WASHINGTON – Congressman Tom Cole (OK-04) reintroduced the Bipartisan Social Security Commission Act to address the long-term solvency of Social Security.
Cole (R-Moore) has been a lead sponsor of the bill’s introduction for five consecutive Congresses.
According to the Social Security and Medicare Boards of Trustees 2021 Annual Report, absent policy changes Social Security’s combined trust funds will be exhausted in 2034.
Modeled after the 1983 Social Security Commission, Cole’s legislation would create a bicameral and bipartisan commission, chaired by a presidential appointee, to ensure that Social Security is fully funded for decades to come.
“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,” Cole said. “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. 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.”
Specifically, the legislation would provide for the following:
Ÿ A 13-member Commission on Long Term Social Security Solvency would be empaneled, with 12 members appointed by leadership from both parties in the House and Senate (three appointees from each party’s leader in each chamber). Two of the congressional appointees would have to be non-elected experts.
Ÿ The commission would be chaired by the 13th appointee, named by the President. The President’s appointee means that his party would appoint seven members, the other party appointing six.
Ÿ Within one year of its first meeting, the commission would have to report to Congress on the 75-year health of Social Security and provide recommendations for how to improve the program.
Ÿ The commission’s report would require a minimum of nine votes, guaranteeing bipartisan consensus.
Ÿ The legislation based on the commission’s plan would then receive expedited consideration in Congress for an up-or-down vote.