Page:United States Statutes at Large Volume 97.djvu/138

 97 STAT. 106 PUBLIC LAW 98-21 —APR. 20, 1983 Study. 42 USC 401 note. 42 USC 401. Consultation with OMB Director. Reports to President and Congress. FLOAT PERIODS SEC. 153. (a) The Secretary of Health and Human Services and the Secretary of the Treasury shall jointly undertake, as soon as possi- ble after the date of the enactment of this Act, a thorough study with respect to the period of time (hereafter in this section referred to as the "float period") between the issuance of checks from the general fund of the Treasury in payment of monthly insurance benefits under title II of the Social Security Act and the transfer to the general fund from the Federal Old-Age and Survivors Insurance Trust Fund or the Federal Disability Insurance Trust Fund, as applicable, of the amounts necessary to compensate the general fund for the issuance of such checks. Each such Secretary shall consult the other regularly during the course of the study and shall, as appropriate, provide the other with such information and assist- ance as he may require. (b) The study shall include— (1) an investigation of the feasibility and desirability of main- taining the float periods which are allowed as of the date of the enactment of this section in the procedures governing the pay- ment of monthly insurance benefits under title II of the Social Security Act, and of the general feasibility and desirability of making adjustments in such procedures with respect to float periods; and (2) a separate investigation of the feasibility and desirability of providing, as a specific form of adjustment in such procedures with respect to float periods, for the transfer each day to the general fund of the Treasury from the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund, as appropriate, of amounts equal to the amounts of the checks referred to in subsection (a) which are paid by the Federal Reserve Banks on such day. (c) In conducting the study required by subsection (a), the Secre- taries shall consult, as appropriate, the Director of the Office of Management and Budget, and the Director shall provide the Secre- taries with such information and assistance as they may require. The Secretaries shall also solicit the views of other appropriate officials and organizations. (d)(1) Not later than six months after the date of the enactment of this Act, the Secretaries shall submit to the President and the Congress a report of the findings of the investigation required by subsection (b)(D, and the Secretary of the Treasury shall by regula- tion make such adjustments in the procedures governing the pay- ment of monthly insurance benefits under title II of the Social Security Act with respect to float periods (other than adjustments in the form described in subsection (b)(2)) as may have been found in such investigation to be necessary or appropriate. (2) Not later than twelve months after the date of the enactment of this Act, the Secretaries shall submit to the President and the Congress a report of the findings of the separate investigation required by subsection (b)(2), together with their recommendations with respect thereto; and, to the extent necessary or appropriate to carry out such recommendations, the Secretary of the Treasury shall by regulation make adjustments in the procedures with respect to float periods in the form described in such subsection. 4ik

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