Patrick McHenry on Social Security

Last Updated : May 27, 2010

 

Sponsored and Cosponsored Legislation

Session-109; Bill Number-H R 1776; Social Security Personal Savings Guarantee and Prosperity Act of 2005 - Cosponsor

The Social Security Personal Savings Guarantee and Prosperity Act of 2005 would have created private savings accounts for anyone born after 1950.

Session-109; Bill Number-H R 1776; Social Security Personal Savings Guarantee and Prosperity Act of 2005 - Cosponsor

This legislation, proposed by Congressman Paul Ryan was an early precursor of the Social Security section of the Path to Prosperity - also known as the Paul Ryan Plan. This legislation allows for people under the age of 55 to place some of their funds into a private account system if they chose to do so. The system creates a tiered set of accounts and invests those accounts according to the age of the person, adjusting risk accordningly. It ensures that no funds paid into social security are used for other spending items.

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