S. 1730 · 109th Congress
Truth in Budgeting Act of 2005
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Never voted on. It didn't reach a floor vote before the 109th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
VoinovichSponsor1 cosponsor · 1 D
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Truth in Budgeting Act of 2005 - Directs the Secretary of the Treasury to establish the Trust Fund Administration (TFA) in the Department of the Treasury to: (1) receive all revenues derived from the sale and issuance of any special rate Treasury obligation to any federal trust fund; and (2) invest them in non-federal government debt instrument index funds…
What it does: CRS summary · Introduced in Senate · Sep 20, 2005
Truth in Budgeting Act of 2005 - Directs the Secretary of the Treasury to establish the Trust Fund Administration (TFA) in the Department of the Treasury to: (1) receive all revenues derived from the sale and issuance of any special rate Treasury obligation to any federal trust fund; and (2) invest them in non-federal government debt instrument index funds or in an index fund established by the TFA which reflects the rate of return in the overall non-federal government debt instrument market.
Prohibits the TFA from investing such revenues in any stocks or other forms of equity ownership or in any debt instrument issued by a foreign government or by a corporation registered in a foreign nation.
Requires the TFA to maintain such investments and resulting earnings for the sole purpose of redeeming any outstanding special rate Treasury obligations and, to the extent such investments and resulting earnings are not needed to redeem such Treasury obligations, to transfer the excess amount to meet the unfunded current withdrawal obligations (if any) of the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund of the Social Security Act.
Requires the Government Accountability Office (GAO) to review TFA operations annually and certify to Congress that TFA investments are: (1) in compliance with guidelines established by the Securities and Exchange Commission (SEC); (2) free of political influence; and (3) designed to maintain the security of the investment pool while maximizing investment return.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Truth in Budgeting Act of 2005
Latest action (Sep 20, 2005): Read twice and referred to the Committee on Finance.
Policy area: Economics and Public Finance · Origin: Senate · Introduced: Sep 20, 2005
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.