FOR IMMEDIATE RELEASE CONTACT: (202) 225-1721
May 26, 1999
No. FC-9
Congressman Bill Archer (R-TX), Chairman of the Committee on Ways and Means, today announced that the Committee will hold a 2-day hearing on proposals, offered by Members of Congress to strengthen Social Security, that would achieve 75-year solvency as estimated by the Social Security Administration's Office of the Chief Actuary. The first day of the hearing will take place on Wednesday, June 9, 1999, in the main Committee hearing room, 1100 Longworth House Office Building, beginning at 10:00 a.m. The hearing will be continued on Thursday, June 10, 1999, also in 1100 Longworth, beginning at 10:00 a.m.
Oral testimony will be heard from invited witnesses only. Invited witnesses will include Members of Congress who have introduced proposals that would restore Social Security's solvency over the next 75 years, as estimated by the Social Security Administration's Office of the Chief Actuary. Witnesses will also include a representative of the Social Security Administration's Office of the Chief Actuary. 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:
According to the Social Security Board of Trustees 1999 Annual Report on the financial status of the Trust Funds, Social Security's annual spending is projected to exceed its annual income in the year 2014, and the Trust Funds will be depleted by the year 2034. In anticipation of Social Security's future funding shortfalls, several Members of the House and Senate have offered proposals that would strengthen Social Security's finances. Of particular note to the Committee are proposals that would restore the program's solvency for the upcoming 75-year period, the standard measure of the program's long-term solvency, as estimated by the Social Security Administration's Office of the Chief Actuary.
In announcing the hearing, Chairman Archer stated: "The Social Security proposals offered by Members of the House and Senate reveal many points of agreement regarding the best way to save Social Security. In order to resolve our differences and move ahead, we must build on these points of consensus. I am convinced that, if we work together, we will be able to save Social Security this year."
FOCUS OF THE HEARING:
The Committee will hear the views of those Members of the House and Senate who have introduced proposals to strengthen Social Security that would achieve 75-year solvency as estimated by the Social Security Administration's Office of the Chief Actuary. The Committee would like each witness to address: (1) the specific provisions of their plan, including a full explanation of any effects on taxes and benefits, (2) the effects of the plan on Social Security Trust Funds and cash flows, (3) the unified budget effects with financing costs, and (4) the use of general revenues.
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, Thursday, June 24, 1999, to A.L. Singleton, Chief of Staff, Committee on Ways and Means, U.S. House of Representatives, Room 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.