IB
Union Calendar No. 425
105TH CONGRESS
2D SESSION
H. R. 4578
[Report No. 105–738]
To amend the Social Security Act to establish the Protect Social Security
Account into which the Secretary of the Treasury shall deposit budget
surpluses until a reform measure is enacted to ensure the long-term
solvency of the OASDI trust funds.
IN THE HOUSE OF REPRESENTATIVES
SEPTEMBER 16, 1998
Mr. ARCHER introduced the following bill; which was referred to the
Committee on Ways and Means
SEPTEMBER 23, 1998
Additional sponsors: Mr. HERGER, Mr. WELLER, and Mr. BUNNING
SEPTEMBER 23, 1998
Reported with an amendment, committed to the Committee of the Whole
House on the State of the Union, and ordered to be printed
[Strike out all after the enacting clause and insert the part printed in italic]
A BILL
To amend the Social Security Act to establish the Protect
Social Security Account into which the Secretary of the
Treasury shall deposit budget surpluses until a reform
measure is enacted to ensure the long-term solvency of
the OASDI trust funds.
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled,
SECTION 1. ESTABLISHMENT OF SPECIAL RESERVE AC-
COUNT.
Section 201 of the Social Security Act is amended
by adding at the end the following new subsection:
‘‘(n)(1) There is established within the Treasury a
special reserve account to be known as the ‘Protect Social
Security Account’ (hereinafter in this subsection referred
to as the ‘‘account’’). The account shall be used to save
budget surpluses until a reform measure is enacted to en-
sure the long-term solvency of the OASDI trust funds.
‘‘(2) The Secretary of the Treasury shall pay into the
account annually during the fiscal-year period beginning
on October 1, 1997, and ending on September 30, 2008,
amounts totalling, in the aggregate, 90 percent of the pro-
jected surplus (if any) in the total budget of the United
States Government for that fiscal-year period.
‘‘(3) Within 10 days after the date of enactment of
this subsection, the Secretary of the Treasury, in consulta-
tion with the Director of the Office of Management and
Budget, shall project the budget surplus (if any) for the
total budget of the United States Government for the fis-
cal-year period beginning on October 1, 1997, and ending
on September 30, 2008.
‘‘(4) The Secretary of the Treasury shall invest the
funds held in the account pending enactment of the reform
measure referred to in paragraph (1). The purposes for
which obligations of the United States may be issued
under chapter 31 of title 31, United States Code, are here-
by extended to authorize, in the manner provided in sub-
section (d), the issuance at par of public-debt obligations
for purchase for the account. The interest on, and the pro-
ceeds from redemption of, any obligations held in the ac-
count shall be credited to and form a part of the account.
‘‘(5) As used in this subsection, the term ‘total budg-
et of the United States Government’ means all spending
and receipt accounts of the United States Government
that are designated as on-budget or off-budget accounts.’’.
SEC. 2. EFFECTIVE DATE.
The amendment made by section 1 shall apply to fis-
cal years beginning on or after October 1, 1997.
SECTION 1. ESTABLISHMENT OF SPECIAL RESERVE AC-
COUNT.
Section 201 of the Social Security Act is amended by
adding at the end the following new subsection:
‘‘(n)(1) There is established within the Treasury a spe-
cial reserve account to be known as the ‘Protect Social Secu-
rity Account’ (hereinafter in this subsection referred to as
the ‘account’). The account shall be used to save budget sur-
pluses until a reform measure is enacted to ensure the long-
term solvency of the OASDI trust funds.
‘‘(2) The Secretary of the Treasury shall pay into the
account annually at the end of each fiscal year during the
fiscal-year period beginning on October 1, 1997, and ending
on September 30, 2008, amounts totalling, in the aggregate,
90 percent of the projected surplus, if any, in the total budg-
et of the United States Government for that fiscal-year pe-
riod.
‘‘(3) For purposes of determining budget surpluses
under paragraph (2), within 10 days after the date of enact-
ment of this subsection, the Secretary of the Treasury, in
consultation with the Director of the Office of Management
and Budget, shall project the budget surplus, if any, for the
total budget of the United States Government for the fiscal-
year period beginning on October 1, 1997, and ending on
September 30, 2008.
‘‘(4) The Secretary of the Treasury shall invest the
funds held in the account pending enactment of the reform
measure referred to in paragraph (1). The purposes for
which obligations of the United States may be issued under
chapter 31 of title 31, United States Code, are hereby ex-
tended to authorize, in the manner provided in subsection
(d), the issuance at par of public-debt obligations for pur-
chase for the account. The interest on, and the proceeds from
redemption of, any obligations held in the account shall be
credited to and form a part of the account.
‘‘(5) As used in this subsection, the term ‘total budget
of the United States Government’ means all spending and
receipt accounts of the United States Government that are
designated as on-budget or off-budget accounts.’’.
SEC. 2. EFFECTIVE DATE.
The amendment made by section 1 shall apply to
fiscal years beginning on or after October 1, 1997.
Union Calendar No. 425
105TH CONGRESS
2D SESSION
H. R. 4578
[Report No. 105–738]
A BILL
To amend the Social Security Act to establish the
Protect Social Security Account into which the
Secretary of the Treasury shall deposit budget
surpluses until a reform measure is enacted to
ensure the long-term solvency of the OASDI
trust funds.
SEPTEMBER 23, 1998
Reported with an amendment, committed to the Commit-
tee of the Whole House on the State of the Union, and
ordered to be printed