H.R.160 - Social Security Strengthening and Protection Act of 1999106th Congress (1999-2000)
|Sponsor:||Rep. Royce, Edward R. [R-CA-39] (Introduced 01/06/1999)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 01/19/1999 Referred to the Subcommittee on Social Security. (All Actions)|
This bill has the status Introduced
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Summary: H.R.160 — 106th Congress (1999-2000)All Information (Except Text)
Introduced in House (01/06/1999)
Social Security Strengthening and Protection Act of 1999 - 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 (social security trust funds) to establish guidelines mandating the eventual investment by the Managing Trustee of such portion of each such social security trust fund not required to meet current withdrawals only in certain marketable interest-bearing obligations of the United States .
Prohibits disinvestment of such 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 social security trust fund public debt obligations for payment of cash benefits and administrative expenses, with conditions, including advance notification to each House of the Congress and the Comptroller General before such sale.