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HR 3636 104th Congress House Social Welfare Certificates of deposit Congress Congressional oversight Congressional reporting requirements Debt limit Economics and Public Finance Finance and Financial Sector Government securities Government trust funds Investment of public funds Old age, survivors and disability insurance Public debt

Social Security Preservation Act of 1996

Introduced: June 13, 1996 See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jun 13, 1996
Referred to the House Committee on Ways and Means.
Jun 13, 1996
Introduced in House
 Plain-English summary Congressional Research Service

Social Security Preservation Act of 1996 - Amends title II (Old Age, Survivors and Disability Insurance)(OASDI) of the Social Security Act to require the Managing Trustee of the Board of Trustees of the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund (trust funds) to ensure that the annual surplus of the trust funds is invested in: (1) marketable interest-bearing obligations of the United States or obligations guaranteed by the United States; or (2) certificates of deposit in insured depository institutions. Prescribes a formula for determining the annual surplus of the trust funds.

Prohibits disinvestment of trust fund amounts from public debt obligations, any refraining from making such investments, or any delay in making normal deposits in such trust funds for public debt limit-related purposes. Authorizes the sale of trust fund public debt obligations for the payment of OASDI cash benefits and administrative expenses, with conditions, including notification to each House of Congress and the Comptroller General at least three days in advance of such sale.

What's happening now June 13, 1996

Referred to the House Committee on Ways and Means.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Republican 1