H.R. 3937 (101^st): Social Security Protection Act of 1990

Amends the Congressional Budget and Impoundment Control Act of 1974 and the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to exclude the Federal Old Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund (OASDI trust funds) from Federal budget deficit calculations. Amends the Internal Revenue Code to suspend the 1990 increase in social security taxes. Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act to require the Board of Trustees of the OASDI trust funds to include in their annual report to the Congress on the actuarial status of such funds two alternative analyses of the actuarial present values of expected future income to and disbursements from such funds over the ensuing 75 fiscal years, basing one analyses on the assumption that those who have not attained age 15 as of the valuation date will not receive wages or self-employment income thereafter. Directs the Board of Trustees to conduct a study on safely increasing the rate of return on OASDI trust fund assets in the interest of OASDI beneficiaries. Increases the amount of outside income which beneficiaries who have attained retirement age may earn without incurring a reduction in benefits.

Amends title VII (Administration) of the Social Security Act to establish as an independent executive agency a Social Security Administration, governed by an Administrator of Social Security. Provides that it shall be the duty of the Administration to administer the OASDI and Supplemental Security Income (SSI) (title XVI of the Social Security Act) programs. Transfers to the Administration all functions carried out by the Secretary of Health and Human Services pertaining to such programs.