[Congressional Record (Bound Edition), Volume 146 (2000), Part 10]
[House]
[Page 13966]
[From the U.S. Government Publishing Office, www.gpo.gov]



                         PERSONAL LOCKBOX BILL

  (Mr. SANFORD asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. SANFORD. Mr. Speaker, I just wanted to bring to everybody's 
attention the fact that today I am introducing a bill called the 
personal lockbox bill. I think it is built on common sense, because one 
of the things I have consistently heard from folks back home is the 
very simple idea that the first part of saving Social Security is 
making sure that Social Security taxes stay with Social Security. That 
is what this bill does because it takes the Social Security surplus, 
whatever that happens to be, and simply rebates it back to the people 
paying Social Security taxes, not to go out and fix up the car or buy a 
refrigerator with it but instead to go into their own personal Social 
Security savings account that would be held by a fiduciary like the 
local bank.
  Mr. Speaker, the individual could not get their hands on the money 
until they turn 65, but they would get a monthly statement and for the 
first time, because of the private property rights that come with an 
account like that, for the first time have a firewall created between 
political forces in D.C. and their Social Security surplus.

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