S. 606 (eah) [Engrossed Amendment House] ...

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106th CONGRESS
  1st Session
                                 S. 605

   To solidify the off-budget status of the old-age, survivors, and 
disability insurance program under title II of the Social Security Act 
                     and to protect program assets.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             March 15, 1999

 Mr. Hollings introduced the following bill; which was read twice and 
   referred jointly pursuant to the order of August 4, 1977, to the 
 Committees on the Budget and Governmental Affairs, with instructions 
that if one committee reports, the other committee have thirty days to 
                        report or be discharged

_______________________________________________________________________

                                 A BILL


 
   To solidify the off-budget status of the old-age, survivors, and 
disability insurance program under title II of the Social Security Act 
                     and to protect program assets.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Social Security Fiscal Protection 
Act of 1999''.

SEC. 2. OFF BUDGET STATUS OF SOCIAL SECURITY TRUST FUNDS.

    Notwithstanding any other provision of law, the receipts and 
disbursements of the Federal Old-Age and Survivors Insurance Trust Fund 
and the Federal Disability Insurance Trust Fund shall not be counted as 
new budget authority, outlays, receipts, or deficit or surplus for 
purposes of--
            (1) the budget of the United States Government as submitted 
        by the President,
            (2) the congressional budget, or
            (3) the Balanced Budget and Emergency Deficit Control Act 
        of 1985.

SEC. 3. EXCLUSION OF RECEIPTS AND DISBURSEMENTS FROM SURPLUS AND 
              DEFICIT TOTALS.

    The receipts and disbursements of the old-age, survivors, and 
disability insurance program established under title II of the Social 
Security Act and the revenues under sections 86, 1401, 3101, and 3111 
of the Internal Revenue Code of 1986 related to such program shall not 
be included in any surplus or deficit totals required under the 
Congressional Budget Act of 1974 or chapter 11 of title 31, United 
States Code.

SEC. 4. CONFORMITY OF OFFICIAL STATEMENTS TO BUDGETARY REQUIREMENTS.

    Any official statement issued by the Office of Management and 
Budget or by the Congressional Budget Office of surplus or deficit 
totals of the budget of the United States Government as submitted by 
the President or of the surplus or deficit totals of the congressional 
budget, and any description of, or reference to, such totals in any 
official publication or material issued by either of such Offices, 
shall exclude all receipts and disbursements under the old-age, 
survivors, and disability insurance program under title II of the 
Social Security Act and the related provisions of the Internal Revenue 
Code of 1986 (including the receipts and disbursements of the Federal 
Old-Age and Survivors Insurance Trust Fund and the Federal Disability 
Insurance Trust Fund).

SEC. 5. REPOSITORY REQUIREMENT.

    Notwithstanding any other provision of law, throughout each month 
that begins after October 1, 1999, the Secretary of the Treasury shall 
maintain, in a secure repository or repositories, cash in a total 
amount equal to the total redemption value of all obligations issued to 
the Federal Old-Age and Survivors Insurance Trust Fund and the Federal 
Disability Insurance Trust Fund pursuant to section 201(d) of the 
Social Security Act that are outstanding on the first day of such 
month.
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