Title: Savings Security Act of 2022
Policy area: Finance and Financial Sector

Summary:
Savings Security Act of 2022
This bill increases during periods of higher inflation the annual purchase limit applicable to certain government bonds. Specifically, individuals may annually purchase up to $30,000 in Series I U.S. savings bonds when, during that year, the six-month average consumer price index is above 3.5%. Currently, annual purchases are capped at $15,000 per person.

[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[S. 4952 Introduced in Senate (IS)]

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117th CONGRESS
  2d Session
                                S. 4952

To increase the annual limitation on purchases by individuals of Series 
    I United States savings bonds during periods of high inflation.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           September 27, 2022

  Mrs. Fischer (for herself and Mr. Warner) introduced the following 
  bill; which was read twice and referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
To increase the annual limitation on purchases by individuals of Series 
    I United States savings bonds during periods of high inflation.

    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 ``Savings Security Act of 2022''.

SEC. 2. INCREASE IN LIMITATION ON PURCHASE OF SERIES I UNITED STATES 
              SAVINGS BONDS.

    (a) In General.--Section 3105 of title 31, United States Code, is 
amended by adding at the end the following:
    ``(f)(1) For purposes of subsection (c)(7), during any applicable 
year, the maximum amount of Series I United States savings bonds issued 
during such year that may be held by an applicable individual shall not 
exceed $30,000.
    ``(2)(A) For purposes of this subsection, the term `applicable 
year' means any calendar year during which the average of the 
annualized changes in the Consumer Price Index for All Urban Consumers 
during any 6-month period ending during such year is greater than 3.5 
percent.
    ``(B) Not later than 30 days after the Secretary determines that 
the requirement under subparagraph (A) has been satisfied with respect 
to any calendar year, the Secretary shall provide public notice that 
paragraph (1) applies with respect to such year.
    ``(3) For purposes of this subsection, the term `applicable 
individual' means an individual who provides the Secretary with--
            ``(A) the TIN (as defined in section 7701(a)(41) of the 
        Internal Revenue Code of 1986) of such individual; or
            ``(B) the social security number issued to such individual 
        by the Social Security Administration.
    ``(4) This subsection shall not apply with respect to any Series I 
United States savings bond that is made available in paper form.''.
    (b) Effective Date.--The amendment made by this section shall apply 
to any calendar year beginning after the date of enactment of this Act.
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