PUBLIC LAWS-CH. 666 -AUG. 10, 1939
Payments prior to
"(3) The Secretary of the Treasury shall thereupon, through
audit, etc., by General
Accounting Office.
the ivision of Disbursement of the Treasury Department and
prior to audit or settlement by the General Accounting Office,
pay to the State, at the time or times fixed by the Board, the
amount so certified, increased by 5 per centum."
n"ld-age assist-
SEC. 103. Section 6 of such Act is amended to read as follows:
ance" defined.
49 tat. 622.
"SEC. 6. When used in this title the term 'old-age assistance'
iv, Us .8' C, upp. means money payments to needy aged individuals."
TITLE II-AMENDMENT TO TITLE II OF THE SOCIAL
SECURITY ACT
49 Stat. 622.
SEC. 201. Effective January 1, 1940, title II of such Act is amended
42 U. S. C., Supp.
IV, §o401-410a.
to read as follows:
"TITLE II-FEDERAL OLD-AGE AND SURVIVORS
INSURANCE BENEFITS
'F E DE RAL OLD-AGE AND SURVIVORS INSURANCE TRUST FUND
Creation.
"SEO. 201. (a) There is hereby created on the books of the Treasury
of the United States a trust fund to be known as the 'Federal Old-Age
and Survivors Insurance Trust Fund' (hereinafter in this title called
stittiing fund. -
the 'Trust Fund'). The Trust Fund shall consist of the securities
held by the Secretary of the Treasury for the Old Age Reserve
Account and the amount standing to the credit of the Old Age Re-
serve Account on the books of the Treasury on January 1, 1940,
which securities and amount the Secretary of the Treasury is author-
ized and directed to transfer to the Trust Fund, and, in addition,
such amounts as may be appropriated to the Trust Fund as herein-
APpropear"n,
after provided. There is hereby appropriated to the Trust Fund
for the fiscal year ending June 30, 1941, and for each fiscal year there-
after, out of any moneys in the Treasury not otherwise appropriated,
amounts equivalent to 100 per centum of the taxes (including interest,
I. R . C. ch. 9sub- penalties, and additions to the taxes) received under the Federal
chp. 1387,
Insurance Contributions Act and covered into the Treasury.
creaotd
Trustee
"(b) There is hereby created a body to be known as the Board
of Trustees of the Federal Old-Age and Survivors Insurance Trust
Fund (hereinafter in this title called the 'Board of Trustees') which
Composition.
Board of Trustees shall be composed of the Secretary of the Treasury,
the Secretary of Labor, and the Chairman of the Social Security
Managing Trustee. Board, all ex officio. The Secretary of the Treasury shall be the
Managing Trustee of the Board of Trustees (hereinafter in this title
Dutis of Board.
called the 'Managing Trustee'). It shall be the duty of the Board
of Trustees to-
"(1) Hold the Trust Fund;
eports to Con
) Report to the Congress on the first day of each regular
session of the Congress on the operation and status of the Trust
Fund during the preceding fiscal year and on its expected
operation and status during the next ensuing five fiscal years;
"(3) Report immediately to the Congress whenever the Board
of Trustees is of the opinion that during the ensuing five fiscal
years the Trust Fund will exceed three times the highest annual
expenditures anticipated during that five-fiscal-year period, and
whenever the Board of Trustees is of the opinion that the amount
of the Trust Fund is unduly small.
The report provided for in paragraph (2) above shall include a
statement of the assets of, and the disbursements made from, the
Trust Fund during the preceding fiscal year, an estimate of the
expected future income to, and disbursements to be made from, the
1362
[53 STAT.
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