S.Amdt. 3438

1. Inserts new text at the end of title IV

   Inserts

   In H.R. 3043 · Placed on Calendar Senate

   Passed the House of Representatives July 19, 2007.

   Inserted: General Provisions

   Inserted: Sec. 401. (a) Notwithstanding any other provision of this Act, the amount appropriated under the heading "Limitation on Administrative Expenses" under the heading "Social Security Administration" shall be increased by $160,000,000.

   Inserted: (b) Notwithstanding sections 1816(c) and 1842(c)(2) of the Social Security Act (42 U.S.C. 1395h(c) and 1395u(c)(2)) or any other provision of law--

   Inserted: (1) any payment from the Federal Hospital Insurance Trust Fund under section 1817 of the Social Security Act (42 U.S.C. 1395i) or from the Federal Supplementary Medical Insurance Trust Fund under section 1841 of such Act (42 U.S.C. 1395t) for claims submitted under part A or B of title XVIII of such Act for items and services furnished under such part A or B, respectively, that would otherwise be payable during the period beginning on September 29, 2008, and ending on September 30, 2008, shall be paid on the first business day of October 2008; and

   Inserted: (2) no interest or late penalty shall be paid to an entity or individual for any delay in a payment by reason of the application of paragraph (1).

   Inserted: (c) Section 323 of title 31, United States Code, is amended to read as follows:

   Inserted: "Sec. 323. Investment of operating cash

   Inserted: "(a) To manage United States cash, the Secretary of the Treasury may invest any part of the operating cash of the Treasury for not more than 90 days. The Secretary may invest the operating cash of the Treasury in--

   Inserted: "(1) obligations of depositories maintaining Treasury tax and loan accounts secured by pledged collateral acceptable to the Secretary;

   Inserted: "(2) obligations of the United States Government; and

   Inserted: "(3) repurchase agreements with parties acceptable to the Secretary.

   Inserted: "(b) Subsection (a) of this section does not require the Secretary to invest a cash balance held in a particular account.

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   Inserted: "(c) The Secretary shall consider the prevailing market in prescribing rates of interest for investments under subsection (a)(1) of this section.

   Inserted: "(d)(1) The Secretary of the Treasury shall submit each fiscal year to the appropriate committees a report detailing the investment of operating cash under sub-section (a) for the preceding fiscal year. The report shall describe the Secretary's consideration of risks associated with investments and the actions taken to manage such risks.

   Inserted: "(2) For purposes of paragraph (1), the term 'appropriate committees' means the Committees on Financial Services and Ways and Means of the House of Representatives and the Committees on Finance and Banking, Housing, and Urban Affairs of the Senate.".

   Original wording

   At the end of title IV, add the following:

Read automatically from the Congressional Record. Check the original before relying on it.

As printed