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January 6, 1997

RE: Long Awaited Report by Social Security Advisory Council (SSAC)

SSAC's report recommending reform of social security's financing is being released today. The report will set the tenor of the debate this year on how to ensure social security remains financially solvent.

Much of the SSAC's report has already been made public. As you may recall, SSAC members were unable to reach a consensus. Instead, they split into three groups with each group offering a recommendation. Two of the three groups recommend investing a portion of social security money in the stock market. One of the groups would have the Social Security Administration do it directly. The other would have individuals do it through an IRA-type vehicle.

The three groups do agree on several issues including mandatory social security coverage of newly hired state and local government employees.