HR 3304 · 109th Congress 2005–2007, ended

Growing Real Ownership for Workers Act of 2005

Introduced Jul 14, 2005 Originated House Sponsor Jim McCrery R-LA

Fact sheet Spreadsheet

Latest action · Jul 20, 2005 Referred to the Subcommittee on Social Security.

Progress

Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.

  1. IntroducedJul 14, 2005
  2. Passed HouseNot reached
  3. Passed SenateNot reached
  4. To the PresidentNot reached
  5. Became lawNot reached

Summary

Growing Real Ownership for Workers Act of 2005 - Amends title II (Old Age, Survivors and Disability Insurance) to add a new part B (GROW Accounts Program) under which a GROW Accounts Board shall establish a GROW account for each participating individual.

Directs the Secretary of the Treasury, during each calendar year, to transfer to the Board for deposit into an interim fund, amounts equal in the aggregate to 100% of the net OASDI Trust Fund surplus for such calendar year.

Requires the interim fund to be invested by the Board in marketable Government Securities.

Provides for distributions of an account balance at retirement and treatment of part A (Old Age, Survivors, and Disability Insurance) benefit payments.

Amends the Internal Revenue Code to: (1) exempt all GROW accounts from federal taxes; (2) make account distributions taxable as Social Security benefits; and (3) exempt assets of GROW accounts from the estate tax.

Cosponsors 46

Members who signed on, in the order they did. Signatures ran from Jul 14, 2005 to Oct 26, 2005; 37 are original cosponsors, there from the day it was introduced.

SeatCosponsorSigned on
R-KYAnne M. NorthupOriginalJul 14, 2005
R-LABobby JindalOriginalJul 14, 2005
R-INChris ChocolaOriginalJul 14, 2005
R-CADarrell IssaOriginalJul 14, 2005
R-FLDave WeldonOriginalJul 14, 2005
R-FLE. Clay Shaw Jr.OriginalJul 14, 2005
R-VAEric CantorOriginalJul 14, 2005
R-OKErnest J. Istook Jr.OriginalJul 14, 2005
R-SCJ. Gresham BarrettOriginalJul 14, 2005
R-GAJack KingstonOriginalJul 14, 2005
R-TXJeb HensarlingOriginalJul 14, 2005
R-AZJeff FlakeOriginalJul 14, 2005
R-AZJohn B. ShadeggOriginalJul 14, 2005
R-PAJoseph R. PittsOriginalJul 14, 2005
R-TXK. Michael ConawayOriginalJul 14, 2005
R-TXKevin BradyOriginalJul 14, 2005
R-TXMichael T. McCaulOriginalJul 14, 2005
R-INMike PenceOriginalJul 14, 2005
R-NCPatrick T. McHenryOriginalJul 14, 2005
R-WIPaul D. RyanOriginalJul 14, 2005
R-TXPete SessionsOriginalJul 14, 2005
R-GAPhil GingreyOriginalJul 14, 2005
R-LARichard H. BakerOriginalJul 14, 2005
R-UTRob BishopOriginalJul 14, 2005
R-LARodney AlexanderOriginalJul 14, 2005
R-MSRoger F. WickerOriginalJul 14, 2005
R-KYRon LewisOriginalJul 14, 2005
R-MDRoscoe G. BartlettOriginalJul 14, 2005
R-TXSam JohnsonOriginalJul 14, 2005
R-ALSpencer BachusOriginalJul 14, 2005
R-NCSue Wilkins MyrickOriginalJul 14, 2005
R-FLTom FeeneyOriginalJul 14, 2005
R-GATom PriceOriginalJul 14, 2005
R-NCVirginia FoxxOriginalJul 14, 2005
R-MOW. Todd AkinOriginalJul 14, 2005
R-CAWally HergerOriginalJul 14, 2005
R-MDWayne T. GilchrestOriginalJul 14, 2005
R-INDan BurtonJul 18, 2005
R-MNJohn KlineJul 26, 2005
R-TXKenny MarchantJul 26, 2005
R-TXLouie GohmertJul 28, 2005
R-PAMelissa A. HartJul 28, 2005
R-IASteve KingJul 28, 2005
R-UTChris CannonSep 7, 2005
R-NELee TerrySep 7, 2005
R-SCJoe WilsonOct 26, 2005

Withdrew 2 Jim Gerlach R-PA Jul 27, 2005·John R. "Randy" Kuhl Jr. R-NY Nov 4, 2005

Committees 1

Where it was sent and what each committee and subcommittee did with it, in order.

ChamberCommitteeWhat it did
HouseWays and Means Committee
Referred Jul 14, 2005
Social Security Subcommittee
Referred Jul 20, 2005

Actions 4

Everything that happened, newest first.

  1. Jul 20, 2005Referred to the Subcommittee on Social Security.
  2. Jul 15, 2005Sponsor introductory remarks on measure. (CR E1499)
  3. Jul 14, 2005Introduced in House
  4. Jul 14, 2005Referred to the House Committee on Ways and Means.

In the Congressional Record 5

Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.

WhereIn the RecordMembersDate
HouseDebate and remarks H6440Susan A. Davis D-CAJul 26, 2005
HouseDebate and remarks H6190–H6196Anne M. Northup R-KY, Chris Chocola R-IN, Jeb Hensarling R-TX, Jeff Miller R-FL, Melissa A. Hart R-PA, Phil Gingrey R-GAJul 20, 2005
HouseDebate and remarks H5948Kendrick B. Meek D-FLJul 18, 2005
ExtensionsDebate and remarks E1499Jim McCrery R-LAJul 15, 2005
HouseDebate and remarks H5804John T. Doolittle R-CAJul 14, 2005

Research

What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.

Congressional Budget Office cost estimates 2

  1. Sep 13, 2005H.R. 3304, Growing Real Ownership for Workers Act of 2005<p>Cost estimate for the bill as introduced on July 14, 2005</p>
  2. Sep 13, 2005H.R. 3304, Growing Real Ownership for Workers Act of 2005Cost estimate for the bill as introduced on July 14, 2005

Printed hearings 1

Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.

NumberHearingCommitteeHeld
Serial No. 109-27EIGHTH IN A SERIES OF SUBCOMMITTEE HEARINGS ON PROTECTING AND STRENGTHENING SOCIAL SECURITY108 pagesWays and Means CommitteeJun 23, 2005

CRS reports 1

Congressional Research Service work that CRS links to this bill or the law it became, newest first.

Cite it 1

Products on other subjects that cite it, usually among other measures.

ProductTitleKindPublished
RL33544Social Security Reform: Current Issues and Legislation ArchivedReportJan 15, 2014

Titles 3

Every title it has carried, official and short, at each stage.

Official Title as Introduced
To amend the Social Security Act and the Internal Revenue Code of 1986 to stop the Congress from spending Social Security's tax revenue surpluses on other Government programs by dedicating those surpluses to personal accounts.
Short Titles as Introduced
Growing Real Ownership for Workers Act of 2005
Popular Titles
Social Security Overhaul bill

Subjects

Assigned by the Library of Congress. Policy area: Social Welfare.

Text 1

Each version as it was printed, newest first.

  1. Jul 14, 2005Introduced in House

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Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.