[Congressional Record Volume 152, Number 134 (Thursday, December 7, 2006)]
[Senate]
[Pages S11536-S11537]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




 PROVIDING AUTHORITY FOR RESTORATION OF THE SOCIAL SECURITY TRUST FUNDS

  Mr. McCONNELL. Mr. President, I ask unanimous consent that the 
Committee on Finance be discharged from further consideration of S. 
4091 and the Senate proceed to its immediate consideration.
  The PRESIDING OFFICER. Without objection, it is so ordered. The clerk 
will report the bill by title.
  The legislative clerk read as follows:

       A bill (S. 4091) to provide authority for restoration of 
     the Social Security Trust Funds from the effects of a 
     clerical error, and for other purposes.

  There being no objection, the Senate proceeded to consider the bill.

[[Page S11537]]

  Mr. McCONNELL. I ask unanimous consent that the bill be read the 
third time and passed, the motion to reconsider be laid on the table, 
and any statements relating to the measure be printed in the Record.
  The PRESIDING OFFICER. Without objection, it is so ordered.
  The bill (S. 4091) was ordered to be engrossed for a third reading, 
was read the third time, and passed, as follows:

                                S. 4091

       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 Trust Funds 
     Restoration Act of 2006''.

     SEC. 2. DEFINITIONS.

       For purposes of this Act--
       (1) Clerical error.--The term ``clerical error'' means the 
     bookkeeping errors at the Social Security Administration that 
     resulted in the overpayment of amounts transferred from the 
     Trust Funds to the general fund of the Treasury during the 
     period commencing with 1999 and ending with 2005 as 
     transfers, under the voluntary withholding program authorized 
     by section 3402(p) of the Internal Revenue Code of 1986, of 
     anticipated taxes on benefit payments under title II of the 
     Social Security Act.
       (2) Secretary.--The term ``Secretary'' means the Secretary 
     of the Treasury.
       (3) Trust funds.--The term ``Trust Funds'' means the 
     Federal Old-Age and Survivors Insurance Trust Fund and the 
     Federal Disability Insurance Trust Fund.

     SEC. 3. RESTORATION OF TRUST FUNDS.

       (a) Appropriation.--There is hereby appropriated to each of 
     the Trust Funds, out of any money in the Treasury not 
     otherwise appropriated, an amount determined by the 
     Secretary, in consultation with the Commissioner of Social 
     Security, to be equal, to the extent practicable in the 
     judgment of the Secretary, to the difference between--
       (1) the sum of--
       (A) the amounts that the Secretary determines, in 
     consultation with the Commissioner of Social Security, were 
     overpaid from such Trust Fund to the general fund of the 
     Treasury by reason of the clerical error, and
       (B) the amount that the Secretary determines, in 
     consultation with the Commissioner of Social Security, to be 
     equal, to the extent practicable in the judgment of the 
     Secretary, to the interest income that would have been 
     payable to such Trust Fund pursuant to section 201(d) of the 
     Social Security Act on obligations issued under chapter 31 of 
     title 31, United States Code, that was not paid by reason of 
     the clerical error, and
       (2) the sum of--
       (A) the amounts that are refunded to such Trust Fund as 
     overpayments by reason of the clerical error to the extent 
     not limited by periods of limitation under applicable 
     provisions of the Internal Revenue Code of 1986, and
       (B) the interest that is paid to such Trust Fund on the 
     overpayments resulting from the clerical error to the extent 
     allowed under applicable provisions of such Code.
       (b) Investment.--The Secretary shall invest the amounts 
     appropriated to each of the Trust Funds under subsection (a) 
     in accordance with the currently applicable investment policy 
     for such Trust Fund.

     SEC. 4. TIMING.

       (a) Actions by the Secretary.--The Secretary shall take 
     such actions as are necessary to accomplish the restoration 
     described in section 3 not later than 120 days after the date 
     of the enactment of this Act.
       (b) Action by the Commissioner.--The Commissioner of Social 
     Security shall cooperate with the Secretary to the extent 
     necessary to enable the Secretary to meet the requirements of 
     subsection (a).

     SEC. 5. CONGRESSIONAL NOTIFICATION.

       Not later than 30 days after the Secretary takes the last 
     action necessary to accomplish the restoration described in 
     section 3, the Secretary shall notify each House of the 
     Congress in writing of the actions so taken.

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