H.R. 219 (110th): Social Security Preservation Act of 2007

Introduced:
Jan 04, 2007 (110th Congress, 2007–2009)
Sponsor:
Rep. Ronald “Ron” Paul [R-TX14]
Status:
Died (Referred to Committee)
See Instead:
This bill was re-introduced as H.R. 219 (111th) on Jan 06, 2009.

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was introduced on January 4, 2007, in a previous session of Congress, but was not enacted.

Progress
Introduced Jan 04, 2007
Cosponsors
23 cosponsors (22R, 1D) (show)
Committees

House Ways and Means

The committee chair determines whether a bill will move past the committee stage.

Full Title

To amend title II of the Social Security Act to ensure the integrity of the Social Security trust funds by requiring the Managing Trustee to invest the annual surplus of such trust funds in marketable interest-bearing obligations of the United States and certificates of deposit in depository institutions insured by the Federal Deposit Insurance Corporation, and to protect such trust funds from the public debt limit.

Summary

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Text

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Last updated Jan 04, 2007.
7 pages

Primary Source

View on THOMAS (The Library of Congress)

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Citation

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

1/4/2007--Introduced.
Social Security Preservation Act of 2007 - 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 (Social Security Trust Funds) to ensure that the annual surplus of the Social Security 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. Outlines requirements for determining the annual surplus of the Trust Funds. Prohibits disinvestment of Social Security 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, with certain conditions, the sale of Social Security Trust Fund public debt obligations for the payment of cash benefits and administrative expenses.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.

No summary available.

House Democratic Caucus Summary

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The bill contains the following citations to other parts of U.S. law:

United States Code

The United States Code is the compilation of permanent laws enacted by Congress. Temporary and other non-permanent laws do not appear in the United States Code. (About half of the United States Code is the law itself, called positive law. The other half is merely a compilation of the laws but has no legal significance.)

  • Title 31: MONEY AND FINANCE
  • Subtitle III: FINANCIAL MANAGEMENT
  • Chapter 31: PUBLIC DEBT
  • Subchapter I: BORROWING AUTHORITY
  • Section 3101: Public debt limit
  • Title 42: THE PUBLIC HEALTH AND WELFARE
  • Chapter 7: SOCIAL SECURITY
  • Subchapter II: FEDERAL OLD-AGE, SURVIVORS, AND DISABILITY INSURANCE BENEFITS
  • Section 401: Trust Funds