II

106TH CONGRESS

1ST SESSION S. 605

To solidify the off-budget status of the old-age, survivors, and disability

insurance program under title II of the Social Security Act and to

protect program assets.

IN THE SENATE OF THE UNITED STATES

MARCH 15, 1999

Mr. HOLLINGS introduced the following bill; which was read twice and referred jointly pursuant to the order of August 4, 1977, to the Committees

on the Budget and Governmental Affairs, with instructions that if one

committee reports, the other committee have thirty days to report or be

discharged

A BILL

To solidify the off-budget status of the old-age, survivors,

and disability insurance program under title II of the

Social Security Act and to protect program assets.

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 ‘‘Social Security Fiscal

5 Protection Act of 1999’’.
2

S 605 RIS

1 SEC. 2. OFF BUDGET STATUS OF SOCIAL SECURITY TRUST

2 FUNDS.

3 Notwithstanding any other provision of law, the re4 ceipts and disbursements of the Federal Old-Age and Sur5 vivors Insurance Trust Fund and the Federal Disability

6 Insurance Trust Fund shall not be counted as new budget

7 authority, outlays, receipts, or deficit or surplus for pur8 poses of—

9 (1) the budget of the United States Govern10 ment as submitted by the President,

11 (2) the congressional budget, or

12 (3) the Balanced Budget and Emergency Defi13 cit Control Act of 1985.

14 SEC. 3. EXCLUSION OF RECEIPTS AND DISBURSEMENTS

15 FROM SURPLUS AND DEFICIT TOTALS.

16 The receipts and disbursements of the old-age, sur17 vivors, and disability insurance program established under

18 title II of the Social Security Act and the revenues under

19 sections 86, 1401, 3101, and 3111 of the Internal Reve20 nue Code of 1986 related to such program shall not be

21 included in any surplus or deficit totals required under

22 the Congressional Budget Act of 1974 or chapter 11 of

23 title 31, United States Code.
3

S 605 RIS

1 SEC. 4. CONFORMITY OF OFFICIAL STATEMENTS TO BUDG2 ETARY REQUIREMENTS.

3 Any official statement issued by the Office of Man4 agement and Budget or by the Congressional Budget Of5 fice of surplus or deficit totals of the budget of the United

6 States Government as submitted by the President or of

7 the surplus or deficit totals of the congressional budget,

8 and any description of, or reference to, such totals in any

9 official publication or material issued by either of such Of10 fices, shall exclude all receipts and disbursements under

11 the old-age, survivors, and disability insurance program

12 under title II of the Social Security Act and the related

13 provisions of the Internal Revenue Code of 1986 (includ14 ing the receipts and disbursements of the Federal Old-Age

15 and Survivors Insurance Trust Fund and the Federal Dis16 ability Insurance Trust Fund).

17 SEC. 5. REPOSITORY REQUIREMENT.

18 Notwithstanding any other provision of law, through19 out each month that begins after October 1, 1999, the

20 Secretary of the Treasury shall maintain, in a secure re21 pository or repositories, cash in a total amount equal to

22 the total redemption value of all obligations issued to the

23 Federal Old-Age and Survivors Insurance Trust Fund and

24 the Federal Disability Insurance Trust Fund pursuant to
4

S 605 RIS

1 section 201(d) of the Social Security Act that are out2 standing on the first day of such month.

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