Social Security Administration Independence Act of 1992

Social Security Administration Independence Act of 1992 - Title I: Establishment of New Independent Agency - Amends title VII (Administration) of the Social Security Act to establish the Social Security Administration as an independent executive agency, governed by a Commissioner of Social Security. Provides that it shall be the duty of the Administration to administer the Old Age, Survivors and Disability Insurance (OASDI) program and the Supplemental Security Income program under titles II and XVI of the Social Security Act. Transfers to the Administration all functions carried out by the Secretary of Health and Human Services (HHS) pertaining to such programs.

Establishes in the Administration an Office of the Beneficiary Ombudsman.

Establishes a Social Security Advisory Board to advise the Commissioner on policies related to such programs and on operations in the Administration.

Title II: Conforming Amendments - Makes conforming amendments to titles II and XVI of the Social Security Act.

Requires the Commissioner to report to the Congress within 120 days after the beginning of each regular session on his or her administration under the Social Security Act.

Directs the Commissioner to appoint, quadrennially, an Advisory Council on Social Security to review the relation of the trust funds supporting the OASDI program to the long-term commitments of the program.

Directs the Secretary to appoint, quadrennially, an Advisory Council on Hospital and Supplementary Medical Insurance to review the relation of the trust funds supporting the Medicare program to the long-term commitments of the program.

Makes conforming amendments to other titles of the Social Security Act and to other Federal laws.