Mark Neumann: “First off we need to understand that the government bonds that it is…”

On the recordSeptember 23, 1997

First off we need to understand that the government bonds that it is currently held in are called nonnegotiable government bonds. Definition of nonnegotiable means they cannot be sold, which also means when we reach a shortfall in the Social Security trust fund these nonnegotiable bonds, called by USA Today IOUs, called by the Library of Congress IOUs, these IOUs out there are nonnegotiable; that is, they are nonmarketable, they cannot be sold. My suggestion would be that we simply put negotiable Treasury bonds into the Social Security trust fund so when the money is needed to make good on the Social Security checks for our senior citizens, we simply cash the negotiable or sell the negotiable instrument that is in there. A negotiable Treasury bond is something you or your parents or my parents could go into the bank and buy themselves in the local community.

Said by

Mark Neumann

Wisconsin

Source

govinfo.gov

Editor's note · Context

Discussing the nature of government bonds in relation to the Social Security trust fund.

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Mark Neumann: “First off we need to understand that the government bonds that it is currently held in are called nonnegotiable…”

Editor's note · Context