1 See BA-R 1134 for breakdown of funds.

2 Matured.

3 Exclusive of special issues held for A/C Federal Home loan banks.

4 For detailed interest rates see Daily Treasury Statement for end of month. For details of agency and non-Federal securities, see BA-R 1138. • See BA-R 1133 for breakdown of funds.

Railroad retirement account $3,233,459,000, railroad retirement holding account $996,000, and railraod retirement supplemental account $987,000.

Exclusive of $4,000,000 face amount 4 percent bonds Feb. 15, 1980 which were transferred as of Oct. 1, 1969 to Chicago Title & Trust Co. to be held for Federal Savings and Loan Insurance Corporation.

42-279-70————7

Mr. ROONEY. Will the record indicate at this point how much has been saved at 8 percent?

Mr. RHODES. This is the way I asked my question. I would hope that in each case there would be not only the dollar amounts for the last fiscal year paid to the trust funds, but the average percentage each trust fund realized. Is that what the gentleman from New York had in mind?

Mr. ROONEY. Not exactly.

Mr. RHODES. Let me yield to you and you put in the record what you have in mind.

Mr. ROONEY. I would request there be inserted in the record a statement with regard to how much was paid in interest and at 8 percent. Mr. RHODES. Can that be furnished?

Secretary KENNEDY. It can. There is a total of $71 billion outstanding and we will break that down in detail showing what the yield is. (The information follows:)

Interest paid to the major trust funds in fiscal year 1969

Average yields on holdings of securities of the major trust funds
as of December 31, 1969

Four trust funds held securities maturing on February 15, 1970, and March 15, 1970, which were eligible for exchange in the quarterly refunding the Treasury has just completed. The Federal old-age and survivors' insurance trust fund held $15 million, the Federal disability insurance trust fund $10 million, the unemployment trust fund $134,250,000, and the employees life insurance fund $1,798,000. These maturing securities were exchanged for the 8 percent Treasury notes of February 15, 1977, offered in that exchange refunding. These are the only securities bearing 8 percent coupons held by the trust funds, although several other Government investment accounts hold a total of $172,866,000 of the 8 percent Treasury notes of May 15, 1971.

MEASURING THE U.S. DEBT

Mr. RHODES. The reason I entered into this line of questions was to prepare the way for this question: Since the trust account can only receive an instrument as an investment which has the full faith and credit of the U.S. Government, is there really any good reason to continue to include under the debt ceiling those portions of the U.S. debt which are in the hands of the trust account?