美國社會安全制度設立至今已超過四分之三個世紀，期間雖有強度各異的改革出現，但目前卻處於無法永續經營的危機之中。問題的癥結除先進國家通病－－人口老化外，社會安全信託基金未得到妥善的管理與運用，也成為惡化財務困境的重要幫兇。目前社會安全信託基金全數投資在美國政府發行之特別公債，且該債券無法在次級市場自由買賣，因此可視為是對政府年度支出提供融資服務。本文由社會安全信託基金的改革論起，從法律層面研究改制聯邦政府法人之可行性，探討如何妥善管理基金並能擺脫政治力的干擾，以求提升基金的投資報酬率，避免破產的危機。本文的重點置於相關的憲法問題（如法律定位及總統任命權等）、管理委員之資格與產生方式，以及課責機制與原則之建立等議題之上，利用判例與法律分析該等改革可能發生之法律爭議與解決之道。正當我國政府亟欲改善岌岌可危之社會保險的財務危機之際，本文亦希冀提供執政者另類的思考方向。

In the United States, Social Security is one of the most significant systems representing the Nation's response to the plight of its elderly, disabled, and survivors. The system is now on the brink of bankruptcy, even though it has gone through many reforms in the past 78 years. The system's financial problemcan beattributed topopulation aging, but more importantly, mismanagement of the Social Security Trust Fund makes it deteriorate. Currently, Social Security trust fund assets are invested entirely in non-marketable special-issue U.S. government securities that represent loans to the U.S. Treasury’s General Fund. The article lays emphasis on the reform of the Social Security Trust Fund, andanalyzes the legal feasibility of transforming the Fund into a Federal Government Corporation (FGC), hoping to create an independent institute that could remove political interference and increase investment income. The major discussions are centered on constitutional questions such as state action doctrineand Appointment Clause. Other legal issues include the creation of the FGC's organizationframework, the method to select board members, accountability, and prudent investors rule may also be discussed in this article. Taiwan is now facing social insurance financial crisis, many reform strategies have been introduced by the government and experts as well. The article also hopes to provide anunconventionalreform approach for Taiwan's decision makers to alleviate the incoming financial difficulty.