To amend title II of the Social Security Act to provide for the investment of the Trust Fund in the same investments permitted by pension funds guaranteed by the Employee Retirement Income Security Act and to require the Trustees to meet the same prudent person standards required under that Act.
Social Security Trust Fund Amendments of 1993 - Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act to require that the Board of Trustees of the OASDI trust funds include eight members of the public, rather than two, and meet at least ten times each calendar year. Imposes a duty on the Board to use prudent person standards in overseeing the investment of OASDI funds for the exclusive purposes of providing benefits for OASDI beneficiaries and defraying reasonable expenses in administering such funds. Limits the proportion of such funds which may be invested in interest-bearing obligations of the United States.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
Referred to the Subcommittee on Social Security.
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