See Also: social security(dictionary)
Social Security Act(encyclopedia)
social security(encyclopedia)
social security(medicine)
Department of Social Security, the(dictionary)
Social Security benefits(money)
Social security benefits(finance)
Social Security number(dictionary)
Social Security Disability Income Insurance(finance)
Social Security Disability Income Insurance(money)

Social Security Act (sh) and COUNTERSIGN (law)


Social Security Act (sh)




(Aug. 14, 1935) Legislation that established a national old-age pension system in the U.S. Dissatisfied with the government response to the Great Depression, about five million people joined "Townsend clubs" to support the plan of Francis E. Townsend (1867-1960) to demand a $200 monthly pension for everyone over the age of 60.

Pres. Franklin D. Roosevelt established a committee on economic Security (1934), which recommended legislative action to the U.S. Congress. The act provided old-age benefits to be financed by a payroll tax on employers and employees. The system was later expanded to include dependents, the disabled, and others.


COUNTERSIGN (law)


COUNTERSIGN. To countersign is to sign on the opposite side of an instrument already signed by some Other person or officer, in order to secure its already signed by some Other person or officer, in order to secure its character of a genuine paper; as a bank note is signed by the president and character of a genuine paper; as a bank note is signed by the president and countersigned by the cashier. countersigned by the cashier.