TRUST Act of 2021
Bill: S.1295 | Sponsor: Sen. Romney, Mitt (R-UT)
Policy area: Economics and Public Finance

Summary:
Time to Rescue United States Trusts Act of 2021 or the TRUST Act of 2021
This bill establishes congressional rescue committees to develop recommendations and legislation to improve critical social contract programs.
A critical social contract program is a federal program
Each rescue committee may develop recommendations and legislation to improve the program for which it was established, including by (1) increasing the duration of positive balances of the federal trust fund established for the program, and (2) providing for the solvency of the federal trust fund established for the program during a 75-year period.
Congress must use specified expedited legislative procedures to consider legislation that is approved and submitted by the rescue committees.

To save and strengthen critical social contract programs of the Federal 
                              Government.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Time to Rescue United States Trusts 
Act 2021'' or the ``TRUST Act of 2021''.

SEC. 2. DEFINITIONS.

    In this Act:
            (1) Co-chair.--The term ``co-chair'' means an individual 
        appointed to serve as a co-chair of a Rescue Committee under 
        section 4(a)(4)(C)(i).
            (2) Critical social contract program.--The term ``critical 
        social contract program'' means a Federal program the Secretary 
        identifies in the report under section 3.
            (3) Rescue committee.--The term ``Rescue Committee'' means 
        a committee established under section 4(a).
            (4) Rescue committee bill.--The term ``Rescue Committee 
        bill'' means a bill consisting solely of legislative language 
        that a Rescue Committee approves and submits under clauses (i) 
        and (vi), respectively, of section 4(a)(3)(B).
            (5) Secretary.--The term ``Secretary'' means the Secretary 
        of the Treasury.

SEC. 3. IDENTIFICATION OF CRITICAL SOCIAL CONTRACT PROGRAMS.

    Not later than 14 days after the date of enactment of this Act, the 
Secretary shall submit to Congress a report that identifies each 
Federal program--
            (1) for which a Federal trust fund is established;
            (2) the amount of outlays of which, for the fiscal year 
        immediately preceding the fiscal year in which this Act is 
        enacted, were not less than $20,000,000,000; and
            (3) the amount of dedicated Federal funds and Federal trust 
        fund balances that the Secretary determines will be inadequate, 
        on any date during the period beginning on the date of 
        enactment of this Act and ending on the last day of fiscal year 
        2036, to meet the total amount of outlays of the Federal 
        program that would otherwise be made.

SEC. 4. ESTABLISHMENT OF RESCUE COMMITTEES.

    (a) Establishment of Rescue Committees.--
            (1) Establishment.--On the date on which the Secretary 
        submits the report under section 3, there shall be established 
        a Rescue Committee for each critical social contract program.
            (2) Goals.--The goals of each Rescue Committee shall be to, 
        with respect to the critical social contract program for which 
        the Rescue Committee is established--
                    (A) avoid depletion of the Federal trust fund 
                established for the critical social contract program;
                    (B) provide for the solvency of the Federal trust 
                fund established for the critical social contract 
                program during the 75-year period beginning on the date 
                described in paragraph (1);
                    (C) simplify the critical social contract program 
                to the extent practicable; and
                    (D) otherwise improve the critical social contract 
                program.
            (3) Duties.--
                    (A) In general.--
                            (i) Improving critical social contract 
                        programs.--Each Rescue Committee may develop 
                        recommendations and legislative language that 
                        will significantly improve the critical social 
                        contract program for which the Rescue Committee 
                        is established, including by--
                                    (I) increasing the duration of 
                                positive balances of the Federal trust 
                                fund established for the critical 
                                social contract program; and
                                    (II) to the extent practicable, 
                                providing for the solvency of the 
                                Federal trust fund established for the 
                                critical social contract program during 
                                the 75-year period beginning on the 
                                date described in paragraph (1).
                            (ii) Recommendations of committees.--Not 
                        later than 60 days after the date described in 
                        paragraph (1), each committee of the Senate and 
                        the House of Representatives may transmit to 
                        the relevant Rescue Committee any 
                        recommendations of the committee relating to 
                        changes in law to improve the critical social 
                        contract program for which the Rescue Committee 
                        is established in accordance with the goals of 
                        the Rescue Committee described in paragraph 
                        (2).
                    (B) Report, recommendations, and legislative 
                language.--
                            (i) In general.--Not later than 180 days 
                        after the date described in paragraph (1), each 
                        Rescue Committee shall meet to consider, and 
                        may vote on--
                                    (I) a report that contains a 
                                detailed statement of the findings, 
                                conclusions, and recommendations of the 
                                Rescue Committee described in 
                                subparagraph (A)(i) and the estimate of 
                                the Congressional Budget Office 
                                required under paragraph (5)(D)(ii); 
                                and
                                    (II) legislative language to carry 
                                out the recommendations of the Rescue 
                                Committee in the report described in 
                                subclause (I), which shall include a 
                                statement of the economic and budgetary 
                                effects of the recommendations during 
                                the 75-year period beginning on the 
                                date described in paragraph (1).
                            (ii) Advisory nature.--Any proposed change 
                        to the Standing Rules of the Senate or the 
                        Rules of the House of Representatives included 
                        in a report or legislative language under 
                        clause (i) shall be considered to be merely 
                        advisory.
                            (iii) Approval of report and legislative 
                        language.--A report and legislative language of 
                        a Rescue Committee under clause (i) shall 
                        require the approval of a majority of the 
                        members of the Rescue Committee, provided that 
                        such majority shall be required to include not 
                        less than 2 members of each party.
                            (iv) Additional views.--
                                    (I) In general.--A member of a 
                                Rescue Committee who gives notice of an 
                                intention to file supplemental, 
                                minority, or additional views at the 
                                time of the final Rescue Committee vote 
                                on the approval of the report and 
                                legislative language of the Rescue 
                                Committee under clause (i) shall be 
                                entitled to 3 days to file those views 
                                in writing with the staff director of 
                                the Rescue Committee.
                                    (II) Inclusion in report.--Views 
                                filed under subclause (I) shall be 
                                included in the report of the relevant 
                                Rescue Committee under clause (i) and 
                                printed in the same volume, or part 
                                thereof, and such inclusion shall be 
                                noted on the cover of the report, 
                                except that, in the absence of timely 
                                notice, the report may be printed and 
                                transmitted immediately without such 
                                views.
                            (v) Report and legislative language to be 
                        made public.--Upon the approval or disapproval 
                        of a report and legislative language under 
                        clause (i) by a Rescue Committee, the Rescue 
                        Committee shall promptly, and not more than 24 
                        hours after the approval or disapproval, make 
                        the report, the legislative language, and a 
                        record of the vote on the report and 
                        legislative language available to the public.
                            (vi) Submission of report and legislative 
                        language.--If a report and legislative language 
                        are approved by a Rescue Committee under clause 
                        (i), not later than 3 days after the date on 
                        which the report and legislative language are 
                        made available to the public under clause (v), 
                        the Rescue Committee shall submit the report 
                        and legislative language to the President, the 
                        Vice President, the Speaker of the House of 
                        Representatives, and the majority and minority 
                        leaders of each House of Congress.
                            (vii) Rule of construction.--Nothing in 
                        this subparagraph shall be construed to 
                        prohibit a Rescue Committee from voting on a 
                        report and legislative language, or multiple 
                        instances thereof, before the deadline 
                        described in clause (i).
            (4) Membership.--
                    (A) In general.--Each Rescue Committee shall be 
                composed of 12 members appointed in accordance with 
                subparagraph (B) and with due consideration to chairs 
                and ranking members of the committees and subcommittees 
                of subject matter jurisdiction, as applicable.
                    (B) Appointment.--Not later than 14 days after the 
                date described in paragraph (1), with respect to each 
                Rescue Committee--
                            (i) the majority leader of the Senate shall 
                        appoint 3 individuals from among the Members of 
                        the Senate who shall serve as members of the 
                        Rescue Committee;
                            (ii) the minority leader of the Senate 
                        shall appoint 3 individuals from among the 
                        Members of the Senate who shall serve as 
                        members of the Rescue Committee;
                            (iii) the Speaker of the House of 
                        Representatives shall appoint 3 individuals 
                        from among the Members of the House of 
                        Representatives who shall serve as members of 
                        the Rescue Committee; and
                            (iv) the minority leader of the House of 
                        Representatives shall appoint 3 individuals 
                        from among the Members of the House of 
                        Representatives who shall serve as members of 
                        the Rescue Committee.
                    (C) Co-chairs.--
                            (i) In general.--Not later than 14 days 
                        after the date described in paragraph (1), with 
                        respect to each Rescue Committee--
                                    (I) the leadership of the Senate 
                                and House of Representatives of the 
                                same political party as the President 
                                shall appoint 1 individual from among 
                                the members of the Rescue Committee who 
                                shall serve as a co-chair of the Rescue 
                                Committee; and
                                    (II) the leadership of the Senate 
                                and House of Representatives of the 
                                other major political party as the 
                                President, shall appoint 1 individual 
                                from among the members of the Rescue 
                                Committee who shall serve as a co-chair 
                                of the Rescue Committee.
                            (ii) Staff director.--With respect to each 
                        Rescue Committee, the co-chairs of the Rescue 
                        Committee, acting jointly, shall hire the staff 
                        director of the Rescue Committee.
                    (D) Period of appointment.--
                            (i) In general.--The members of a Rescue 
                        Committee shall be appointed for the life of 
                        the Rescue Committee.
                            (ii) Vacancy.--
                                    (I) In general.--Any vacancy in a 
                                Rescue Committee shall not affect the 
                                powers of the Rescue Committee, but 
                                shall be filled not later than 14 days 
                                after the date on which the vacancy 
                                occurs, in the same manner as the 
                                original appointment was made.
                                    (II) Ineligible members.--If a 
                                member of a Rescue Committee ceases to 
                                be a Member of the Senate or the House 
                                of Representatives, as applicable--
                                            (aa) the member shall no 
                                        longer be a member of the 
                                        Rescue Committee; and
                                            (bb) a vacancy in the 
                                        Rescue Committee exists.
            (5) Administration.--
                    (A) In general.--With respect to each Rescue 
                Committee, to enable the Rescue Committee to exercise 
                the powers, functions, and duties of the Rescue 
                Committee, there are authorized to be disbursed by the 
                Senate the actual and necessary expenses of the Rescue 
                Committee approved by the co-chairs of the Rescue 
                Committee, subject to the rules and regulations of the 
                Senate.
                    (B) Expenses.--With respect to each Rescue 
                Committee, in carrying out the functions of the Rescue 
                Committee, the Rescue Committee is authorized to incur 
                expenses in the same manner and under the same 
                conditions as the Joint Economic Committee is 
                authorized under section 11(d) of the Employment Act of 
                1946 (15 U.S.C. 1024(d)).
                    (C) Quorum.--With respect to each Rescue Committee, 
                7 members of the Rescue Committee shall constitute a 
                quorum for purposes of voting, meeting, and holding 
                hearings.
                    (D) Voting.--
                            (i) Proxy voting.--No proxy voting shall be 
                        allowed on behalf of any member of a Rescue 
                        Committee.
                            (ii) Congressional budget office 
                        estimates.--
                                    (I) In general.--The Director of 
                                the Congressional Budget Office shall, 
                                with respect to the legislative 
                                language of a Rescue Committee under 
                                paragraph (3)(B)(i)(II), provide to the 
                                Rescue Committee--
                                            (aa) estimates of the 
                                        legislative language in 
                                        accordance with sections 308(a) 
                                        and 201(f) of the Congressional 
                                        Budget Act of 1974 (2 U.S.C. 
                                        639(a) and 601(f)); and
                                            (bb) information on the 
                                        budgetary effect of the 
                                        legislative language during the 
                                        75-year period beginning on the 
                                        date described in paragraph 
                                        (1).
                                    (II) Limitation.--A Rescue 
                                Committee may not vote on any version 
                                of the report, recommendations, or 
                                legislative language of the Rescue 
                                Committee under paragraph (3)(B)(i) 
                                unless the estimates and information 
                                described in subclause (I) of this 
                                clause are made available for 
                                consideration by all members of the 
                                Rescue Committee not later than 48 
                                hours before that vote, as certified by 
                                the co-chairs of the Rescue Committee.
                    (E) Meetings.--
                            (i) Initial meeting.--Not later than 45 
                        days after the date described in paragraph (1), 
                        each Rescue Committee shall hold the first 
                        meeting of the Rescue Committee.
                            (ii) Agenda.--For each meeting of each 
                        Rescue Committee, the co-chairs of the Rescue 
                        Committee shall provide an agenda to the 
                        members of the Rescue Committee not later than 
                        48 hours before the meeting.
                    (F) Hearings.--
                            (i) In general.--Each Rescue Committee may, 
                        for the purpose of carrying out this section, 
                        hold such hearings, sit and act at such times 
                        and places, require attendance of witnesses and 
                        production of books, papers, and documents, 
                        take such testimony, receive such evidence, and 
                        administer such oaths as the Rescue Committee 
                        considers advisable.
                            (ii) Hearing procedures and 
                        responsibilities of co-chairs.--
                                    (I) Announcement.--The co-chairs of 
                                each Rescue Committee shall make a 
                                public announcement of the date, place, 
                                time, and subject matter of any hearing 
                                to be conducted under this subparagraph 
                                not later than 7 days before the date 
                                of the hearing, unless the co-chairs 
                                determine that there is good cause to 
                                begin such hearing on an earlier date.
                                    (II) Written statement.--A witness 
                                appearing before a Rescue Committee 
                                shall file a written statement of the 
                                proposed testimony of the witness not 
                                later than 2 days before the date of 
                                the appearance of the witness, unless 
                                the co-chairs of the Rescue Committee--
                                            (aa) determine that there 
                                        is good cause for the witness 
                                        to not file the written 
                                        statement; and
                                            (bb) waive the requirement 
                                        that the witness file the 
                                        written statement.
                    (G) Technical assistance.--Upon written request of 
                the co-chairs of a Rescue Committee, the head of a 
                Federal agency shall provide technical assistance to 
                the Rescue Committee in order for the Rescue Committee 
                to carry out the duties of the Rescue Committee.
    (b) Staff of Rescue Committee.--
            (1) In general.--The co-chairs of a Rescue Committee may 
        jointly appoint and fix the compensation of staff of the Rescue 
        Committee as the co-chairs determine necessary, in accordance 
        with the guidelines, rules, and requirements relating to 
        employees of the Senate.
            (2) Ethical standards.--
                    (A) Senate.--Members of the Senate who serve on a 
                Rescue Committee and staff of the Rescue Committee 
                shall adhere to the ethics rules of the Senate.
                    (B) House of representatives.--Members of the House 
                of Representatives who serve on a Rescue Committee 
                shall be governed by the ethics rules and requirements 
                of the House of Representatives.
    (c) Termination.--Each Rescue Committee shall terminate on the day 
after the date of the sine die adjournment of the 117th Congress.

SEC. 5. EXPEDITED CONSIDERATION OF RESCUE COMMITTEE BILLS.

    (a) Qualifying Legislation.--Only a Rescue Committee bill shall be 
entitled to expedited consideration under this section.
    (b) Consideration in the House of Representatives.--
            (1) Introduction.--If a Rescue Committee approves and 
        submits legislative language under clauses (i) and (vi), 
        respectively, of section 4(a)(3)(B), a Rescue Committee bill 
        consisting solely of that legislative language may be 
        introduced in the House of Representatives (by request)--
                    (A) by the majority leader of the House of 
                Representatives, or by a Member of the House of 
                Representatives designated by the majority leader of 
                the House of Representatives, on the next legislative 
                day; or
                    (B) if the Rescue Committee bill is not introduced 
                under subparagraph (A), by any Member of the House of 
                Representatives on any legislative day beginning on the 
                legislative day after the legislative day described in 
                subparagraph (A).
            (2) Referral and reporting.--Any committee of the House of 
        Representatives to which a Rescue Committee bill is referred 
        shall report the Rescue Committee bill to the House of 
        Representatives without amendment not later than 10 legislative 
        days after the date on which the Rescue Committee bill was so 
        referred. If a committee of the House of Representatives fails 
        to report a Rescue Committee bill within that period, it shall 
        be in order to move that the House of Representatives discharge 
        the committee from further consideration of the Rescue 
        Committee bill. Such a motion shall not be in order after the 
        last committee authorized to consider the Rescue Committee bill 
        reports it to the House of Representatives or after the House 
        of Representatives has disposed of a motion to discharge the 
        Rescue Committee bill. The previous question shall be 
        considered as ordered on the motion to its adoption without 
        intervening motion except 20 minutes of debate equally divided 
        and controlled by the proponent and an opponent. If such a 
        motion is adopted, the House of Representatives shall proceed 
        immediately to consider the Rescue Committee bill in accordance 
        with paragraphs (3) and (4). A motion to reconsider the vote by 
        which the motion is disposed of shall not be in order.
            (3) Proceeding to consideration.--After the last committee 
        authorized to consider a Rescue Committee bill reports it to 
        the House of Representatives or has been discharged (other than 
        by motion) from its consideration, it shall be in order to move 
        to proceed to consider the Rescue Committee bill in the House 
        of Representatives. Such a motion shall not be in order after 
        the House of Representatives has disposed of a motion to 
        proceed with respect to the Rescue Committee bill. The previous 
        question shall be considered as ordered on the motion to its 
        adoption without intervening motion. A motion to reconsider the 
        vote by which the motion is disposed of shall not be in order.
            (4) Consideration.--The Rescue Committee bill shall be 
        considered as read. All points of order against the Rescue 
        Committee bill and against its consideration are waived. The 
        previous question shall be considered as ordered on the Rescue 
        Committee bill to its passage without intervening motion except 
        2 hours of debate equally divided and controlled by the 
        proponent and an opponent and 1 motion to limit debate on the 
        Rescue Committee bill. A motion to reconsider the vote on 
        passage of the Rescue Committee bill shall not be in order.
            (5) Vote on passage.--The vote on passage of the Rescue 
        Committee bill shall occur not later than 3 legislative days 
        after the date on which the last committee authorized to 
        consider the Rescue Committee bill reports it to the House of 
        Representatives or is discharged.
    (c) Expedited Procedure in the Senate.--
            (1) Introduction in the senate.--If a Rescue Committee 
        approves and submits legislative language under clauses (i) and 
        (vi), respectively, of section 4(a)(3)(B), a Rescue Committee 
        bill consisting solely of that legislative language may be 
        introduced in the Senate (by request)--
                    (A) by the majority leader of the Senate, or by a 
                Member of the Senate designated by the majority leader 
                of the Senate, on the next day on which the Senate is 
                in session; or
                    (B) if the Rescue Committee bill is not introduced 
                under subparagraph (A), by any Member of the Senate on 
                any day on which the Senate is in session beginning on 
                the day after the day described in subparagraph (A).
            (2) Committee consideration.--A Rescue Committee bill 
        introduced in the Senate under paragraph (1) shall be jointly 
        referred to the committee or committees of jurisdiction, which 
        committees shall report the Rescue Committee bill without any 
        revision and with a favorable recommendation, an unfavorable 
        recommendation, or without recommendation, not later than 10 
        session days after the date on which the Rescue Committee bill 
        was so referred. If any committee to which a Rescue Committee 
        bill is referred fails to report the Rescue Committee bill 
        within that period, that committee shall be automatically 
        discharged from consideration of the Rescue Committee bill, and 
        the Rescue Committee bill shall be placed on the appropriate 
        calendar.
            (3) Proceeding.--Notwithstanding rule XXII of the Standing 
        Rules of the Senate, it is in order, not later than 2 days of 
        session after the date on which a Rescue Committee bill is 
        reported or discharged from all committees to which the Rescue 
        Committee bill was referred, for the majority leader of the 
        Senate or the designee of the majority leader to move to 
        proceed to the consideration of the Rescue Committee bill. It 
        shall also be in order for any Member of the Senate to move to 
        proceed to the consideration of the Rescue Committee bill at 
        any time after the conclusion of such 2-day period. A motion to 
        proceed is in order even though a previous motion to the same 
        effect has been disagreed to. All points of order against the 
        motion to proceed to the Rescue Committee bill are waived. The 
        motion to proceed is not debatable. The motion is not subject 
        to a motion to postpone. A motion to reconsider the vote by 
        which the motion is agreed to or disagreed to shall not be in 
        order. If a motion to proceed to the consideration of the 
        Rescue Committee bill is agreed to, the Rescue Committee bill 
        shall remain the unfinished business until disposed of. All 
        points of order against a Rescue Committee bill and against 
        consideration of the Rescue Committee bill are waived.
            (4) No amendments.--An amendment to a Rescue Committee 
        bill, or a motion to postpone, or a motion to proceed to the 
        consideration of other business, or a motion to recommit the 
        Rescue Committee bill, is not in order.
            (5) Rulings of the chair on procedure.--Appeals from the 
        decisions of the Chair relating to the application of the rules 
        of the Senate, as the case may be, to the procedure relating to 
        a Rescue Committee bill shall be decided without debate.
    (d) Amendment.--A Rescue Committee bill shall not be subject to 
amendment in either the Senate or the House of Representatives.
    (e) Consideration by the Other House.--
            (1) In general.--If, before passing a Rescue Committee 
        bill, a House receives from the other House a Rescue Committee 
        bill consisting of legislative language approved by the same 
        Rescue Committee as the Rescue Committee bill in the receiving 
        House--
                    (A) the Rescue Committee bill of the other House 
                shall not be referred to a committee; and
                    (B) the procedure in the receiving House shall be 
                the same as if no Rescue Committee bill had been 
                received from the other House until the vote on 
                passage, when the Rescue Committee bill received from 
                the other House shall supplant the Rescue Committee 
                bill of the receiving House.
            (2) Revenue measures.--This subsection shall not apply to 
        the House of Representatives if a Rescue Committee bill 
        received from the Senate is a revenue measure.
    (f) Rules To Coordinate Action With Other House.--
            (1) Treatment of rescue committee bill of other house.--If 
        a Rescue Committee bill is not introduced in the Senate or the 
        Senate fails to consider a Rescue Committee bill under this 
        section, the Rescue Committee bill of the House of 
        Representatives consisting of legislative language approved by 
        the same Rescue Committee as the Rescue Committee bill in the 
        Senate shall be entitled to expedited floor procedures under 
        this section.
            (2) Treatment of companion measures in the senate.--If, 
        following passage of a Rescue Committee bill in the Senate, the 
        Senate then receives from the House of Representatives a Rescue 
        Committee bill approved by the same Rescue Committee and 
        consisting of the same legislative language as the Senate-
        passed Rescue Committee bill, the House-passed Rescue Committee 
        bill shall not be debatable. The vote on passage of the Rescue 
        Committee bill in the Senate shall be considered to be the vote 
        on passage of the Rescue Committee bill received from the House 
        of Representatives.
            (3) Vetoes.--If the President vetoes a Rescue Committee 
        bill, consideration of a veto message in the Senate under this 
        paragraph shall be 10 hours equally divided between the 
        majority and minority leaders of the Senate or the designees of 
        the majority and minority leaders of the Senate.

SEC. 6. FUNDING.

    Funding for each Rescue Committee shall be derived in equal 
portions from--
            (1) the contingent fund of the Senate from the 
        appropriations account ``Miscellaneous Items'', subject to the 
        rules and regulations of the Senate; and
            (2) the applicable accounts of the House of 
        Representatives.

SEC. 7. RULEMAKING.

    The provisions of this Act are enacted by Congress--
            (1) as an exercise of the rulemaking power of the Senate 
        and the House of Representatives, respectively, and, as such, 
        the provisions--
                    (A) shall be considered as part of the rules of 
                each House, respectively, or of that House to which 
                they specifically apply; and
                    (B) shall supersede other rules only to the extent 
                that they are inconsistent therewith; and
            (2) with full recognition of the constitutional right of 
        either House to change such rules (so far as relating to such 
        House) at any time, in the same manner, and to the same extent 
        as in the case of any other rule of such House.
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