[Congressional Record (Bound Edition), Volume 151 (2005), Part 1]
[House]
[Page 1056]
[From the U.S. Government Publishing Office, www.gpo.gov]




                      PERSONAL RETIREMENT ACCOUNTS

  (Mr. SAM JOHNSON of Texas asked and was given permission to address 
the House for 1 minute and to revise and extend his remarks.)
  Mr. SAM JOHNSON of Texas. Mr. Speaker, in the next few days I will 
introduce the boldest Social Security plan, one that will provide 
people with security, control and choice. There will be absolutely no 
change for current or near retirees.
  We need to strengthen Social Security now by allowing younger 
generations to invest all of the Social Security tax they pay, or 6.2 
percent, in a personal retirement account. The employer's share of the 
tax would stay in the system to fund retiree, near-retiree benefits and 
transition costs.
  These accounts would give all involved control of their personal 
retirement dollars. Congress cannot take this money away. Personal 
retirement accounts will help people build a nest egg to pass on to 
their loved ones.
  This solution is about the future. We need to strengthen Social 
Security with big personal retirement accounts now.

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