[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.
                                 ______