U.S. Rep. Tom Cole (R-OK) recently reintroduced legislation to address the long-term solvency of the Social Security program by establishing a bicameral and bipartisan commission to examine the issue.
“Throughout the entirety of every American’s working life, they contribute to Social Security and trust in the promise of receiving future benefits from the program,” Rep. Cole said on Feb. 9. “Unfortunately, Social Security is in grave danger, and without immediate changes that modernize the current system, it will not be able to pay the benefits that hardworking Americans have rightfully earned.”
Without changes in policy, Social Security’s trust funds will run dry by 2034, according to the 2021 annual report of the Social Security and Medicare Boards of Trustees.
To help ensure that Social Security remains funded in future decades, the congressman on Feb. 3 sponsored the Bipartisan Social Security Commission Act of 2022, H.R. 6581, with cosponsor U.S. Rep. Jake LaTurner (R-KS). The bill is under consideration in the U.S. House Ways and Means Committee and the House Committee on Rules.
According to a summary of the bill, the legislation would create a 13-member Commission on Long Term Social Security Solvency, with 12 members appointed by leadership from both parties. The commission would be chaired by a 13th appointee selected by the president. The commission would report to Congress on the health of Social Security and provide recommendations on how to strengthen the program.
“Rather than risk breaking the promise made to generations who have paid or will pay into the system, I am pleased to reintroduce legislation that would result in commonsense solutions for saving Social Security for future generations of retirees,” Rep. Cole said.