FOR IMMEDIATE RELEASE, Contact (202) 225-1721
February 16, 1999
No. FC-6
Congressman Bill Archer (R-TX), Chairman of the Committee on Ways and Means, today announced that the Committee will hold a hearing on an evaluation of the features and effects of the President's framework to reform Social Security. The hearing will take place on Tuesday, February 23, 1999, in the main Committee hearing room, 1100 Longworth House Office Building, beginning at 3:00 p.m.
Oral testimony at this hearing will be from invited witnesses only. Witnesses will include representatives of the Congressional Budget Office, the General Accounting Office and other experts in Social Security and budget policy. 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:
In his 1999 State of the Union address, President Clinton proposed using 62% of the projected Federal budget surpluses over the next 15 years to shore up simultaneously the Social Security system and pay down the publicly-held debt. In addition, the President would allow the government to invest almost $600 billion of the trust funds in the private market for the first time ever. The President has estimated that his proposal would extend the life of the Social Security Trust Funds until 2055. The President's framework for reform fundamentally changes the self-financing nature of Social Security by using general revenues and private market investments to support the program. Historically, Social Security has been financed almost exclusively with dedicated payroll taxes.
On February 4, 1999, Secretary of the Treasury Robert E. Rubin presented the President's budget proposals to the Committee, including the Social Security framework.
In announcing the hearing, Chairman Archer stated: "The President has presented the Nation with his Social Security framework. This hearing will help us better understand what the President's framework does and does not do. Only by clearly laying out the benefits and defects of the President's approach can we constructively move forward together, as we must, to save and strengthen Social Security for current and future generations."
FOCUS OF THE HEARING:
The hearing will focus on an evaluation of the features and effects of the President's framework to reform Social Security.
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, Tuesday, March 9, 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.