Social Security and Medicare Lock-Box Act
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Bill details
Summary
Introduced in House
Social Security and Medicare Lock-Box Act This bill establishes (1) in the Federal Old-Age and Survivors Insurance Trust Fund, a Social Security Surplus Protection Account; and (2) in the Federal Hospital Insurance Trust Fund, a Medicare Surplus Protection Account. The Managing Trustee of each trust fund (in both cases, the Secretary of the Treasury) (1) must transfer the annual surplus of the trust fund to its respective account; and (2) may not invest the balance in the account until a law takes effect that authorizes, for amounts in the trust fund, an investment vehicle other than U.S. obligations. The bill establishes in the executive branch a commission to study the most effective vehicles for investment of the trust funds, other than investments in the form of U.S. obligations.
District impact notes
The Social Security and Medicare Lock-Box Act creates accounts to protect surpluses in Social Security and Medicare trust funds. • This legislation could influence how federal funds are managed, potentially affecting the financial stability of these programs. • Local public services that rely on federal funding for health and retirement benefits may be impacted by changes in trust fund management. • There may be questions about how the prohibition on investing surplus funds could affect the long-term growth of these accounts and the overall sustainability of the programs. AI-generated from official bill summary and plain-English note; verify with official text.
Related votes
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