Social Security Trust Fund Investment Act of 1990

Social Security Trust Fund Investment Act of 1990 - Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act to establish a State and Municipal Bond Fund (Fund) within the Federal Old-Age and Survivors Insurance Trust Fund. Requires that Fund amounts be invested in qualified State or local bonds pursuant to guidelines and procedures, prescribed by a Social Security Investment Board, which provide for prudent investments suitable for accumulating funds for OASDI benefit payments at low administrative cost.

Limits Fund purchases during any fiscal year to no more than 25 percent of the total received by issuers of qualified State or local bonds for the purchase of original issue bonds during the preceding fiscal year. Credits the Fund in each fiscal year with: (1) any extra amount the Fund would have earned if subject solely to the investment rules of the other OASDI trust funds; and (2) interest and proceeds from the sale or redemption of its bonds. Transfers to the Fund, from the Federal Old-Age and Survivors Insurance Trust Fund, an amount equal to ten percent for FY 1992 and 20 percent for FY 1993 of the total amounts received by issuers of qualified State and local bonds for the purchase of original issue bonds during the preceding fiscal year.

Establishes the Social Security Investment Board.