Social Security Investment Fund Act of 1999

[AI summary unavailable — showing source text] Social Security Investment Fund Act of 1999 - Amends title VII (Administration) of the Social Security Act (SSA) to establish, as an independent agency in the executive branch, the Social Security Investment Board, in order to: (1) establish policies for investments under part B (Social Security Investment Program) (SSIP) (established by this Act) of SSA title II (Old Age, Survivors and Disability Insurance) of amounts in the Social Security Investment Fund (SSIF) (established by this Act) in the Common Stock Index Fund (established by this Act) and establish policies for selection and retention of SSIP investment managers; (2) develop specific policies for prudent investments suitable for accumulating funds for payment of social security benefits and for low administrative costs; (3) review SSIF investment performance; (4) review and approve its own budget; and (5) appoint an Executive Director. Establishes, for the Board, an Inspector General in accordance with the Inspector General Act of 1978.…