[Congressional Record Volume 151, Number 96 (Friday, July 15, 2005)]
[Extensions of Remarks]
[Page E1499]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




 INTRODUCTION OF THE ``GROWING REAL OWNERSHIP FOR WORKERS ACT OF 2005''

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                            HON. JIM McCRERY

                              of louisiana

                    in the house of representatives

                        Thursday, July 14, 2005

  Mr. McCRERY. Mr. Speaker, I rise today to join Representatives Shaw, 
Johnson, Ryan, Shadegg, a number of my Ways and Means and other 
colleagues to introduce the Growing Real Ownership for Workers (GROW) 
Act of 2005.
  The creation of GROW accounts is a simple, common-sense, first step 
in protecting Social Security for the next generation of retirees and 
beyond.
  Mr. Speaker, we have been listening to the American people, and this 
bill is a result of what we have heard: that spending Social Security 
funds on other programs is wrong and must be stopped. Right now, Social 
Security is taking in more money than it needs to pay benefits. We 
should ensure those surplus funds are spent on Social Security.
  With individual GROW accounts, working Americans younger than age 55 
at the start of this year will be able to put their names on their 
share of the overpayments to the Social Security Trust Funds.
  The accounts will be invested in a fund of guaranteed, safe, 
marketable Treasury securities. They will be real assets that Americans 
will own. They will be inheritable, too.
  GROW accounts would be voluntary; people can opt out if they want to.
  Our GROW plan is forward-looking--after a prudent transition, GROW 
account owners would have the opportunity to invest in other types of 
securities, if they want to. The board that administers the accounts 
will submit a plan to Congress allowing for diversification into other 
assets. The plan would go into effect unless Congress enacts a joint 
resolution of disapproval.
  Upon retirement, account balances will be used to help pay workers' 
Social Security benefits, and account balances are inheritable.
  The bill does not impose investment risk on workers and does not harm 
the Social Security Trust Funds. It does protect the integrity of the 
Social Security program by ensuring that Social Security taxes are only 
used for Social Security.
  I urge my colleagues on both sides to join me in supporting this 
important legislation.

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