FOR IMMEDIATE RELEASE, CONTACT: (202) 225-1721
October 27, 1999
FC-15
Congressman Bill Archer (R-TX), Chairman of the Committee on Ways and Means, today announced that the Committee will hold a hearing on President Clinton's new Social Security plan. The hearing will take place on Wednesday, November 3, 1999, in the main Committee hearing room, 1100 Longworth House Office Building, beginning at 10:30 a.m.
Oral testimony at this hearing will be from invited witnesses only. However, any individual or organization not scheduled for an oral appearance may submit a written statement for consideration by the Committee and for inclusion in the printed record of the hearing.
BACKGROUND:
On Wednesday, October 26, 1999, President Clinton submitted legislation outlining a Social Security plan. The proposed legislation reflects the third plan set forth by the President over the past 10 months. The new plan would create several budget enforcement rules to ensure that 100 percent of the Social Security surplus is used to pay down the public debt over the next 15 years. Under the proposed legislation, during fiscal years 2011 - 2044, nearly $7 trillion of general revenues would be transferred to the Social Security Trust Funds in the form of interest-bearing, special-issue Treasury securities. Transfers made during the first six years are supposed to reflect interest savings generated from the debt reduction. However, the transfers would not be contingent on debt relief; instead, they would be appropriated in the law according to a specified formula. Transfers made after fiscal year 2016 would be set by law at the fiscal year 2016 level. According to Social Security's actuaries, the President's plan would extend the life of the Social Security Trust Funds to 2050 - 16 years later than current law.
In announcing the hearing, Chairman Archer stated: "I have serious reservations about the President's latest plan, so I look forward to hearing from our witnesses as to how this plan actually works. Does it meet our principles of no tax hikes or benefit cuts? Does it save Social Security for 75 years? Does it offer new options for younger workers? I'll be looking for these and other answers from the witnesses."
FOCUS OF THE HEARING:
The hearing will evaluate the President's new Social Security plan and discuss the impacts of the plan on taxpayers, the Federal Budget, the Social Security program, and the economy.
DETAILS FOR SUBMISSION OF WRITTEN COMMENTS:
Any person or organization wishing to submit a written statement for the printed record of the hearing should submit six (6) single-spaced copies of their statement, along with an IBM compatible 3.5-inch diskette in WordPerfect 5.1 format, with their name, address, and hearing date noted on a label, by the close of business, Wednesday, November 17, 1999, to A.L. Singleton, Chief of Staff, Committee on Ways and Means, U.S. House of Representatives, 1102 Longworth House Office Building, Washington, D.C. 20515. If those filing written statements wish to have their statements distributed to the press and interested public at the hearing, they may deliver 200 additional copies for this purpose to the Committee office, room 1102 Longworth House Office Building, by close of business the day before the hearing.
FORMATTING REQUIREMENTS:
Each statement presented for printing to the Committee by a witness, any written statement or exhibit submitted for the printed record or any written comments in response to a request for written comments must conform to the guidelines listed below. Any statement or exhibit not in compliance with these guidelines will not be printed, but will be maintained in the Committee files for review and use by the Committee.
1. All statements and any accompanying exhibits for printing must be submitted on an IBM compatible 3.5-inch diskette in WordPerfect 5.1 format, typed in single space and may not exceed a total of 10 pages including attachments. Witnesses are advised that the Committee will rely on electronic submissions for printing the official hearing record.
2. Copies of whole documents submitted as exhibit material will not be accepted for printing. Instead, exhibit material should be referenced and quoted or paraphrased. All exhibit material not meeting these specifications will be maintained in the Committee files for review and use by the Committee.
3. A witness appearing at a public hearing, or submitting a statement for the record of a public hearing, or submitting written comments in response to a published request for comments by the Committee, must include on his statement or submission a list of all clients, persons, or organizations on whose behalf the witness appears.
4. A supplemental sheet must accompany each statement listing the name, company, address, telephone and fax numbers where the witness or the designated representative may be reached. This supplemental sheet will not be included in the printed record.
The above restrictions and limitations apply only to material being submitted for printing. Statements and exhibits or supplementary material submitted solely for distribution to the Members, the press, and the public during the course of a public hearing may be submitted in other forms.
The
Committee seeks to make its facilities accessible to persons with
disabilities. If you are in need of special accommodations, please
call 202-225-1721 or 202-226-3411 TTD/TTY in advance of the event
(four business days notice is requested). Questions with regard to
special accommodation needs in general (including availability of
Committee materials in alternative formats) may be directed to the
Committee as noted above.