Reps. Tom Cole, R-Okla., and Tom Suozzi, D-N.Y., introduced Monday the Bipartisan Social Security Commission Act, legislation to address the long-term solvency of Social Security by creating a bipartisan, independent commission made up of 13 members appointed by the president and congressional leaders in both parties.
The bill was introduced one day before the Social Security trustees reported Tuesday that the Old-Age and Survivors Insurance (OASI) Trust Fund will be able to pay 100% of scheduled benefits until the fourth quarter of 2032, one quarter earlier than projected last year.
"I am going to tell you the truth that many of my fellow politicians in Washington refuse to acknowledge: the solvency of Social Security is at a critical point, and millions of Americans who have paid into this program throughout their working lives may not receive the money they deserve. Therefore, doing nothing on Social Security is not an option," Cole said in a statement. "As a Congress, we must act. The Bipartisan Social Security Commission Act will allow us to find commonsense solutions to ensure the long-term survival of this program. I am proud to join Representative Suozzi in the reintroduction of this important legislation, as Social Security is a promise we have made to American seniors that we must keep."
The bill, which has been introduced in seven previous Congresses, is modeled after the 1983 Social Security Commission. The panel would include eight members "appointed by leadership from both parties in the House and Senate (two appointees from each party's leader in each chamber)," according to the lawmakers. The remaining four members are to be appointed by the chair of the House Ways and Means and Senate Finance committees, which have jurisdiction over Social Security.
The bill requires the commission to report to Congress on the 75-year health of Social Security and provide recommendations for how to improve the program within a year of its first meeting.
The commission's report must have a minimum of nine votes, guaranteeing a bipartisan consensus, and any bill based on the commission's plan "would then receive expedited consideration in Congress for an up and down vote," according to the lawmakers.
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