A bill to amend the Railroad Retirement Act of 1974 and the Railroad Unemployment Insurance Act to provide for the removal of the trust funds established by those Acts from the unified budget, and for other purposes.
Amends the Railroad Retirement Act of 1974 to remove specified accounts related to railroad retirement funds, taxes, and revenues from inclusion in the Federal budget totals submitted by the President or the Congress, and to exempt such accounts from any general budget limitation imposed by law on Federal expenditures and net lending (budget outlays).
Amends the Railroad Unemployment Insurance Act to prohibit from inclusion in the Federal budget totals submitted by the President or the Congress certain railroad unemployment insurance accounts, taxes, and funds, and to exempt them from any general statutory budget limitations imposed upon Federal expenditures and budget outlays.
Amends the Railroad Retirement Act of 1974 to direct the Railroad Retirement Board (the Board) to submit an annual budget program to the Office of Management and Budget which shall include separate statements of the Board's requested appropriations. Directs the President to include such requested amounts (without revision) in the budget transmitted to the Congress.
Amends the Railroad Retirement Act of 1974 and the Railroad Unemployment Insurance Act to provide that the Board's authority to determine the number of individuals it shall employ shall not be subject to review by other Federal administrative or accounting personnel.
Precludes regulations promulgated by the Board from being subject to review by other Federal administrative or accounting personnel.
Referred to Subcommittee on Legislation and National Security.