,i #aacth ,,congress #ast ,session ,h4 ,r4 #cgj ,,in ,,the ,,house ,,of ,,representatives ,january #bc1 #bjac ,mrs4 ,blackburn 7for herself1 ,mr4 ,westmoreland1 and ,mr4 ,griffin of ,arkansas7 introduced the following bill2 which was referred to the ,committee on ,ways and ,means ,a ,,bill ,to amend title ,,ii 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 surplus1 to provide for suspension of investment of amounts held in the ,account until enactment of legislation providing for investment of the ,trust ,fund in investment vehicles other than obligations of the ,united ,states1 and to establish a ,social ,security ,investment ,commission to make recommendations for alternative forms of investment of the ,social ,security surplus in the ,trust ,fund4 #a4 ,short title ,this ,act may be cited as the ,savings for ,seniors ,act of #bjac4 #b4 ,interim protections for social security trust fund surplus 7a7 ,in general ,section #bja7;d7 of the ,social ,security ,act 7#db ,u4,s4,c4 #djb7;d77 is amended-- 7#a7 by striking ,it shall be the duty and inserting 7#a7 ,except as provided in paragraph 7#b71 it shall be the duty2 and 7#b7 by adding at the end the following new paragraph3 7#b7 7,a7 ,there is established in the ,federal ,old-,age and ,survivors ,insurance ,trust ,fund a ,social ,security ,surplus ,protection ,account4 ,as soon as practicable after each fiscal year after fiscal year #bjae1 the ,managing ,trustee shall transfer to the ,account1 from amounts otherwise available in the ,trust ,fund1 amounts equivalent to the social security surplus for such fiscal year4 ,such amounts shall be transferred from time to time to the ,account1 such amounts to be determined on the basis of estimates by the ,managing ,trustee1 and proper adjustments shall be made in amounts subsequently transferred to the extent prior estimates were in excess of or were less than the correct amount4 7,b7 ,for purposes of subparagraph 7,a71 the term social security surplus means1 for any fiscal year1 the excess1 if any1 of-- 7i7 the sum of-- 7,i7 the taxes imposed for such fiscal year by chapter #ba 7other than sections #caja7;b7 and #caaa7;b77 of the ,internal ,revenue ,code of #aihf with respect to wages 7as defined in section #caba of such ,code7 reported to the ,secretary of the ,treasury or his delegates pursuant to subtitle ,f of such ,code1 as determined by the ,secretary of the ,treasury by applying the applicable rates of tax under such chapter #ba 7other than sections #caja7;b7 and #caaa7;b77 to such wages1 less the amounts specified in clause 7#a7 of subsection 7b7 of this section for such fiscal year1 7,,ii7 the taxes imposed by chapter #b 7other than section #adja7;b77 of the ,internal ,revenue ,code of #aihf with respect to self-employment income 7as defined in section #adjb of such ,code7 reported to the ,secretary of the ,treasury on tax returns under subtitle ,f of such ,code1 as determined by the ,secretary of the ,treasury by applying the applicable rate of tax under such chapter 7other than section #adja7;b77 to such self-employment income1 less the amounts specified in clause 7#b7 of subsection 7b7 of this section for such fiscal year1 and 7,,iii7 the amount equivalent to the aggregate increase in tax liabilities under chapter #a of the ,internal ,revenue ,code of #aihf which is attributable to the application of sections #hf and #hga7;a77#c7 of such ,code to payments from the ,trust ,fund1 over 7ii7 the sum of-- 7,i7 benefits paid from the ,trust ,fund during the fiscal year1 and 7,,ii7 amounts authorized to be made available from the ,trust ,fund under subsection 7g7 of this section which are paid from the ,trust ,fund during such fiscal year4 7,c7 ,notwithstanding paragraph 7#a71 the balance in the ,account shall not be available for investment by the ,managing ,trustee4 7,d7 7i7 ,the preceding provisions of this paragraph shall not apply with respect to fiscal years commencing with or after the first fiscal year1 after fiscal year #bjae1 for which a provision of ,federal law takes effect and authorizes1 for amounts in the ,trust ,fund1 an investment vehicle other than obligations of the ,united ,states resulting in the transfer of ,trust ,fund assets to the general fund of the ,treasury4 7ii7 ,a provision of ,federal law shall be deemed to meet the requirements of clause 7i7 if such provision includes the the following3 ,this ,act shall be considered to be a provision of ,federal law meeting the requirements of section #bja7;d77#b77;,d77i7 of the ,social ,security ,act44 4 #c4 ,social ,security ,investment ,commission 7a7 ,establishment ,there is established in the executive branch of the ,government a ,social ,security ,investment ,commission4 7b7 ,study and report ,as soon as practicable after the date of the enactment of this ,act1 the ,commission shall conduct a study to ascertain the most effective vehicles for investment of the ,federal ,old-,age and ,survivors ,insurance ,trust ,fund1 other than investment in the form of obligations of the ,united ,states resulting in the transfer of ,trust ,fund assets to the general fund of the ,treasury4 ,not later than ,october #a1 #bjae1 the ,commission shall submit a report to the ,president and to each ,house of the ,congress setting forth its recommendations for such vehicles for investment1 together with proposals for such administrative and legislative changes as the ,commission determines necessary to authorize and implement such recommendations4 7c7 ,composition ,the ,commission shall be composed of-- 7#a7 #c members appointed by the ,president1 of whom #a shall be designated by the ,president as ,chairman2 7#b7 #b members appointed by the ,speaker of the ,house of ,representatives2 7#c7 #a member appointed by the minority leader of the ,house of ,representatives2 7#d7 #b members appointed by the majority leader of the ,senate2 and 7#e7 #a member appointed by the minority leader of the ,senate4 7d7 ,membership requirements ,members of the ,commission shall have substantial experience1 training1 and expertise in the management of financial investments and pension benefit plans4 7e7 ,length of appointments ,members of the ,commission shall serve for the life of the ,commission4 ,a vacancy on the ,commission shall be filled in the manner in which the original appointment was made and shall be subject to any conditions that applied with respect to the original appointment4 7f7 ,administrative provisions 7#a7 ,meetings ,the ,commission shall meet-- 7,a7 not less than once during each month2 and 7,b7 at additional times at the call of the ,chairman4 7#b7 ,exercise of powers 7,a7 ,in general ,the ,commission shall perform the functions and exercise the powers of the ,commission on a majority vote of a quorum of the ,commission4 ,three members of the ,commission shall constitute a quorum for the transaction of business4 7,b7 ,vacancies ,a vacancy on the ,commission shall not impair the authority of a quorum of the ,commission to perform the functions and exercise the powers of the ,commission4 7g7 ,compensation 7#a7 ,in general ,each member of the ,commission who is not an officer or employee of the ,federal ,government shall be compensated at the daily rate of basic pay for level ,,iv of the ,executive ,schedule for each day during which such member is engaged in performing a function of the ,commission4 7#b7 ,expenses ,a member of the ,commission shall be paid travel1 per diem1 and other necessary expenses under subchapter ,i of chapter #eg of title #e1 ,united ,states ,code1 while traveling away from such member's home or regular place of business in the performance of the duties of the ,commission4 7h7 ,termination ,the ,commission shall terminate #ij days after the date of the submission of its report pursuant to subsection 7b74