S. 368Senate108th Congress (2003-2005)In Committee

Straight Talk on Social Security Act of 2003

A bill to amend title XI of the Social Security Act to include additional information in social security account statements.

Introduced February 12, 2003

Legislative Activity

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2 earlier actions
SenateIntro Referral Latest Action

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S2355)

February 12, 2003

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SenateIntro Referral

Introduced in Senate

February 12, 2003

SenateIntro Referral

Sponsor introductory remarks on measure. (CR S2355)

February 12, 2003

SenateIntro Referral

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S2355)

February 12, 2003

Floor Debate

20 members

What members said about S. 368 on the floor

7 Republicans12 Democrats1 Independent
Jeff Bingaman
Sen. Jeff BingamanD-NM · Feb 12, 2003

Mr. President, I rise today with my colleague, the distinguished senior Senator from Idaho, Senator Craig, to introduce the Rural Four-Lane Highway Safety and Development Act of 2003. We are pleased…

Craig Thomas
Sen. Craig ThomasR-WY · Feb 12, 2003

Mr. President, I rise today to introduce the ``Listing and Delisting Reform Act of 2003.'' The Endangered Species Act has become one of the best examples of good intentions gone astray. Today, I am…

John D. Rockefeller IV
Sen. John D. Rockefeller IVD-WV · Feb 12, 2003

Mr. President, I am proud to re-introduce a bill that reauthorizes the landmark welfare reform legislation passed in 1996. It is basically the same bill as I introduced in the last Congress and it is…

Susan M. Collins
Sen. Susan M. CollinsR-ME · Feb 12, 2003

Mr. President, I am pleased to join Senator Jeffords in introducing the Clean Power Act of 2003. This bill will remove the loophole that has allowed the dirtiest, most polluting power plants in the…

James M. Jeffords
Sen. James M. JeffordsI-VT · Feb 12, 2003

Mr. President, today I am pleased to introduce the Clean Power Act of 2003 along with 19 of my colleagues, Republicans and Democrats. That is a fifth of the Senate on record supporting a measure…

Show 8 more
Mike DeWine
Sen. Mike DeWineR-OH · Feb 12, 2003

Mr. President, I rise today, along with my colleague from New York, Senator Clinton, to introduce the Childhood Vaccine Supply Act--a bill that would help ensure that our nation's public health…

Olympia J. Snowe
Sen. Olympia J. SnoweR-ME · Feb 12, 2003

Mr. President, I rise today to cosponsor Senator Jeffords' bill--as I did in the 106th and 107th Congresses--as I am dedicated to reducing power plant emissions that cause some of the Nation's--and…

Jon S. Corzine
Sen. Jon S. CorzineD-NJ · Feb 12, 2003

Mr. President, today I am introducing legislation to prohibit the use of taxpayer funds to advocate a position on the meaning of the Second Amendment that is inconsistent with existing Supreme Court…

Debbie Stabenow
Sen. Debbie StabenowD-MI · Feb 12, 2003

Mr. President, I rise today to introduce a bill to address the growing problem of Canadian waste shipments to Michigan. In 2001, Michigan imported almost 3.6 million tons of municipal solid waste,…

Max Baucus
Sen. Max BaucusD-MT · Feb 12, 2003

Mr. President, it is with great pleasure that I join my good friend and colleague, Senator Bunning today in introducing legislation that will repeal the Special Occupational Tax, (SOT), on taxpayers…

Thomas A. Daschle
Sen. Thomas A. DaschleD-SD · Feb 12, 2003

Mr. President, our tribal colleges and universities have come to play a critically important role in educating Native Americans across the country. For more than 30 years, these institutions have…

Byron L. Dorgan
Sen. Byron L. DorganD-ND · Feb 12, 2003

Mr. President, I am pleased to be introducing today the Medicare Cholesterol Screening Coverage Act of 2003, along with my colleagues, Senators Campbell, Bingaman, Inouye, Lincoln, Landrieu, Warner,…

Pete V. Domenici
Sen. Pete V. DomeniciR-NM · Feb 12, 2003

Mr. President, I rise today with my friends Senator Lincoln, Senator Rockefeller, and Senator Thomas to introduce the ``Medicare Access Equity Act of 2003,'' a bill to address the inequality that…

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Hillary Rodham Clinton
Sen. Hillary Rodham ClintonD-NY · Feb 12, 2003

Mr. President, I rise today to discuss an important issue to which I have pledged my constant dedication throughout my career--ensuring that children have access to affordable and safe vaccines.…

Mary L. Landrieu
Sen. Mary L. LandrieuD-LA · Feb 12, 2003

Mr. President, I rise today to introduce legislation to pay tribute to one of our Nation's most prominent individuals, Dr. Martin Luther King, Jr. The Martin Luther King, Jr. Commemorative Coin Act…

Edward M. Kennedy
Sen. Edward M. KennedyD-MA · Feb 12, 2003

Mr. President, it is a privilege to join my colleagues, Senators Kerry, Clinton, Sarbanes, Corzine, Mikulski, Dodd, Levin, Reed, Lieberman, Feingold, Inouye, and Akaka in introducing the Safe Nursing…

Blanche L. Lincoln
Sen. Blanche L. LincolnD-AR · Feb 12, 2003

Mr. President, I am pleased to join my colleague Senator Pete Domenici today in introducing the ``Medicare Access Equity Act of 2003.'' This important legislation will significantly help rural…

John McCain
Sen. John McCainR-AZ · Feb 12, 2003

Mr. President, today, there is a greater awareness of the precarious financial condition confronting our Nation's Social Security system. Unfortunately, partisanship has controlled the debate on…

John McCain
Sen. John McCainR-AZ · Feb 12, 2003

Mr. President, today, there is a greater awareness of the precarious financial condition confronting our Nation's Social Security system. Unfortunately, partisanship has controlled the debate on…

Jim Bunning
Sen. Jim BunningR-KY · Feb 12, 2003

Mr. President, I am happy to join my colleague, Senator Baucus, in the introduction of legislation to repeal the Special Occupational Tax on the sale of alcoholic beverages. This is an unfair tax…

Thomas R. Carper
Sen. Thomas R. CarperD-DE · Feb 12, 2003

I am pleased today to be able to join my friend from Maine, the chair of the Governmental Affairs Committee, in introducing the Postal Civil Service Retirement System Funding Reform Act of 2003. This…

Bill Text

Latest available legislative text

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Latest
Introduced in SenateIssued February 12, 2003
        [Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 368 Introduced in Senate (IS)]

108th CONGRESS
1st Session
S. 368

To amend title XI of the Social Security Act to include additional
information in social security account statements.

_______________________________________________________________________

IN THE SENATE OF THE UNITED STATES

February 12, 2003

Mr. McCain (for himself and Mr. Graham of South Carolina) introduced
the following bill; which was read twice and referred to the Committee
on Finance

_______________________________________________________________________

A BILL

To amend title XI of the Social Security Act to include additional
information in social security account statements.

Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ``Straight Talk on Social Security Act
of 2003''.

SEC. 2. MATERIAL TO BE INCLUDED IN SOCIAL SECURITY ACCOUNT STATEMENT.

Section 1143(a)(2) of the Social Security Act (42 U.S.C. 1320b-
13(a)(2)) is amended--
(1) in subparagraph (C) by striking ``and'' at the end;
(2) in subparagraph (D) by striking the period and
inserting a semicolon; and
(3) by adding at the end the following:
``(E) a statement of the current social security tax rates
applicable with respect to wages and self-employment income,
including an indication of the combined total of such rates of
employee and employer taxes with respect to wages; and
``(F)(i) as determined by the Chief Actuary of the Social
Security Administration, a comparison of the total annual
amount of social security tax inflows (including amounts
appropriated under subsections (a) and (b) of section 201 of
this Act and section 121(e) of the Social Security Amendments
of 1983 (42 U.S.C. 401 note)) during the preceding calendar
year to the total annual amount paid in benefits during such
calendar year;
``(ii) as determined by such Chief Actuary--
``(I) a statement of whether the ratio of the
inflows described in clause (i) for future calendar
years to amounts paid for such calendar years is
expected to result in a cash flow deficit,
``(II) the calendar year that is expected to be the
year in which any such deficit will commence, and
``(III) the first calendar year in which funds in
the Federal Old-Age and Survivors Insurance Trust Fund
and the Federal Disability Insurance Trust Fund will
cease to be sufficient to cover any such deficit;
``(iii) an explanation that states in substance--
``(I) that the Trust Fund balances reflect
resources authorized by the Congress to pay future
benefits, but they do not consist of real economic
assets that can be used in the future to fund benefits,
and that such balances are claims against the United
States Treasury that, when redeemed, must be financed
through increased taxes, public borrowing, benefit
reduction, or elimination of other Federal
expenditures,
``(II) that such benefits are established and
maintained only to the extent the laws enacted by the
Congress to govern such benefits so provide, and
``(III) that, under current law, inflows to the
Trust Funds are at levels inadequate to ensure
indefinitely the payment of benefits in full; and
``(iv) in simple and easily understood terms--
``(I) a representation of the rate of return that a
typical taxpayer retiring at retirement age (as defined
in section 216(l)) credited each year with average
wages and self-employment income would receive on old-
age insurance benefits as compared to the total amount
of employer, employee, and self-employment
contributions of such a taxpayer, as determined by such
Chief Actuary for each cohort of workers born in each
year beginning with 1925, which shall be set out in
chart or graph form with an explanatory caption or
legend, and
``(II) an explanation for the occurrence of past
changes in such rate of return and for the possible
occurrence of future changes in such rate of return.
The Comptroller General of the United States shall consult with the
Chief Actuary to the extent the Chief Actuary determines necessary to
meet the requirements of subparagraph (F).''.
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