A bill to amend title II of the Social Security Act to authorize the limited investment of the Federal Old-Age and Survivors Insurance Trust Fund in State and local government obligations, and for other purposes.
Social Security State and Municipal Bond Fund Act of 1991 - Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to authorize the limited investment of Federal Old-Age and Survivors Insurance Trust Fund amounts in bonds issued by qualified State or local governments under supervision of the Social Security Investment Board established pursuant to this Act. Appropriates to the Federal Old-Age and Survivors Insurance Fund for deposit in the State and Municipal Bond Fund established pursuant to this Act, for each fiscal year, any extra amounts the Federal Old-Age and Survivors Insurance Trust Fund would have earned had its investments been limited to Treasury obligations.
Introduced in Senate
Read twice and referred to the Committee on Finance.
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