Social Security and Medicare Lock-Box Act

Hozzl · 2024-12-21T09:05:45Z

Explore the details of House Bill 853 Social Security and Medicare Lock-Box Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Health. Stay informed on legislative developments.

12/21/2024, 9:05 AM

Summary of Bill HR 853

Bill 118 hr 853, also known as the Social Security and Medicare Lock-Box Act, is a piece of legislation introduced in the US Congress. The main purpose of this bill is to ensure that the funds allocated for Social Security and Medicare are protected and used solely for their intended purposes.

The bill proposes the creation of a "lock-box" system, which would separate the funds designated for Social Security and Medicare from the general federal budget. This would prevent these funds from being used for other government expenses, ensuring that they are available to support the retirement and healthcare needs of American citizens.

Additionally, the bill includes provisions for increased transparency and accountability in the management of Social Security and Medicare funds. It requires regular reporting on the status of these funds and prohibits any borrowing or transfers from these accounts for non-related purposes. Overall, the Social Security and Medicare Lock-Box Act aims to safeguard the financial security of American seniors by protecting the funds designated for their retirement and healthcare benefits. It seeks to ensure that these vital programs remain solvent and sustainable for future generations.

Congressional Summary of HR 853

Social Security and Medicare Lock-Box Act

This bill establishes (1) in the Federal Old-Age and Survivors Insurance Trust Fund, a Social Security Surplus Protection Account; and (2) in the Federal Hospital Insurance Trust Fund, a Medicare Surplus Protection Account.

The Managing Trustee of each trust fund (in both cases, the Secretary of the Treasury) (1) must transfer the annual surplus of the trust fund to its respective account; and (2) may not invest the balance in the account until a law takes effect that authorizes, for amounts in the trust fund, an investment vehicle other than U.S. obligations.

The bill establishes in the executive branch a commission to study the most effective vehicles for investment of the trust funds, other than investments in the form of U.S. obligations.

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Current Status of Bill HR 853

Bill HR 853 is currently in the status of Bill Introduced since February 6, 2023. Bill HR 853 was introduced during Congress 118 and was introduced to the House on February 6, 2023. Bill HR 853's most recent activity was Referred to the Subcommittee on Social Security. as of December 17, 2024

Bipartisan Support of Bill HR 853

Total Number of Sponsors

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Unaffiliated Sponsors

Total Number of Cosponsors

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Policy Area and Potential Impact of Bill HR 853

Primary Policy Focus

Health

Alternate Title(s) of Bill HR 853

Social Security and Medicare Lock-Box Act

To amend titles II and XVIII of the Social Security Act to establish a Social Security Surplus Protection Account in the Federal Old-Age and Survivors Insurance Trust Fund to hold the Social Security surplus and a Medicare Surplus Protection Account in the Federal Hospital Insurance Trust Fund to hold the Medicare surplus, to provide for suspension of investment of amounts held in such Accounts until enactment of legislation providing for investment of the Trust Funds in investment vehicles other than obligations of the United States, and to establish a Social Security and Medicare Part A Investment Commission to make recommendations for alternative forms of investment of the Social Security and Medicare surpluses.