S. 4323 — TRUST Act of 2020

Summary

Time to Rescue United States Trusts Act of 2020 or the TRUST Act of 2020

This bill establishes congressional rescue committees to develop recommendations and legislation to improve critical social contract programs.

A critical social contract program is a federal program

for which a federal trust fund is established (e.g., Social Security, Medicare, and federal highway programs),
with outlays of at least $20 billion during the year preceding the year in which this bill is enacted, and
for which the amount of dedicated federal funds and federal trust fund balances will be inadequate to meet the total amount of outlays of the program that would otherwise be made.

Each rescue committee may develop recommendations and legislation to improve the program for which it was established, including by (1) increasing the duration of positive balances of the federal trust fund established for the program, and (2) providing for the solvency of the federal trust fund established for the program during a 75-year period.

Congress must use specified expedited legislative procedures to consider legislation that is approved and submitted by the rescue committees.

Full Text

Legislative Actions

2020-07-27
Introduced in Senate
2020-07-27
Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S4507)
2020-08-03
Senate Committee on Finance discharged by Unanimous Consent.
2020-08-03
Senate Committee on Finance discharged by Unanimous Consent.
2020-08-03
Referred to the Committee on Homeland Security and Governmental Affairs.

TRUST Act of 2020

Sponsors

Subjects

Summary

Full Text

Legislative Actions

Ask about this bill