II 

109TH CONGRESS 

1ST SESSION S. 1730 

To establish the Trust Fund Administration to invest in non-Federal Government debt instrument index funds all Federal trust fund revenues transferred to the Federal Government upon the issuance of special rate 

Treasury obligations to such trust funds, and for other purposes. 

IN THE SENATE OF THE UNITED STATES 

SEPTEMBER 20, 2005 

Mr. VOINOVICH (for himself and Mr. CONRAD) introduced the following bill; 

which was read twice and referred to the Committee on Finance 

A BILL 

To establish the Trust Fund Administration to invest in 

non-Federal Government debt instrument index funds 

all Federal trust fund revenues transferred to the Federal Government upon the issuance of special rate Treasury obligations to such trust funds, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Truth in Budgeting 

5 Act of 2005’’. 
2 

•S 1730 IS

1 SEC. 2. TRUST FUND ADMINISTRATION. 

2 (a) ESTABLISHMENT.—The Secretary of the Treas3 ury shall establish in the Department of the Treasury an 

4 office to be known as the ‘‘Trust Fund Administration’’. 

5 (b) FUNCTIONS.—The Trust Fund Administration— 

6 (1) shall receive all revenues derived from the 

7 sale and issuance of any special rate Treasury obli8 gation to any Federal trust fund, 

9 (2) shall invest such revenues in non-Federal 

10 Government debt instrument index funds or in an 

11 index fund established by the Trust Fund Adminis12 tration which reflects the rate of return in the over13 all non-Federal Government debt instrument mar14 ket, 

15 (3) shall not invest such revenues in any stocks 

16 or other forms of equity ownership or in any debt 

17 instrument issued by a foreign government or by a 

18 corporation registered in a foreign nation, 

19 (4) except as provided in paragraph (5), shall 

20 maintain such investments and resulting earnings 

21 for the sole purpose of redeeming any outstanding 

22 special rate Treasury obligations, 

23 (5) to the extent such investments and resulting 

24 earnings are not needed to redeem such Treasury 

25 obligations, shall transfer the excess amount to meet 

26 the unfunded current withdrawal obligations (if any) 
3 

•S 1730 IS

1 of the Trust Funds described in section 201(c) of 

2 the Social Security Act, and 

3 (6) shall provide to Congress an annual report 

4 on— 

5 (A) revenues received, investments, current 

6 assets, Treasury obligations redeemed, and 

7 amounts transferred under paragraph (5), and 

8 (B) the internal accounting and adminis9 trative control systems of the Trust Fund Ad10 ministration. 

11 (c) DIRECTOR; DEPUTY DIRECTOR.— 

12 (1) DIRECTOR.—The Trust Fund Administra13 tion shall be under the supervision of a director ap14 pointed by the President as a noncareer appointee 

15 (as defined in section 3132(a)(7) of title 5, United 

16 States Code). 

17 (2) DEPUTY DIRECTOR.—The director of the 

18 Trust Fund Administration shall be assisted by a 

19 deputy director appointed by the Secretary of the 

20 Treasury as a career appointee (as defined in section 

21 3132(a)(4) of such title). 

22 (d) ANNUAL REVIEW.—The General Accountability 

23 Office shall review the operations of the Trust Fund Ad24 ministration on an annual basis and certify to Congress 
4 

•S 1730 IS

1 that the investments of the Trust Fund Administration 

2 are— 

3 (1) in compliance with guidelines established by 

4 the Securities and Exchange Commission, 

5 (2) free of political influence, and 

6 (3) designed to maintain the security of the in7 vestment pool while maximizing investment return. 

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