Detailed Instructions: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
Q: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Social Security Preservation Act of
1997''.

SEC. 2. INVESTMENT OF THE FEDERAL OLD-AGE AND SURVIVORS INSURANCE TRUST
FUND AND THE FEDERAL DISABILITY INSURANCE TRUST FUND.

(a) In General.--Section 201(d) of the Social Security Act (42
U.S.C. 401(d)) is amended--
(1) by inserting ''(1)'' after ''(d)'';
(2) by striking ''Such investments may be made only'' and
inserting the following: ''Except as provided in paragraph (2),
such investments may be made only'';
(3) by striking the last sentence; and
(4) by adding at the end the following new paragraph:
''(2)(A) The Managing Trustee shall determine the annual surplus
(as defined in subparagraph (B)) for each of the Trust Funds as of the
end of each fiscal year. The Managing Trustee shall ensure that such
annual surplus is invested, throughout the next following fiscal year,
in--
''(i) marketable interest-bearing obligations of the United
States or obligations guaranteed as to both principal and
interest by the United States, purchased on original issue or
at the market price, or
''(ii) certificates of deposit in insured depository
institutions (as defined in section 3(c)(2) of the Federal
Deposit Insurance Act).
''(B) For purposes of this paragraph, the 'annual surplus' for
either of the Trust Funds as of the end of a fiscal year is the excess
(if any) of--
''(i) the sum of--
''(I) in the case of the Federal Old-Age and
Survivors Insurance Trust Fund, the amounts
appropriated to such Trust Fund under clauses (3) and
(4) of subsection (a) for the fiscal year,
''(II) in the case of the Federal Disability
Insurance Trust Fund, the amounts appropriated to such
Trust Fund under clauses (1) and (2) of subsection (b)
for the fiscal year, and
''(III) in either case, the amount appropriated to
such Trust Fund under section 121(e) of the Social
Security Amendments of 1983 for the fiscal year, and
any amounts otherwise credited to or deposited in such
Trust Fund under this title for the fiscal year, over
''(ii) the amounts paid or transferred from such Trust Fund
during the fiscal year.''.
(b) Effective Date.--The amendments made by this section shall
apply with respect to annual surpluses as of the end of fiscal years
beginning on or after October 1, 2002.

SEC. 3. PROTECTION OF THE SOCIAL SECURITY TRUST FUNDS FROM THE PUBLIC
DEBT LIMIT.

(a) Protection of Trust Funds.--Notwithstanding any other provision
of law--
(1) no officer or employee of the United States may--
(A) delay the deposit of any amount into (or delay
the credit of any amount to) the Federal Old-Age and
Survivors Insurance Trust Fund or the Federal
Disability Insurance Trust Fund or otherwise vary from
the normal terms, procedures, or timing for making such
deposits or credits, or
(B) refrain from the investment in public debt
obligations of amounts in either of such Trust Funds,
if a purpose of such action or inaction is to not increase the
amount of outstanding public debt obligations, and
(2) no officer or employee of the United States may
disinvest amounts in either of such Trust Funds which are
invested in public debt obligations if a purpose of the
disinvestment is to reduce the amount of outstanding public
debt obligations.
(b) Protection of Benefits and Expenditures for Administrative
Expenses.--
(1) In general.--Notwithstanding subsection (a), during any
period for which cash benefits or administrative expenses would
not otherwise be payable from the Federal Old-Age and Survivors
Insurance Trust Fund or the Federal Disability Insurance Trust
Fund by reason of an inability to issue further public debt
obligations because of the applicable public debt limit, public
debt obligations held by such Trust Fund shall be sold or
redeemed only for the purpose of making payment of such
benefits or administrative expenses and only to the extent cash
assets of such Trust Fund are not available from month to month
for making payment of such benefits or administrative expenses.
(2) Issuance of corresponding debt.--For purposes of
undertaking the sale or redemption of public debt obligations
held by the Federal Old-Age and Survivors Insurance Trust Fund
or the Federal Disability Insurance Trust Fund pursuant to
paragraph (1), the Secretary of the Treasury may issue
corresponding public debt obligations to the public, in order
to obtain the cash necessary for payment of benefits or
administrative expenses from such Trust Fund, notwithstanding
the public debt limit.
(3) Advance notice of sale or redemption.--Not less than 3
days prior to the date on which, by reason of the public debt
limit, the Secretary of the Treasury expects to undertake a
sale or redemption authorized under paragraph (1), the
Secretary of the Treasury shall report to each House of the
Congress and to the Comptroller General of the United States
regarding the expected sale or redemption. Upon receipt of such
report, the Comptroller General shall review the extent of
compliance with subsection (a) and paragraphs (1) and (2) of
this subsection and shall issue such findings and
recommendations to each House of the Congress as the
Comptroller General considers necessary and appropriate.
(c) Public Debt Obligation.--For purposes of this section, the term
''public debt obligation'' means any obligation subject to the public
debt limit established under section 3101 of title 31, United States
Code.
A:
Social Security Preservation Act of 1997 - Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act to require the Managing Trustee of the Board of Trustees of the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund to ensure that the annual surplus of the trust funds is invested in: (1) marketable interest-bearing obligations of the United States or obligations guaranteed by the United States; or (2) certificates of deposit in insured depository institutions. Prescribes a formula for determining the annual surplus of the trust funds.
Prohibits disinvestment of trust fund amounts from public debt obligations, any refraining from making such investments, or any delay in making normal deposits in such trust funds for public debt limit-related purposes, if a purpose of such action or inaction is to not increase, or to reduce, the amount of outstanding public debt obligation.
Declares that, during any period for which cash benefits or administrative expenses would not otherwise be payable from either Trust Fund by reason of an inability to issue further public debt obligations because the public debt limit has been reached, public debt obligations held by such Trust Fund shall be sold or redeemed only for the purpose of making payment of such benefits or administrative expenses, and only to the extent Trust Fund cash assets are not available from month to month to pay such benefits or expenses.
Authorizes the Secretary of the Treasury, in order to sell or redeem public debt obligations held by either Trust Fund, to issue corresponding public debt obligations in order to obtain the cash necessary to pay benefits or administrative expenses from such Trust Fund, notwithstanding the public debt limit.