[Congressional Record Volume 146, Number 79 (Wednesday, June 21, 2000)]
[Extensions of Remarks]
[Pages E1069-E1070]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




   INTRODUCTION OF THE SOCIAL SECURITY PROTECTION, PRESERVATION, AND 
                     REFORM COMMISSION ACT OF 2000

                                 ______
                                 

                            HON. JIM SAXTON

                             of new jersey

                    in the house of representatives

                        Wednesday, June 21, 2000

  Mr. SAXTON. Mr. Speaker, I rise today to announce the introduction of 
my bill in the House that puts partisan politics aside and ensures 
Social Security is preserved for our seniors today and in the future.
  We've all heard about the economic outlook for the Social Security 
program. We must be concerned. By 2037, the trust funds of the Social 
Security program will be depleted, jeopardizing the retirement security 
of future retirees.
  And while 2037 sounds far away, it will be here before we know it. 
With each passing session in Congress, the opportunity to work towards 
a meaningful solution to the financial woes of our nation's retirement 
program slips through our fingers.
  Political rhetoric has worked its way into the debate over preserving 
Social Security. The time has come to separate politics from the 
substance of this important debate. We must put the financial security 
of our nation's retirees first, instead of allowing politics between

[[Page E1070]]

our two parties to get in the way. Working together to protect Social 
Security will be essential if we are to find a sensible solution to 
preserving the future of the most critical pillar of retirement 
security.
  This bill outlines objectives for comprehensive reform of the Social 
Security system and establishes a bipartisan Congressional Commission 
to develop a reform plan consistent with those objectives.
  Specifically, this legislation sets forth six broad objectives for 
Social Security reform, including (1) beneficiaries must receive the 
benefits to which they are entitled based on a fair and equitable 
reform of the system, (2) long-term solvency of the system must be 
guaranteed for at least 75 years, (3) every generation of workers must 
be guaranteed a reasonable rate of return on their payroll tax 
contributions, (4) all workers must be given the opportunity to share 
in the nation's economic prosperity through participation in a private 
investment account within the Social Security system, (5) Social 
Security Trust Funds must be protected from congressional or other 
efforts to spend on non-Social Security purposes, and (6) Non-Social 
Security surplus revenues must be available to shore up the system 
while implementing reform.
  Also, the bill establishes a 13-member Social Security Protection, 
Preservation, and Reform Commission charged with developing a 
legislative proposal for comprehensive reform of the Social Security 
system, consistent with the objectives stated in the bill. This 
Commission is composed of 12 voting Congressional Members, equally 
divided between Republicans and Democrats. The members would include 
the Chairmen and Ranking Members of the Senate Finance and House Ways 
and Means Committees, and two Congressional appointees each by the 
Speaker and the Minority Leader in the House and the Majority and 
Minority Leaders in the Senate. The Commissioner of Social Security 
would also serve as a non-voting, ex-officio member of the Commission.
  In order to ensure Congress doesn't continue to drag its feet on this 
issue, the bill requires the Commission to submit a detailed 
legislative proposal to Congress by September 2001 and includes a 
process for expedited Congressional action on the Commission's 
recommendations by the end of next year.
  The concept is simple: principles and process for Social Security 
reform. This bill focuses on the goals we want to achieve in any 
proposal that protects Social Security while ensuring action is taken 
in an expedient matter. It forces Congress to forget about the politics 
and concentrate on what matters most: safeguarding Social Security for 
our nation's retirees. With this plan, we can work together and 
concentrate on what's best for the millions of Americans who depend on 
our nation's retirement system.
  Retirees don't need political rhetoric; they need a Social Security 
system they can depend on. For this reason, I am honored that 
Representatives Neil Abercrombie (D-HI) and Mark Sanford (R-SC) have 
joined me in supporting this legislation. Together, we can work in a 
bipartisan fashion and find a sensible solution to the financial 
problems of the Social Security program once and for all.

                          ____________________