[Congressional Record Volume 147, Number 35 (Thursday, March 15, 2001)]
[Senate]
[Pages S2397-S2398]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. McCAIN:
  S. 547. A bill to redesignate the Federal Old-Age and Survivors 
Insurance Trust Fund and the Federal Disability Insurance Trust Fund as 
the Federal Old-Age and Survivors Insurance Accounting Fund and the 
Federal Disability Insurance Accounting Fund, respectively; to the 
Committee on Finance.
  Mr. McCAIN. Mr. President, today I am introducing a simple, but 
essential bill that would change the name of the Social Security Trust 
Funds to the Social Security Accounting Funds. It is my honor to have 
Congressman DeMint introducing an identical measure in the House of 
Representatives today.
  It is time for us to talk straight to Americans about the Social 
Security program. When they see and hear ``Trust Fund'', it makes them 
believe that their retirement money is sitting in a bank vault safe and 
sound. However, the truth is precisely the opposite.
  Payroll tax revenues for the Social Security program in excess of 
what is needed to pay Social Security benefits, are deposited into the 
government's general funds as part of the U.S. Treasury. They are 
accounted for through the issuance of federal securities to the Social 
Security ``trust funds''. However, the trust funds themselves do not 
hold the money; they are simply accounts.
  This legislation would accurately designate the Social Security 
program funds as accounting funds not trust funds.
  Additionally, I would like to take this opportunity to once again 
remind my colleagues of the precarious financial condition of the 
entire Social Security system and the urgent need for a serious, 
bipartisan effort to reform and revitalize this cornerstone of many 
Americans' retirement planning.
  The only way to achieve real reform of the Social Security system is 
to work together in a bipartisan manner. It's time to abandon the 
irresponsible game of playing partisan politics with Social Security. 
Democrats will have to stop using the issue to scare seniors into 
voting against Republicans. Republicans will have to resist using 
Social Security revenues to finance tax cuts. And both parties must 
stop raiding the Trust Funds to fund more government spending. We must 
face up to our responsibilities, not as Republicans or Democrats, but 
as elected representatives of the American people with a common 
obligation to protect the generation of today and of tomorrow.
  It is time for us to talk straight to Americans about Social Security 
and begin working together in a bipartisan fashion to make the 
necessary changes to strengthen and save the nation's retirement 
program for the seniors of today and tomorrow.
  We must work together to develop fair and effective reforms that will 
preserve and protect the Social Security system for current and future 
retirees, while allowing all Americans, particularly low- and middle-
income individuals, the opportunity to share in the great prosperity 
that our nation enjoys today.
  I ask unanimous consent that the text of this bill be printed in the 
Record.
  There being no objection, the bill was ordered to be printed in the 
Record, as follows:

                                 S. 547

       Be it enacted by the Senate and House of Representatives of 
     the United States of America in Congress assembled,

     SECTION 1. SHORT TITLE.

       The Act may be cited as the ``Straighter Talk on Social 
     Security Act of 2001''.

     SEC. 2. REDESIGNATION OF SOCIAL SECURITY TRUST FUNDS.

       The Federal Old-Age and Survivors Insurance Trust Fund and 
     the Federal Disability

[[Page S2398]]

     Insurance Trust Fund are hereby redesignated as the ``Federal 
     Old-Age and Survivors Insurance Accounting Fund'' and the 
     ``Federal Disability Insurance Accounting Fund'', 
     respectively.

     SEC. 3. CONFORMING AMENDMENTS TO THE SOCIAL SECURITY ACT.

       (a) In General.--Sections 201, 202, 206, 215, 217, 221, 
     222, 228, 229, 703, 706, 709, 710, 1106, 1129, 1131, 1140, 
     1145, 1147, 1817, and 1840 of the Social Security Act (42 
     U.S.C. 401, 402, 406, 415, 417, 421, 422, 428, 429, 903, 907, 
     910, 911, 1306, 1320a-8, 1320b-1, 1320b-10, 1320b-15, 1320b-
     17, 1395i, and 1395s) are each amended (in the text and in 
     the headings) by striking ``Federal Old-Age and Survivors 
     Insurance Trust Fund'' and ``Federal Disability Insurance 
     Trust Fund'' each place they appear and inserting ``Federal 
     Old-Age and Survivors Insurance Accounting Fund'' and 
     ``Federal Disability Insurance Accounting Fund'', 
     respectively.
       (b) Conforming Amendments.--Sections 201, 215, 217, 221, 
     222, 229, 231, 234, 706, 709, 1110, and 1148 of such Act (42 
     U.S.C. 401, 415, 417, 421, 422, 429, 431, 434, 907, 910, 
     1310, and 1320b-18)) are each amended (in the text and in the 
     headings) by striking ``Trust Funds'' and ``trust funds'' 
     each place they appear and inserting ``Funds''.

     SEC. 4. OTHER CONFORMING AMENDMENTS.

       (a) In General.--The following provisions are amended by 
     striking ``Federal Old-Age and Survivors Insurance Trust 
     Fund'' and ``Federal Disability Insurance Trust Fund'' each 
     place they appear and inserting ``Federal Old-Age and 
     Survivors Insurance Accounting Fund'' and ``Federal 
     Disability Insurance Accounting Fund'', respectively:
       (1) sections 3121 and 6402 of the Internal Revenue Code of 
     1986;
       (2) section 7 of the Railroad Retirement Act of 1974 (45 
     U.S.C. 231f);
       (3) section 8331 of title 5, United States Code; and
       (4) sections 3720A and 3806 of title 31, United States 
     Code.
       (b) Additional Amendment.--Section 405 of the Congressional 
     Budget Act of 1974 (2 U.S.C. 655) is amended by striking 
     ``the Federal Old-Age and Survivors Insurance and Federal 
     Disability Insurance Trust Funds'' and inserting ``the 
     Federal Old-Age and Survivors Accounting Fund and the Federal 
     Disability Insurance Accounting Fund''.

     SEC. 5. RULE OF CONSTRUCTION.

       Whenever any reference is made in any provision of law, 
     regulation, rule, record, or document to the Federal Old-Age 
     and Survivors Insurance Trust Fund or the Federal Disability 
     Insurance Trust Fund, such reference shall be considered a 
     reference to the Federal Old-Age and Survivors Accounting 
     Fund or the Federal Disability Insurance Accounting Fund, 
     respectively.
                                 ______