.
(7) The Chairman of the Committee on Ways and Means of the
House of Representatives.
(8) The Ranking Member of the Committee on Ways and Means
of the House of Representatives.
(10) The Commissioner of Social Security, who shall be an
ex officio member of the Commission.
(b) Deadline for Appointments.--The members of the
Commission shall be appointed not later than February 1,
2001.
(c) Co-Chairmen.--The Commission shall designate 2 members
of the Commission to serve as Co-chairmen of the Commission.
(d) Terms.--Each member of the Commission shall serve on
the Commission and, with respect to the Co-chairmen, in such
capacity, until the earlier of the date the Commission
terminates or September 16, 2001.
(e) Vacancies.--Any vacancy in the membership of the
Commission shall be filled in the manner in which the
original appointment was made and shall not affect the power
of the remaining members to execute the duties of the
Commission.
SEC. 204. QUORUM.
A quorum shall consist of 7 voting members of the
Commission.
SEC. 205. MEETINGS.
(a) In General.--The Commission shall meet at the call of
the Co-chairmen or a majority of its members.
(b) Initial Meeting.--The Commission shall conduct its
first meeting not later than March 1, 2001.
(c) Open Meetings.--Each meeting of the Commission, other
than meetings in which classified information is to be
discussed, shall be open to the public.
SEC. 206. POLICIES AND PROCEDURES.
The Commission shall establish policies and procedures for
carrying out the functions of the Commission under this Act.
SEC. 207. STAFF DIRECTOR AND STAFF.
(a) Staff Director.--The Co-chairmen, with the advice and
consent of the members of the Commission, shall appoint a
Staff Director who is not otherwise, and has not during the
1-year period preceding the date of such appointment served
as, an officer or employee in the executive branch and who is
not and has not been a Member of Congress. The Staff Director
shall be paid at a rate not to exceed the rate of basic pay
payable for level IV of the Executive Schedule under section
5315 of title 5, United States Code.
(b) Staff.--
(1) In general.--The Staff Director, with the approval of
the Commission, may appoint and fix pay of additional
personnel. The Staff Director may take such appointments
without regard to the provisions of title 5, United States
Code, governing appointment in the competitive service, and
any personnel so appointed may be paid without regard to the
provisions of chapter 51 and subchapter III of chapter 53 of
such title relating to classification and General Schedule
pay rates, except that an individual so appointed may not
receive pay in excess of the annual rate of basic pay payable
for level V of the Executive Schedule under section 5316 of
such title.
(2) Detailees.--
(A) In general.--Upon request of the Staff Director, the
head of any Federal department or agency may detail any of
the personnel of that department or agency to the Commission
to assist the Commission in carrying out its duties under
this Act. Not more than \1/3\ of the personnel employed by or
detailed to the Commission may be on detail from any Federal
agency.
(B) Additional restrictions.--
(i) Personnel.--Not more than \1/3\ of the personnel
detailed to the Commission may be on detail from any Federal
agency that deals directly or indirectly with the
administration of the social security system.
(ii) Analysts.--Not more than \1/5\ of the professional
analysts of the Commission may be individuals detailed from a
Federal agency that deals directly or indirectly with the
administration of the social security system.
(3) Experts and consultants.--The Commission may procure by
contract, to the extent funds are available, the temporary or
intermittent services of experts or consultants pursuant to
section 3109 of title 5, United States Code.
[[Page S3527]]
(4) Federal officer or employee.--No member of a Federal
agency, and no officer or employee of a Federal agency may--
(A) prepare any report concerning the effectiveness,
fitness, or efficiency of the performance on the staff of the
Commission of any individual detailed from a Federal agency
to that staff;
(B) review the preparation of such report; or
(C) approve or disapprove such a report.
(5) Limitation on staff size.--Not more than 25 individuals
(including any detailees) may serve on the staff of the
Commission at any time.
SEC. 208. POWERS.
(a) Hearings and Other Activities.--For the purpose of
carrying out its duties, the Commission may hold such
hearings and undertake such other activities as the
Commission determines to be necessary to carry out its
duties.
(b) Studies by General Accounting Office.--Upon the request
of the Commission, the Comptroller General shall conduct such
studies or investigations as the Commission determines to be
necessary to carry out its duties.
(c) Cost Estimates by Congressional Budget Office.--Upon
the request of the Commission, the Director of the
Congressional Budget Office shall provide to the Commission
such cost estimates as the Commission determines to be
necessary to carry out its duties.
(d) Technical Assistance.--Upon the request of the
Commission, the head of a Federal agency shall provide such
technical assistance to the Commission as the Commission
determines to be necessary to carry out its duties.
(e) Use of Mails.--The Commission may use the United States
mails in the same manner and under the same conditions as
Federal agencies, and shall, for purposes of the frank, be
considered a commission of Congress as described in section
3215 of title 39, United States Code.
(f) Obtaining Information.--The Commission may secure
directly from any Federal agency information necessary to
enable it to carry out its duties, if the information may be
disclosed under section 552 of title 5, United States Code.
Upon request of the Co-chairmen of the Commission, the head
of such agency shall furnish such information to the
Commission.
(g) Administrative Support Services.--Upon the request of
the Commission, the Administrator of General Services shall
provide to the Commission on a reimbursable basis such
administrative support services as the Commission may
request.
(h) Acceptance of Donations.--The Commission may accept,
use, and dispose of gifts or donations of services or
property.
(i) Printing.--For purposes of costs relating to printing
and binding, including the costs of personnel detailed from
the Government Printing Office, the Commission shall be
deemed to be a committee of the Congress.
SEC. 209. TERMINATION.
The Commission shall terminate 15 days after the date of
submission of the recommendations for reform required under
section 202.
SEC. 210. AUTHORIZATION OF APPROPRIATIONS.
There is authorized to be appropriated to carry out this
title, such sums as may be necessary for the Commission to
carry out its duties under this title.
TITLE III--CONGRESSIONAL CONSIDERATION OF RECOMMENDATIONS
SEC. 301. CONGRESSIONAL CONSIDERATION OF RECOMMENDATIONS.
(a) Introduction of Recommendations and Committee
Consideration.--
(1) Introduction.--The legislative language transmitted
pursuant to section 202(b) with the recommendations for
reform of the Commission shall be in the form of a bill (in
this title referred to as the ``reform bill''). Such reform
bill shall be introduced in the House of Representatives by
the Speaker, and in the Senate, by the Majority Leader,
immediately upon receipt of the language and such reform bill
shall be referred to the appropriate committee of Congress
under paragraph (2). If the reform bill is not introduced in
accordance with the preceding sentence, the reform bill may
be introduced in either House of Congress by any member
thereof.
(2) Committee consideration.--
(A) Referral.--A reform bill introduced in the House of
Representatives shall be referred to the Committee on Ways
and Means of the House of Representatives. A reform bill
introduced in the Senate shall be referred to the Committee
on Finance of the Senate.
(B) Reporting.--Not later than 30 days after the
introduction of the reform bill, the committee of Congress to
which the reform bill was referred shall report the bill or a
committee amendment thereto.
(C) Discharge of committee.--If the committee to which is
referred a reform bill has not reported such reform bill (or
an identical reform bill) at the end of 30 calendar days
after its introduction or at the end of the first day after
there has been reported to the House involved a reform bill,
whichever is earlier, such committee shall be deemed to be
discharged from further consideration of such reform bill and
such reform bill shall be placed on the appropriate calendar
of the House involved.
(b) Expedited Procedure.--
(1) Consideration.--
(A) In general.--Not later than 2 days after the date on
which a committee has been discharged from consideration of a
reform bill, the Speaker of the House of Representatives, or
the Speaker's designee, or the Majority Leader of the Senate,
or the Leader's designee, shall move to proceed to the
consideration of the committee amendment to the reform bill,
and if there is no such amendment, to the reform bill. It
shall also be in order for any member of the House of
Representatives or the Senate, respectively, to move to
proceed to the consideration of the reform bill at any time
after the conclusion of such 2-day period.
(B) Points of order waived.--All points of order against
the reform bill (and against consideration of the reform
bill) are waived.
(C) Motion to proceed.--A motion to proceed to the
consideration of the reform bill is highly privileged in the
House of Representatives and is privileged in the Senate and
is not debatable. The motion is not subject to amendment, to
a motion to postpone consideration of the reform bill, or to
a motion to proceed to the consideration of other business. A
motion to reconsider the vote by which the motion to proceed
is agreed to or not agreed to shall not be in order. If the
motion to proceed is agreed to, the House of Representatives
or the Senate, as the case may be, shall immediately proceed
to consideration of the reform bill without intervening
motion, order, or other business, and the reform bill shall
remain the unfinished business of the House of
Representatives or the Senate, as the case may be, until
disposed of.
(D) Limited debate.--Debate on the reform bill and on all
debatable motions and appeals in connection therewith shall
be limited to not more than the lesser of 100 hours or 14
days, which shall be divided equally between those favoring
and those opposing the reform bill. A motion further to limit
debate on the reform bill is in order and not debatable.
(E) Amendments.--
(i) In general.--Subject to clause (ii), amendments to the
reform bill--
(I) during consideration in the House of Representatives
shall be limited in accordance with a rule adopted by the
Committee on Rules of the House of Representatives; and
(II) during consideration in the Senate shall be limited
to--
(aa) one first degree amendment per member or that member's
designee with 1 hour of debate equally divided; and
(bb) germane second degree amendments (without limit) with
30 minutes of debate equally divided.
(ii) Leadership amendments.--The Speaker of the House of
Representatives and the Minority Leader of the House of
Representatives and the Majority Leader of the Senate and the
Minority Leader of the Senate may each offer 1 first degree
amendment (in addition to the amendments afforded such
members under clause (i)), with 4 hours of debate equally
divided on each such amendment offered. No second degree
amendments may be offered by the Speaker of the House of
Representatives, the Minority Leader of the House of
Representatives, the Majority Leader of the Senate, or the
Minority Leader of the Senate in their leadership capacities.
(F) Vote on final passage.--Immediately following the
conclusion of the debate on the reform bill, and on all
amendments offered to the reform bill, and all votes required
on amendments offered to the reform bill, the vote on final
passage of the reform bill shall occur.
(G) Other motions not in order.--A motion to postpone
consideration of the reform bill, a motion to proceed to the
consideration of other business, or a motion to recommit the
reform bill is not in order. A motion to reconsider the vote
by which the reform bill is agreed to or not agreed to is not
in order.
(H) Appeals.--Appeals from the decisions of the Chair
relating to the application of the rules of the House of
Representatives or of the Senate, as the case may be, to the
procedure relating to the reform bill shall be decided
without debate.
(2) Consideration by other house.--If, before the passage
by one House of the reform bill that was introduced in such
House, such House receives from the other House a reform bill
as passed by such other House--
(A) the reform bill of the other House shall not be
referred to a committee and may only be considered for final
passage in the House that receives it under subparagraph (C);
(B) the procedure in the House in receipt of the reform
bill of the other House, with respect to the reform bill that
was introduced in the House in receipt of the reform bill of
the other House, shall be the same as if no reform bill had
been received from the other House; and
(C) notwithstanding subparagraph (B), the vote on final
passage shall be on the reform bill of the other House.
Upon disposition of a reform bill that is received by one
House from the other House, it shall no longer be in order to
consider the reform bill that was introduced in the receiving
House.
(3) Consideration in conference.--
(A) Convening of conference.--
(i) In general.--Immediately upon a final passage of the
reform bill that results in a disagreement between the two
Houses of Congress with respect to the bill, the conferees
described in clause (ii) shall be appointed and a conference
convened.
(ii) Conferees described.--The conferees described in this
clause are the following:
[[Page S3528]]
(I) The Speaker of the House of Representatives.
(II) The Minority Leader of the House of Representatives.
(III) The Majority Leader of the Senate.
(IV) The Minority Leader of the Senate.
(V) Each member of the Committee on Ways and Means of the
House of Representatives.
(VI) Each member of the Committee on Finance of the Senate.
(B) Deadline for report.--Not later than 14 days after the
date on which conferees are appointed, the conferees shall
file a report with the House of Representatives and the
Senate resolving the differences between the Houses on the
reform bill.
(C) Limitation on scope.--A report filed under subparagraph
(B) shall be limited to resolution of the differences between
the Houses on the reform bill and shall not include any other
matter.
(D) House consideration.--
(i) In general.--Notwithstanding any other rule of the
House of Representatives, it shall be in order to immediately
consider a report of a committee of conference on the reform
bill filed in accordance with subparagraph (B).
(ii) Debate.--Debate in the House of Representatives on the
conference report shall be limited to the lesser of 50 hours
or 7 days, equally divided and controlled by the Speaker of
the House of Representative and the Minority Leader of the
House of Representatives or their designees.
(iii) Limitation on motions.--A motion to further limit
debate on the conference report is not debatable. A motion to
recommit the conference report is not in order, and it is not
in order to move to reconsider the vote by which the
conference report is agreed to or disagreed to.
(iv) Vote on final passage.--A vote on final passage of the
conference report shall occur immediately at the conclusion
or yielding back of all time for debate on the conference
report.
(E) Senate consideration.--
(i) In general.--The motion to proceed to consideration in
the Senate of the conference report shall not be debatable
and the reading of such conference report shall be deemed to
have been waived.
(ii) Debate.--Consideration in the Senate of the conference
report on a reform bill shall be limited to the lesser of 50
hours or 7 days, equally divided and controlled by the
Majority Leader and the Minority Leader or their designees.
(iii) Limitation on motion to recommit.--A motion to
recommit the conference report is not in order.
(4) Rules of the senate and house of representatives.--This
subsection is enacted by Congress--
(A) as an exercise of the rulemaking power of the Senate
and House of Representatives, respectively, and is deemed to
be part of the rules of each House, respectively, but
applicable only with respect to the procedure to be followed
in that House in the case of a bill, and it supersedes other
rules only to the extent that it is inconsistent with such
rules; and
(B) with full recognition of the constitutional right of
either House to change the rules (so far as they relate to
the procedure of that House) at any time, in the same manner,
and to the same extent as in the case of any other rule of
that House.
Mr. KERREY. Mr. President, I am joined by my esteemed colleagues
Senator McCain and Senator Moynihan in introducing the Social Security
Protection, Preservation, and Reform Commission Act of 1990''. I am
honored to join these two distinguished colleagues in an effort to
create a bipartisan and bicameral Congressional Commission to reform
Social Security.
I am pleased to join Senator McCain in a serious effort to provoke
this body to move beyond demagoguery and toward action on the subject
of Social Security reform. Senator McCain has had the unique benefit of
spending the earlier part of this year talking to thousands of
constituents from across America about their hopes and concerns during
the course of his Presidential campaign. As Senator McCain has noted to
me, a great majority of these people expressed particular concern for
the future state of the Social Security program. Americans have intense
feelings of patriotism where Social Security is concerned--and strongly
support reworking and preserving this program for generations to come.
My friend's commitment to an honest debate and a reform agenda has
sparked the continued interest and attention of millions of Americans--
and his support of the Social Security reform cause makes the program's
eventual reform all the more likely.
I am also honored to be joining my dear friend Senator Daniel Patrick
Moynihan in introducing this legislation. Senator Moynihan has perhaps
the most distinguished record of accomplishment where Social Security
is concerned of anyone in this body--perhaps even in this country. As a
former member of the Greenspan Commission, which restored solvency to
the Trust Funds in 1983, Senator Moynihan is a seasoned veteran of
reform commissions--and we welcome his counsel on, and support of, this
legislation. My dear friend's participation in the Greenspan Commission
also reminds us of what can happen when Congress waits until the last
possible moment to restore solvency to this important program. As my
colleagues may remember, the 1983 Commission met to discuss reforms at
a time when the program was in severe jeopardy--Social Security checks
were at risk of not being sent out. Since the 1983 reforms were
enacted, future insolvency has again plagued the program. Senator
Moynihan has been leading the charge to ensure that Congress does not
make the same mistake in waiting until 2037 to reform the program--he
knows too well that fixing it now will alleviate great financial pain
on future generations. I have been honored to co-sponsor two reform
bills with Senator Moynihan--and I am honored to call him a friend. His
wise leadership on this and other issues will be dearly missed when he
retires at the close of this 106th Congress.
I was skeptical at first about an effort to create a Congressional
Commission to reform the Social Security program. But upon further
consideration, I have reached the conclusion that a bicameral,
bipartisan Congressional Commission is the only way to move beyond the
polarizing partisanship and inflammatory rhetoric that stalls action on
this important program.
The Commission envisioned in our bill will include equal numbers of
Republicans and Democrats, including the Chairs and Ranking Members of
the Ways and Means and Finance Committees, and the Commissioner of
Social Security as a non-voting, ex-officio member. Our bill also
creates an expedited process for consideration of the Commission's
reform bill in the House and Senate. The process is similar to
reconciliation protections for budget and tax measures--and will
prevent Members from exercising delaying tactics.
Our bill also sets out a number of reform objectives for the
Commission to meet, such as maintaining benefits for current
beneficiaries, restoring Trust Fund solvency for at least 75-years, and
including some form of wealth creation component as part of the Social
Security program.
I am particularly interested in encouraging this Commission to
include some form of individual account provision--with special
attention given to making the accounts and the program itself more
progressive for low and moderate income individuals.
As a Democrat, one of my greatest concerns is the growing wealth gap
between the rich and poor. The latest Statistics of Income Bulletin
from the IRS shows that the combined net worth of the top 4,400,000
Americans was $6.7 trillion in 1995. In other words, the top 2.5% of
our population held 27.4% of the nation's wealth in the mid-1990s.
These statistics highlight why we should be concerned about the growing
wealth gap. The ownership of wealth brings security to people's lives.
The ownership of wealth opens up new opportunities. And the ownership
of wealth transforms the way people view their futures.
An individual with no financial assets--and no means to accumulate
financial assets--cannot count on a secure retirement or ensure that
his or her future health care needs will be met.
Ownership of wealth is a much more reliable way of becoming
financially secure in old age than promises by politicians to tax and
transfer income. Ownership of wealth produces greater independence and
happiness. The mal-distribution of wealth (the rich getting richer and
the poor getting poorer) is not healthy for a liberal democracy and a
free market economy such as ours. Wealth ownership is the only path to
true security--and we must work to enact laws that provide low and
moderate income families the opportunities and the tools to acquire
wealth.
We will never reach a stage in which all Americans are full
participants in the growth of the American economy, unless we enact
comprehensive pension reforms that will improve savings opportunities
for low income workers, and modernize and improve the Social
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Security program so that it becomes more than just a mechanism for
transferring income.
I look forward to a spirited and substantive debate on the subject of
Social Security in the upcoming Presidential election. And I am hopeful
that our Congressional Commission proposal can become the vehicle by
which the next President can work with Congress to create a bipartisan
consensus on Social Security reform.
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