| 1 | 1 | | I |
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| 2 | 2 | | 119THCONGRESS |
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| 3 | 3 | | 1 |
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| 4 | 4 | | STSESSION H. R. 1221 |
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| 5 | 5 | | To amend titles II and XVIII of the Social Security Act to establish a |
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| 6 | 6 | | Social Security Surplus Protection Account in the Federal Old-Age and |
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| 7 | 7 | | Survivors Insurance Trust Fund to hold the Social Security surplus |
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| 8 | 8 | | and a Medicare Surplus Protection Account in the Federal Hospital |
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| 9 | 9 | | Insurance Trust Fund to hold the Medicare surplus, to provide for |
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| 10 | 10 | | suspension of investment of amounts held in such Accounts until enact- |
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| 11 | 11 | | ment of legislation providing for investment of the Trust Funds in |
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| 12 | 12 | | investment vehicles other than obligations of the United States, and |
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| 13 | 13 | | to establish a Social Security and Medicare Part A Investment Commis- |
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| 14 | 14 | | sion to make recommendations for alternative forms of investment of |
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| 15 | 15 | | the Social Security and Medicare surpluses. |
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| 16 | 16 | | IN THE HOUSE OF REPRESENTATIVES |
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| 17 | 17 | | FEBRUARY11, 2025 |
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| 18 | 18 | | Mr. W |
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| 19 | 19 | | ALBERGintroduced the following bill; which was referred to the |
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| 20 | 20 | | Committee on Ways and Means |
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| 21 | 21 | | A BILL |
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| 22 | 22 | | To amend titles II and XVIII of the Social Security Act |
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| 23 | 23 | | to establish a Social Security Surplus Protection Account |
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| 24 | 24 | | in the Federal Old-Age and Survivors Insurance Trust |
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| 25 | 25 | | Fund to hold the Social Security surplus and a Medicare |
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| 26 | 26 | | Surplus Protection Account in the Federal Hospital In- |
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| 27 | 27 | | surance Trust Fund to hold the Medicare surplus, to |
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| 28 | 28 | | provide for suspension of investment of amounts held |
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| 29 | 29 | | in such Accounts until enactment of legislation providing |
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| 30 | 30 | | for investment of the Trust Funds in investment vehicles |
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| 31 | 31 | | other than obligations of the United States, and to estab- |
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| 32 | 32 | | VerDate Sep 11 2014 20:04 Mar 08, 2025 Jkt 059200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6652 E:\BILLS\H1221.IH H1221 |
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| 33 | 33 | | kjohnson on DSK7ZCZBW3PROD with $$_JOB 2 |
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| 34 | 34 | | •HR 1221 IH |
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| 35 | 35 | | lish a Social Security and Medicare Part A Investment |
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| 36 | 36 | | Commission to make recommendations for alternative |
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| 37 | 37 | | forms of investment of the Social Security and Medicare |
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| 38 | 38 | | surpluses. |
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| 39 | 39 | | Be it enacted by the Senate and House of Representa-1 |
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| 40 | 40 | | tives of the United States of America in Congress assembled, 2 |
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| 41 | 41 | | SECTION 1. SHORT TITLE. 3 |
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| 42 | 42 | | This Act may be cited as the ‘‘Social Security and 4 |
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| 43 | 43 | | Medicare Lock-Box Act’’. 5 |
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| 44 | 44 | | SEC. 2. INTERIM PROTECTIONS FOR SOCIAL SECURITY 6 |
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| 45 | 45 | | TRUST FUND SURPLUS. 7 |
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| 46 | 46 | | Section 201(d) of the Social Security Act (42 U.S.C. 8 |
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| 47 | 47 | | 402(d)) is amended— 9 |
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| 48 | 48 | | (1) by striking ‘‘It shall be the duty’’ and in-10 |
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| 49 | 49 | | serting ‘‘(1) Except as provided in paragraph (2), it 11 |
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| 50 | 50 | | shall be the duty’’; 12 |
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| 51 | 51 | | (2) by striking ‘‘(1) on original issue at the 13 |
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| 52 | 52 | | issue price, or (2)’’ and inserting ‘‘(A) on original 14 |
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| 53 | 53 | | issue at the issue price, or (B)’’; and 15 |
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| 54 | 54 | | (3) by adding at the end the following new 16 |
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| 55 | 55 | | paragraph: 17 |
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| 56 | 56 | | ‘‘(2)(A) There is established in the Federal Old-Age 18 |
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| 57 | 57 | | and Survivors Insurance Trust Fund a Social Security 19 |
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| 58 | 58 | | Surplus Protection Account. As soon as practicable after 20 |
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| 59 | 59 | | the end of each fiscal year after fiscal year 2025, the Man-21 |
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| 60 | 60 | | aging Trustee shall transfer to the Account, from amounts 22 |
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| 62 | 62 | | kjohnson on DSK7ZCZBW3PROD with $$_JOB 3 |
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| 63 | 63 | | •HR 1221 IH |
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| 64 | 64 | | otherwise available in the Trust Fund, amounts equivalent 1 |
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| 65 | 65 | | to the social security surplus for such fiscal year. Such 2 |
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| 66 | 66 | | amounts shall be transferred from time to time to the Ac-3 |
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| 67 | 67 | | count, such amounts to be determined on the basis of esti-4 |
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| 68 | 68 | | mates by the Managing Trustee, and proper adjustments 5 |
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| 69 | 69 | | shall be made in amounts subsequently transferred to the 6 |
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| 70 | 70 | | extent prior estimates were in excess of or were less than 7 |
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| 71 | 71 | | the correct amount. 8 |
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| 72 | 72 | | ‘‘(B) For purposes of subparagraph (A), the term ‘so-9 |
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| 73 | 73 | | cial security surplus’ means, for any fiscal year, the excess, 10 |
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| 74 | 74 | | if any, of— 11 |
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| 75 | 75 | | ‘‘(i) the sum of— 12 |
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| 76 | 76 | | ‘‘(I) the taxes imposed for such fiscal year 13 |
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| 77 | 77 | | by chapter 21 (other than sections 3101(b) and 14 |
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| 78 | 78 | | 3111(b)) of the Internal Revenue Code of 1986 15 |
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| 79 | 79 | | with respect to wages (as defined in section 16 |
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| 80 | 80 | | 3121 of such Code) reported to the Secretary of 17 |
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| 81 | 81 | | the Treasury or his delegates pursuant to sub-18 |
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| 82 | 82 | | title F of such Code, as determined by the Sec-19 |
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| 83 | 83 | | retary of the Treasury by applying the applica-20 |
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| 84 | 84 | | ble rates of tax under such chapter 21 (other 21 |
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| 85 | 85 | | than sections 3101(b) and 3111(b)) to such 22 |
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| 86 | 86 | | wages, less the amounts specified in clause (1) 23 |
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| 87 | 87 | | of subsection (b) of this section for such fiscal 24 |
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| 88 | 88 | | year; 25 |
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| 90 | 90 | | kjohnson on DSK7ZCZBW3PROD with $$_JOB 4 |
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| 91 | 91 | | •HR 1221 IH |
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| 92 | 92 | | ‘‘(II) the taxes imposed by chapter 2 1 |
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| 93 | 93 | | (other than section 1401(b)) of the Internal 2 |
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| 94 | 94 | | Revenue Code of 1986 with respect to self-em-3 |
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| 95 | 95 | | ployment income (as defined in section 1402 of 4 |
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| 96 | 96 | | such Code) reported to the Secretary of the 5 |
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| 97 | 97 | | Treasury on tax returns under subtitle F of 6 |
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| 98 | 98 | | such Code, as determined by the Secretary of 7 |
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| 99 | 99 | | the Treasury by applying the applicable rate of 8 |
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| 100 | 100 | | tax under such chapter (other than section 9 |
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| 101 | 101 | | 1401(b)) to such self-employment income, less 10 |
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| 102 | 102 | | the amounts specified in clause (2) of sub-11 |
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| 103 | 103 | | section (b) of this section for such fiscal year; 12 |
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| 104 | 104 | | and 13 |
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| 105 | 105 | | ‘‘(III) the amount equivalent to the aggre-14 |
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| 106 | 106 | | gate increase in tax liabilities under chapter 1 15 |
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| 107 | 107 | | of the Internal Revenue Code of 1986 which is 16 |
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| 108 | 108 | | attributable to the application of sections 86 17 |
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| 109 | 109 | | and 871(a)(3) of such Code to payments from 18 |
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| 110 | 110 | | the Trust Fund; over 19 |
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| 111 | 111 | | ‘‘(ii) the sum of— 20 |
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| 112 | 112 | | ‘‘(I) benefits paid from the Trust Fund 21 |
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| 113 | 113 | | during the fiscal year; and 22 |
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| 114 | 114 | | ‘‘(II) amounts authorized to be made avail-23 |
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| 115 | 115 | | able from the Trust Fund under subsection (g) 24 |
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| 117 | 117 | | kjohnson on DSK7ZCZBW3PROD with $$_JOB 5 |
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| 118 | 118 | | •HR 1221 IH |
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| 119 | 119 | | of this section which are paid from the Trust 1 |
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| 120 | 120 | | Fund during such fiscal year. 2 |
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| 121 | 121 | | ‘‘(C) Notwithstanding paragraph (1), the balance in 3 |
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| 122 | 122 | | the Account shall not be available for investment by the 4 |
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| 123 | 123 | | Managing Trustee. 5 |
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| 124 | 124 | | ‘‘(D)(i) The preceding provisions of this paragraph 6 |
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| 125 | 125 | | shall not apply with respect to fiscal years commencing 7 |
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| 126 | 126 | | with or after the first fiscal year, after fiscal year 2025, 8 |
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| 127 | 127 | | for which a provision of Federal law takes effect and au-9 |
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| 128 | 128 | | thorizes, for amounts in the Trust Fund, an investment 10 |
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| 129 | 129 | | vehicle other than obligations of the United States. 11 |
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| 130 | 130 | | ‘‘(ii) A provision of Federal law shall be deemed to 12 |
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| 131 | 131 | | meet the requirements of clause (i) if such provision in-13 |
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| 132 | 132 | | cludes the following: ‘This Act shall be considered to be 14 |
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| 133 | 133 | | a provision of Federal law meeting the requirements of 15 |
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| 134 | 134 | | section 201(d)(2)(D)(i) of the Social Security Act.’.’’. 16 |
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| 135 | 135 | | SEC. 3. INTERIM PROTECTIONS FOR MEDICARE PART A 17 |
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| 136 | 136 | | TRUST FUND SURPLUS. 18 |
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| 137 | 137 | | (a) I |
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| 138 | 138 | | NGENERAL.—Section 1817(c) of the Social Se-19 |
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| 139 | 139 | | curity Act (42 U.S.C. 1395i(c)) is amended— 20 |
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| 140 | 140 | | (1) by striking ‘‘It shall be the duty’’ and in-21 |
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| 141 | 141 | | serting ‘‘(1) Except as provided in paragraph (2), it 22 |
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| 142 | 142 | | shall be the duty’’; 23 |
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| 144 | 144 | | kjohnson on DSK7ZCZBW3PROD with $$_JOB 6 |
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| 145 | 145 | | •HR 1221 IH |
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| 146 | 146 | | (2) by striking ‘‘(1) on original issue at the 1 |
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| 147 | 147 | | issue price, or (2)’’ and inserting ‘‘(A) on original 2 |
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| 148 | 148 | | issue at the issue price, or (B)’’; and 3 |
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| 149 | 149 | | (3) by adding at the end the following new 4 |
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| 150 | 150 | | paragraph: 5 |
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| 151 | 151 | | ‘‘(2)(A) There is established in the Federal Hospital 6 |
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| 152 | 152 | | Insurance Trust Fund a Medicare Surplus Protection Ac-7 |
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| 153 | 153 | | count (in this paragraph referred to as the ‘Account’). As 8 |
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| 154 | 154 | | soon as practicable after the end of each fiscal year after 9 |
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| 155 | 155 | | fiscal year 2025, the Managing Trustee shall transfer to 10 |
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| 156 | 156 | | the Account, from amounts otherwise available in the 11 |
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| 157 | 157 | | Trust Fund, amounts equivalent to the Medicare part A 12 |
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| 158 | 158 | | surplus for such fiscal year. Such amounts shall be trans-13 |
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| 159 | 159 | | ferred from time to time to the Account, such amounts 14 |
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| 160 | 160 | | to be determined on the basis of estimates by the Man-15 |
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| 161 | 161 | | aging Trustee, and proper adjustments shall be made in 16 |
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| 162 | 162 | | amounts subsequently transferred to the extent prior esti-17 |
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| 163 | 163 | | mates were in excess of or were less than the correct 18 |
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| 164 | 164 | | amount. 19 |
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| 165 | 165 | | ‘‘(B) For purposes of subparagraph (A), the term 20 |
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| 166 | 166 | | ‘Medicare part A surplus’ means, for any fiscal year, the 21 |
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| 167 | 167 | | excess, if any, of— 22 |
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| 168 | 168 | | ‘‘(i) the sum of— 23 |
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| 169 | 169 | | ‘‘(I) the taxes imposed for such fiscal year 24 |
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| 170 | 170 | | by sections 3101(b) and 3111(b) of the Internal 25 |
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| 172 | 172 | | kjohnson on DSK7ZCZBW3PROD with $$_JOB 7 |
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| 173 | 173 | | •HR 1221 IH |
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| 174 | 174 | | Revenue Code of 1986 with respect to wages 1 |
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| 175 | 175 | | (as defined in section 3121 of such Code) re-2 |
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| 176 | 176 | | ported to the Secretary of the Treasury or his 3 |
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| 177 | 177 | | delegates pursuant to subtitle F of such Code, 4 |
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| 178 | 178 | | as determined by the Secretary of the Treasury 5 |
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| 179 | 179 | | by applying the applicable rates of tax under 6 |
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| 180 | 180 | | such sections to such wages; and 7 |
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| 181 | 181 | | ‘‘(II) the taxes imposed by section 1401(b) 8 |
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| 182 | 182 | | of the Internal Revenue Code of 1986 with re-9 |
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| 183 | 183 | | spect to self-employment income (as defined in 10 |
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| 184 | 184 | | section 1402 of such Code) reported to the Sec-11 |
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| 185 | 185 | | retary of the Treasury on tax returns under 12 |
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| 186 | 186 | | subtitle F of such Code, as determined by the 13 |
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| 187 | 187 | | Secretary of the Treasury by applying the ap-14 |
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| 188 | 188 | | plicable rate of tax under such section 1401(b) 15 |
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| 189 | 189 | | to such self-employment income; over 16 |
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| 190 | 190 | | ‘‘(ii) the sum of— 17 |
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| 191 | 191 | | ‘‘(I) benefits paid from the Trust Fund 18 |
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| 192 | 192 | | during the fiscal year; and 19 |
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| 193 | 193 | | ‘‘(II) amounts authorized to be made avail-20 |
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| 194 | 194 | | able from the Trust Fund under subsection (f) 21 |
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| 195 | 195 | | of this section (or section 201(g)) which are 22 |
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| 196 | 196 | | paid from the Trust Fund during such fiscal 23 |
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| 197 | 197 | | year. 24 |
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| 199 | 199 | | kjohnson on DSK7ZCZBW3PROD with $$_JOB 8 |
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| 200 | 200 | | •HR 1221 IH |
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| 201 | 201 | | ‘‘(C) Notwithstanding paragraph (1), the balance in 1 |
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| 202 | 202 | | the Account shall not be available for investment by the 2 |
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| 203 | 203 | | Managing Trustee. 3 |
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| 204 | 204 | | ‘‘(D)(i) The preceding provisions of this paragraph 4 |
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| 205 | 205 | | shall not apply with respect to fiscal years commencing 5 |
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| 206 | 206 | | with or after the first fiscal year, after fiscal year 2025, 6 |
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| 207 | 207 | | for which a provision of Federal law takes effect and au-7 |
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| 208 | 208 | | thorizes, for amounts in the Trust Fund, an investment 8 |
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| 209 | 209 | | vehicle other than obligations of the United States. 9 |
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| 210 | 210 | | ‘‘(ii) A provision of Federal law shall be deemed to 10 |
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| 211 | 211 | | meet the requirements of clause (i) if such provision in-11 |
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| 212 | 212 | | cludes the following: ‘This Act shall be considered to be 12 |
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| 213 | 213 | | a provision of Federal law meeting the requirements of 13 |
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| 214 | 214 | | section 1817(c)(2)(D)(i) of the Social Security Act.’.’’. 14 |
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| 215 | 215 | | SEC. 4. SOCIAL SECURITY AND MEDICARE PART A INVEST-15 |
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| 216 | 216 | | MENT COMMISSION. 16 |
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| 217 | 217 | | (a) E |
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| 218 | 218 | | STABLISHMENT.—There is established in the ex-17 |
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| 219 | 219 | | ecutive branch of the Government a Social Security and 18 |
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| 220 | 220 | | Medicare Part A Investment Commission (in this section 19 |
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| 221 | 221 | | referred to as the ‘‘Commission’’). 20 |
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| 222 | 222 | | (b) S |
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| 223 | 223 | | TUDY ANDREPORT.—As soon as practicable 21 |
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| 224 | 224 | | after the date of the enactment of this Act, the Commis-22 |
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| 225 | 225 | | sion shall conduct a study to ascertain the most effective 23 |
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| 226 | 226 | | vehicles for investment of the Federal Old-Age and Sur-24 |
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| 227 | 227 | | vivors Insurance Trust Fund and the Federal Hospital In-25 |
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| 229 | 229 | | kjohnson on DSK7ZCZBW3PROD with $$_JOB 9 |
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| 230 | 230 | | •HR 1221 IH |
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| 231 | 231 | | surance Trust Fund, other than investment in the form 1 |
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| 232 | 232 | | of obligations of the United States. Not later than October 2 |
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| 233 | 233 | | 1, 2025, the Commission shall submit a report to the 3 |
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| 234 | 234 | | President and to each House of the Congress setting forth 4 |
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| 235 | 235 | | its recommendations for such vehicles for investment, to-5 |
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| 236 | 236 | | gether with proposals for such administrative and legisla-6 |
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| 237 | 237 | | tive changes as the Commission determines necessary to 7 |
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| 238 | 238 | | authorize and implement such recommendations. 8 |
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| 239 | 239 | | (c) C |
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| 240 | 240 | | OMPOSITION.—The Commission shall be com-9 |
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| 241 | 241 | | posed of— 10 |
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| 242 | 242 | | (1) 3 members appointed by the President, of 11 |
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| 243 | 243 | | whom 1 shall be designated by the President as 12 |
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| 244 | 244 | | Chairman; 13 |
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| 245 | 245 | | (2) 2 members appointed by the Speaker of the 14 |
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| 246 | 246 | | House of Representatives; 15 |
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| 247 | 247 | | (3) 1 member appointed by the minority leader 16 |
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| 248 | 248 | | of the House of Representatives; 17 |
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| 249 | 249 | | (4) 2 members appointed by the majority leader 18 |
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| 250 | 250 | | of the Senate; and 19 |
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| 251 | 251 | | (5) 1 member appointed by the minority leader 20 |
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| 252 | 252 | | of the Senate. 21 |
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| 253 | 253 | | (d) M |
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| 254 | 254 | | EMBERSHIPREQUIREMENTS.—Members of the 22 |
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| 255 | 255 | | Commission shall have substantial experience, training, 23 |
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| 256 | 256 | | and expertise in the management of financial investments 24 |
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| 257 | 257 | | and pension benefit plans. 25 |
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| 259 | 259 | | kjohnson on DSK7ZCZBW3PROD with $$_JOB 10 |
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| 260 | 260 | | •HR 1221 IH |
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| 261 | 261 | | (e) LENGTH OFAPPOINTMENTS.—Members of the 1 |
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| 262 | 262 | | Commission shall serve for the life of the Commission. A 2 |
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| 263 | 263 | | vacancy on the Commission shall be filled in the manner 3 |
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| 264 | 264 | | in which the original appointment was made and shall be 4 |
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| 265 | 265 | | subject to any conditions that applied with respect to the 5 |
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| 266 | 266 | | original appointment. 6 |
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| 267 | 267 | | (f) A |
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| 268 | 268 | | DMINISTRATIVEPROVISIONS.— 7 |
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| 269 | 269 | | (1) M |
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| 270 | 270 | | EETINGS.—The Commission shall meet— 8 |
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| 271 | 271 | | (A) not less than once during each month; 9 |
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| 272 | 272 | | and 10 |
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| 273 | 273 | | (B) at additional times at the call of the 11 |
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| 274 | 274 | | Chairman. 12 |
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| 275 | 275 | | (2) E |
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| 276 | 276 | | XERCISE OF POWERS.— 13 |
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| 277 | 277 | | (A) I |
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| 278 | 278 | | N GENERAL.—The Commission shall 14 |
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| 279 | 279 | | perform the functions and exercise the powers 15 |
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| 280 | 280 | | of the Commission on a majority vote of a 16 |
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| 281 | 281 | | quorum of the Commission. Three members of 17 |
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| 282 | 282 | | the Commission shall constitute a quorum for 18 |
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| 283 | 283 | | the transaction of business. 19 |
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| 284 | 284 | | (B) V |
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| 285 | 285 | | ACANCIES.—A vacancy on the Com-20 |
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| 286 | 286 | | mission shall not impair the authority of a 21 |
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| 287 | 287 | | quorum of the Commission to perform the func-22 |
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| 288 | 288 | | tions and exercise the powers of the Commis-23 |
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| 289 | 289 | | sion. 24 |
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| 290 | 290 | | (g) C |
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| 291 | 291 | | OMPENSATION.— 25 |
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| 293 | 293 | | kjohnson on DSK7ZCZBW3PROD with $$_JOB 11 |
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| 294 | 294 | | •HR 1221 IH |
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| 295 | 295 | | (1) IN GENERAL.—Each member of the Com-1 |
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| 296 | 296 | | mission who is not an officer or employee of the 2 |
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| 297 | 297 | | Federal Government shall be compensated at the 3 |
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| 298 | 298 | | daily rate of basic pay for level IV of the Executive 4 |
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| 299 | 299 | | Schedule for each day during which such member is 5 |
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| 300 | 300 | | engaged in performing a function of the Commis-6 |
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| 301 | 301 | | sion. 7 |
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| 302 | 302 | | (2) E |
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| 303 | 303 | | XPENSES.—A member of the Commission 8 |
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| 304 | 304 | | shall be paid travel, per diem, and other necessary 9 |
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| 305 | 305 | | expenses under subchapter I of chapter 57 of title 10 |
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| 306 | 306 | | 5, United States Code, while traveling away from 11 |
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| 307 | 307 | | such member’s home or regular place of business in 12 |
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| 308 | 308 | | the performance of the duties of the Commission. 13 |
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| 309 | 309 | | (h) T |
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| 310 | 310 | | ERMINATION.—The Commission shall terminate 14 |
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| 311 | 311 | | 90 days after the date of the submission of its report pur-15 |
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| 312 | 312 | | suant to subsection (b). 16 |
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| 313 | 313 | | Æ |
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| 315 | 315 | | kjohnson on DSK7ZCZBW3PROD with $$_JOB |
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