On the recordSeptember 25, 1998
It does not respond to a yes or no answer. I will tell the gentleman why, because the Congressional Budget Office said this has no budgetary consequence. It is an intergovernmental transfer. The gentleman's argument is they are saving the Social Security trust fund by shipping off, according to the Treasury's recommendation, an amount equal to the Social Security surplus to New York City to a Federal Reserve Bank, and that they are lockboxing, saving Social Security, removing the money so it cannot be spent and sending it to New York City. And the Congressional Budget Office, the agency we use to determine the costs of these actions, says there is no cost. There is no cost because it is an intergovernmental transfer. This is hogwash, vote no.
Source
govinfo.gov
