H.R.1269 - Social Security and Medicare Lock-Box Act117th Congress (2021-2022) |
|Sponsor:||Rep. Walberg, Tim [R-MI-7] (Introduced 02/23/2021)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 02/23/2021 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.1269 — 117th Congress (2021-2022)All Information (Except Text)
Introduced in House (02/23/2021)
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.