To amend titles II and XVIII of the Social Security Act to establish a Social Security Surplus Protection Account in the Federal Old-Age and Survivors Insurance Trust Fund to hold the Social Security surplus and a Medicare Surplus Protection Account in the Federal Hospital Insurance Trust Fund to hold the Medicare surplus, to provide for suspension of investment of amounts held in such Accounts until enactment of legislation providing for investment of the Trust Funds in investment vehicles other than obligations of the United States, and to establish a Social Security and Medicare Part A Investment Commission to make recommendations for alternative forms of investment of the Social Security and Medicare surpluses.
Social Security and Medicare Lock-Box Act
Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act to establish in the Federal Old-Age and Survivors Insurance Trust Fund a Social Security Surplus Protection Account to hold the Social Security surplus for the fiscal year of the sum of Social Security taxes collected, as well as the aggregate increase in certain tax liabilities, over the sum of benefits paid.
Establishes in the Federal Hospital Insurance Trust Fund a Medicare Surplus Protection Account to hold amounts equivalent to the Medicare part A surplus for the fiscal year of the sum of hospital insurance taxes collected over the sum of Medicare part A benefits paid.
Denies the availability of the balance in either Account for investment by the Managing Trustee.
Establishes in the executive branch a Social Security and Medicare Part A Investment Commission to study the most effective vehicles for investment of the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Hospital Insurance Trust Fund (other than investment in the form of U.S. obligations).
Referred to the Subcommittee on Social Security.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
Referred to the Subcommittee on Health.
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