H.R.3636 - Social Security Preservation Act of 1996104th Congress (1995-1996)
|Sponsor:||Rep. Neumann, Mark W. [R-WI-1] (Introduced 06/13/1996)|
|Committees:||House - Ways and Means|
|Latest Action:||06/13/1996 Referred to the House Committee on Ways and Means. (All Actions)|
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Summary: H.R.3636 — 104th Congress (1995-1996)All Bill Information (Except Text)
Introduced in House (06/13/1996)
Social Security Preservation Act of 1996 - 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 (trust funds) 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. Authorizes the sale of trust fund public debt obligations for the payment of OASDI cash benefits and administrative expenses, with conditions, including notification to each House of Congress and the Comptroller General at least three days in advance of such sale.