Social Security and Medicare Part A Investment Commission

(a) Establishment There is established in the executive branch of the Government a Social Security and Medicare Part A Investment Commission (in this section referred to as the Commission). (b) Study and report As soon as practicable after the date of the enactment of this Act, the Commission shall conduct a study to ascertain the most effective vehicles for investment of the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Hospital Insurance Trust Fund, other than investment in the form of obligations of the United States. Not later than October 1, 2025, the Commission shall submit a report to the President and to each House of the Congress setting forth its recommendations for such vehicles for investment, together with proposals for such administrative and legislative changes as the Commission determines necessary to authorize and implement such recommendations. (c) Composition The Commission shall be composed of— (1) 3 members appointed by the President, of whom 1 shall be designated by the President as Chairman; (2) 2 members appointed by the Speaker of the House of Representatives; (3) 1 member appointed by the minority leader of the House of Representatives; (4) 2 members appointed by the majority leader of the Senate; and (5) 1 member appointed by the minority leader of the Senate. (d) Membership requirements Members of the Commission shall have substantial experience, training, and expertise in the management of financial investments and pension benefit plans. (e) Length of appointments Members of the Commission shall serve for the life of the Commission. A vacancy on the Commission shall be filled in the manner in which the original appointment was made and shall be subject to any conditions that applied with respect to the original appointment. (f) Administrative provisions (1) Meetings The Commission shall meet— (A) not less than once during each month; and (B) at additional times at the call of the Chairman. (2) Exercise of powers (A) In general The Commission shall perform the functions and exercise the powers of the Commission on a majority vote of a quorum of the Commission. Three members of the Commission shall constitute a quorum for the transaction of business. (B) Vacancies A vacancy on the Commission shall not impair the authority of a quorum of the Commission to perform the functions and exercise the powers of the Commission. (g) Compensation (1) In general Each member of the Commission who is not an officer or employee of the Federal Government shall be compensated at the daily rate of basic pay for level IV of the Executive Schedule for each day during which such member is engaged in performing a function of the Commission. (2) Expenses A member of the Commission shall be paid travel, per diem, and other necessary expenses under subchapter I of chapter 57 of title 5, United States Code, while traveling away from such member’s home or regular place of business in the performance of the duties of the Commission. (h) Termination The Commission shall terminate 90 days after the date of the submission of its report pursuant to subsection (b).