Senate Bill 4323
116th Congress(2019-2020)
TRUST Act of 2020
Introduced
Introduced
Introduced in Senate on Jul 27, 2020
Overview
Text
Introduced
Jul 27, 2020
Latest Action
Aug 3, 2020
Origin Chamber
Senate
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
4323
Congress
116
Policy Area
Economics and Public Finance
Economics and Public Finance
Primary focus of measure is budgetary matters such as appropriations, public debt, the budget process, government lending, government accounts and trust funds; monetary policy and inflation; economic development, performance, and economic theory.
Sponsorship by Party
Utah
Indiana
North Dakota
South Dakota
Alabama
Virginia
West Virginia
No Senate votes have been held for this bill.
Summary

Time to Rescue United States Trusts Act of 2020 or the TRUST Act of 2020

This bill establishes congressional rescue committees to develop recommendations and legislation to improve critical social contract programs.

A critical social contract program is a federal program

  • for which a federal trust fund is established (e.g., Social Security, Medicare, and federal highway programs),
  • with outlays of at least $20 billion during the year preceding the year in which this bill is enacted, and
  • for which the amount of dedicated federal funds and federal trust fund balances will be inadequate to meet the total amount of outlays of the program that would otherwise be made.

Each rescue committee may develop recommendations and legislation to improve the program for which it was established, including by (1) increasing the duration of positive balances of the federal trust fund established for the program, and (2) providing for the solvency of the federal trust fund established for the program during a 75-year period.

Congress must use specified expedited legislative procedures to consider legislation that is approved and submitted by the rescue committees.

Text (2)
Actions (4)
08/03/2020
Referred to the Committee on Homeland Security and Governmental Affairs.
08/03/2020
Senate Committee on Finance discharged by Unanimous Consent.
07/27/2020
Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S4507)
07/27/2020
Introduced in Senate
Public Record
Created
Jul 28, 2020 4:27:08 AM
Updated
Apr 16, 2021 7:20:34 PM