Blog: Measure targets Social Security solvency – Financial Regulation News – Financial Regulation News

U.S. Reps. Tom Cole (R-OK) and Jake LaTurner (R-KS) recently reintroduced the Bipartisan Social Security Commission Act to address Social Security’s long-term solvency.

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Cole has been a lead sponsor of the bill’s introduction for six consecutive Congresses.

“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,” Cole said via a statement. “It is time for Congress to address this issue in earnest, or these funds will dry up and leave millions of American seniors at risk. That is why my first action in the 118th Congress is the reintroduction of the Bipartisan Social Security Commission Act to find common sense solutions that will ensure the long-term survival of this program.”

The lawmakers cited a Social Security and Medicare Boards of Trustees 2022 Annual Report maintaining without policy changes, Social Security’s combined trust funds will be exhausted in 2035. The legislation would create a bicameral and bipartisan commission ensuring Security is fully funded for decades.

“Social Security isn’t just another program,” LaTurner said. “It’s a promise made to American seniors, and Congress must work to ensure that promise is kept. If we don’t take action, Social Security will soon lack the funding to pay retirees their hard-earned benefits. I am proud to join Rep. Cole in reintroducing the Bipartisan Social Security Commission Act, which focuses on common sense solutions to save Social Security and helps guarantee Kansans get the benefits they deserve.”

Bill provisions include establishing the 13-member Commission on Long Term Social Security Solvency to provide Congress with program-improving recommendations.

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