HB 1215 Social Security and Medicare Lock Box Act

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About HB-1215

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.