A bill to amend the Social Security Act to provide for interfund borrowing between old-age, survivors, disability and hospital insurance trust funds.
Latest action. Referred to Senate Committee on Finance.
Amends the Social Security Act to allow interfund borrowing among old age and survivors, disability, and hospital insurance trust funds. Authorizes the Federal Old Age and Survivors Insurance Trust Fund and Federal Disability Insurance Trust Fund to borrow from each other or from the Federal Hospital Insurance Trust Fund. Authorizes the Federal Hospital Insurance Trust Fund to borrow from either of the other funds. Limits such borrowing authority to fiscal years prior to 1986. Allows one fund to borrow from another if in any month the assets of the borrowing fund are less than 25 percent of the amount disbursed from that fund during the previous year. Limits the amount borrowed to the difference between the assets of the deficient fund and 25 percent of the amount disbursed during the previous year. Provides that the borrowing fund pay interest. Directs the borrowing fund in any month in which its assets exceed 30 percent of the amount disbursed from that fund during the previous year to transfer all income received to the lending fund until the loan is repaid. Requires the Board of Trustees to make a report to Congress on any amounts transferred.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in Senate" stage on June 20, 1980. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
4 steps remain before this bill could become law.
The record's latest action, on June 20, 1980: Referred to Senate Committee on Finance.
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the Senate
- Passage by the House
- The President's signature. If the President vetoes it, two-thirds of both chambers must vote to override.
How likely is it to become law?
Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.
In the 96th Congress (1979-80), 613 of the 12,581 bills and joint resolutions introduced became law, about 4.9 percent. That count covers every measure at every stage, including the many that never left committee.
This one is not there yet: 4 steps are still outstanding, listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
ROBERT PACKWOOD (R-OR) introduced it on June 20, 1980, and 3 members have since signed on as cosponsors.
They come from both major parties: 2 Democrats, 1 Republican.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on June 20, 1980, 16883 days ago. The most recent recorded action was 16883 days ago, on June 20, 1980.
Measures do not carry over. Anything the 96th Congress has not finished by January 3, 1981 dies when the term ends, and has to be introduced again from the start in the next Congress.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- SenateIn committee, no floor vote yet
- HouseAwaits Senate passage
- PresidentAwaits both chambers