Title: Social Security Protection and Truth in Budgeting Act of 2017
Policy area: Social Welfare

Summary:
Social Security Protection and Truth in Budgeting Act of 2017
This bill amends title II (Old Age, Survivors, and Disability Insurance) (OASDI) of the Social Security Act to: (1) separate the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund ("Social Security trust funds") from the federal budget; and (2) specify that amounts made available to the Social Security trust funds from Social Security taxes be used solely for OASDI purposes, and not for the establishment or funding of private accounts.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1113 Introduced in House (IH)]

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115th CONGRESS
  1st Session
                                H. R. 1113

    To amend title II of the Social Security Act to ensure that the 
 receipts and disbursements of the Social Security trust funds are not 
    included in a unified Federal budget and to provide that Social 
Security contributions are used to protect Social Security solvency by 
 mandating that Trust Fund monies cannot be diverted to create private 
                               accounts.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           February 16, 2017

 Mr. DeFazio introduced the following bill; which was referred to the 
 Committee on Ways and Means, and in addition to the Committee on the 
 Budget, for a period to be subsequently determined by the Speaker, in 
   each case for consideration of such provisions as fall within the 
                jurisdiction of the committee concerned

_______________________________________________________________________

                                 A BILL


 
    To amend title II of the Social Security Act to ensure that the 
 receipts and disbursements of the Social Security trust funds are not 
    included in a unified Federal budget and to provide that Social 
Security contributions are used to protect Social Security solvency by 
 mandating that Trust Fund monies cannot be diverted to create private 
                               accounts.

    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 ``Social Security Protection and Truth 
in Budgeting Act of 2017''.

SEC. 2. EXCLUSION OF THE SOCIAL SECURITY TRUST FUNDS FROM THE UNIFIED 
              FEDERAL BUDGET.

    (a) In General.--Section 201 of the Social Security Act (42 U.S.C. 
401) is amended by adding at the end the following new subsection:
    ``(o)(1) The receipts and disbursements of the Federal Old-Age and 
Survivors Insurance Trust Fund and the Federal Disability Insurance 
Trust Fund (including taxes upon which any such receipts are based)--
            ``(A) shall not be included in the Federal budget baseline 
        for any fiscal year, and
            ``(B) shall not be counted as new budget authority, 
        outlays, receipts, or deficit or surplus for purposes of--
                    ``(i) offsetting any tax decrease, or
                    ``(ii) offsetting any spending increase.
    ``(2) Any official statement issued by the Office of Management and 
Budget or by the Congressional Budget Office of surplus or deficit 
totals of the budget of the United States Government as submitted by 
the President or of the surplus or deficit totals of the congressional 
budget, and any description of, or reference to, such totals in any 
official publication or material issued by either of such Offices, 
shall exclude the receipts and disbursements totals of the Federal Old-
Age and Survivors Insurance Trust Fund and the Federal Disability 
Insurance Trust Fund (including taxes upon which any such receipts are 
based).''.
    (b) Effective Date.--The amendment made by this section shall apply 
to fiscal years beginning on or after October 1, 2017.

SEC. 3. PROTECTION OF SOCIAL SECURITY SOLVENCY.

    Those amounts, equal to taxes imposed under sections 1401 and 3101 
of the Internal Revenue Code of 1986 and taxes imposed under chapter 1 
of such Code to the extent attributable to section 86 of such Code, 
which are made available to the Federal Old-Age and Survivors Insurance 
Trust Fund and the Federal Disability Insurance Trust Fund under the 
applicable provisions of law as in effect on the date of the enactment 
of this Act, shall be available solely for the purposes of the old-age, 
survivors, and disability insurance program under title II of the 
Social Security Act, as in effect on such date, and shall not be 
available for the establishment or funding of private accounts.
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