H.R.1218 - Social Security and Medicare Lock-Box Act115th Congress (2017-2018) |
|Sponsor:||Rep. Walberg, Tim [R-MI-7] (Introduced 02/24/2017)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 02/24/2017 Referred to the House Committee on Ways and Means. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed House
- Passed Senate
- To President
- Became Law
Summary: H.R.1218 — 115th Congress (2017-2018)All Information (Except Text)
Introduced in House (02/24/2017)
Social Security and Medicare Lock-Box Act
This bill establishes: (1) in the Federal Old-Age and Survivors Insurance Trust Fund, a Social Security Surplus Protection Account; and (2) in the Federal Hospital Insurance Trust Fund, a Medicare Surplus Protection Account.
The Managing Trustee of each trust fund (in both cases, the Secretary of the Treasury): (1) must transfer the annual surplus of the trust fund to its respective account; and (2) may not invest the balance in the account until a law takes effect that authorizes, for amounts in the trust fund, an investment vehicle other than U.S. obligations.
The bill establishes in the executive branch a commission to study the most effective vehicles for investment of the trust funds, other than investments in the form of U.S. obligations.