PUBLIC LAW 97-123—DEC. 29, 1981
95 STAT. 1659
Public Law 97-123 97th Congress
An Act To amend the Omnibus Reconciliation Act of 1981 to restore minimum benefits under the Social Security Act.
Dec. 29, 1981 [H.R. 4331]
Be it enacted by the Senate and House of Representatives of the Social Security United States of America in Congress assembled, Act, INTERFUND BORROWING
amendment.
(a) Section 201 of the Social Security Act is amended by 42 USC 401. adding at the end thereof the following new subsection: "(1)(1) If at any time prior to January 1983 the Managing Trustee determines that borrowing authorized under this subsection is appropriate in order to best meet the need for financing the benefit payments from the Federal Old-Age and Survivors Insurance Trust Fund or the Federal Disability Insurance Trust Fund, the Managing Trustee may borrow such amounts as he determines to be appropriate from the other such Trust Fund, or from the Federal Hospital Insurance Trust Fund established under section 1817, for transfer to 42 USC 13951. and deposit in the Trust Fund whose need for financing is involved. "(2) m any case where a loan has been made to a Trust Fund under interest. aragraph (1), there shall be transferred from time to time, from the orrowing Trust Fund to the lending Trust Fund, interest with respect to the unrepaid balance of such loan at a rate equal to the rate which the lending Trust Fund would earn on the amount involved if the loan were an investment under subsection (d). "(3) If in any month after a loan has been made to a Trust Fund Repayments. under paragraph (1), the Managing Trustee determines that the assets of such Trust Fund are sufficient to permit repayment of all or part of any loans made to such Fund under paragraph (1), he shall make such repayments as he determines to be appropriate. Report to "(4) The Board of Trustees shall make a timely report to the Congress. Congress of any amounts transferred (including interest payments) under this subsection.". (b) Section 1817 of such Act is amended by adding at the end thereof 42 USC 13951. the following new subsection: "OKI) ^ ^* 8^y ti°i6 prior to January 1983 the Managing Trustee determines that borrowing authorized under this subsection is appropriate in order to best meet the need for financing the benefit Payments from the Federal Hospital Insurance Trust Fund, the lanaging Trustee may borrow such amounts as he determines to be appr(^riate from either the Federal Old-Age and Survivors Insurance Trust Fund or the Federal Disability Insurance Trust Fund for transfer to and deposit in the Federal Hospital Insurance Trust Fund. "(2) In any case where a loan has been made to the Federal Hospital interest Insurance Trust Fund under paragraph (1), there shall be transferred from time to time, from such Trust Fund to the lending Trust Fund, interest with respect to the unrepaid balance of such loan at a rate equal to the rate which the lending Trust Fund would earn on the amount involved if the loan were an investment under subsection (c). SECTION 1.
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