Summary: H.R.3207 — 105th Congress (1997-1998)All Information (Except Text)

There is one summary for H.R.3207. Bill summaries are authored by CRS.

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Introduced in House (02/12/1998)

Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act to establish in the Treasury the Save Social Security First Reserve Fund to save any surpluses in the Federal budget pending social security reform. Requires the Secretary of the Treasury to: (1) pay into the Fund at the end of each fiscal year an amount equal to any such surplus; and (2) invest all such amounts in public debt securities with suitable maturities and bearing interest at rates determined by the Secretary.