Section 1 Short title
This Act may be cited as the “Savings Security Act of 2022”.
Savings Security Act of 2022
A BILL
To increase the annual limitation on purchases by individuals of Series I United States savings bonds during periods of high inflation.
Sec. 2 Increase in limitation on purchase of Series I United States savings bonds
In general— Section 3105 of title 31, United States Code, is amended by adding at the end the following:
“(f)
“(1) For purposes of subsection (c)(7), during any applicable year, the maximum amount of Series I United States savings bonds issued during such year that may be held by an applicable individual shall not exceed $30,000.
“(2)
“(A) For purposes of this subsection, the term applicable year means any calendar year during which the average of the annualized changes in the Consumer Price Index for All Urban Consumers during any 6-month period ending during such year is greater than 3.5 percent.
“(B) Not later than 30 days after the Secretary determines that the requirement under subparagraph (A) has been satisfied with respect to any calendar year, the Secretary shall provide public notice that paragraph (1) applies with respect to such year.
“(3) For purposes of this subsection, the term applicable individual means an individual who provides the Secretary with—
“(A) the TIN (as defined in section 7701(a)(41) of the Internal Revenue Code of 1986) of such individual; or
“(B) the social security number issued to such individual by the Social Security Administration.
“(4) This subsection shall not apply with respect to any Series I United States savings bond that is made available in paper form.”
Effective date— The amendment made by this section shall apply to any calendar year beginning after the date of enactment of this Act.