Social Security and Medicare Lock-Box Act

This bill would set up two “surplus protection” accounts—one for Social Security’s main trust fund and one for Medicare Part A—to hold any yearly leftover money. The Treasury must move each program’s annual surplus into its new account after fiscal year 2025, and that money can’t be invested until a future law allows new kinds of investments beyond U.S. government bonds .

It would also create a temporary commission to study better ways to invest these trust funds and report recommendations by October 1, 2025; the commission ends 90 days after it submits its report.

• Who is affected: The Social Security and Medicare Part A trust funds, which are funded by payroll taxes, and the Treasury official who manages them .
• What changes: Annual surpluses are moved into special accounts and kept uninvested until Congress authorizes new investment options; a commission studies and recommends those options .
• When: Transfers begin after fiscal year 2025; the commission’s report is due by October 1, 2025 .