Social Security and Medicare Lock-Box Act

Bill 119 hr 1221 aims to make changes to the Social Security Act and the Medicare program in order to protect the surplus funds in these programs. The bill proposes the creation of a Social Security Surplus Protection Account within the Federal Old-Age and Survivors Insurance Trust Fund, as well as a Medicare Surplus Protection Account within the Federal Hospital Insurance Trust Fund. These accounts would hold the surplus funds from Social Security and Medicare, respectively. One key provision of the bill is the suspension of investment of the funds held in these accounts until legislation is enacted that allows for the investment of the Trust Funds in investment vehicles other than US government obligations. This means that the surplus funds would not be invested until alternative forms of investment are approved by Congress. Additionally, the bill proposes the establishment of a Social Security and Medicare Part A Investment Commission. This commission would be responsible for making recommendations on alternative forms of investment for the surplus funds in Social Security and Medicare. This would allow for a more diverse and potentially higher-yielding investment strategy for these important programs. Overall, Bill 119 hr 1221 seeks to protect the surplus funds in Social Security and Medicare, while also exploring new investment opportunities to ensure the long-term sustainability of these programs.